Joint venture opportunity ---
1,900 sqm land --- oregun, ikeja, lagos
value ₦1.5 billion ---
owner seeks a unique, bold & beautiful residential building
premium 1,900 sqm jv land in oregun, ikeja ---
ideal for a signature residential building.
open proposals --- owner seeking an iconic, bold design. indicative value ₦1.5b.
facilitator fee 10%.
key facts
- location: oregun, ikeja, lagos (not in an estate --- attractive natural terrain & elevated setting)
- land size: 1,900 sqm (gross)
- transaction: joint venture (open proposal) --- sale offers considered if proposed
- indicative value: ₦1,500,000,000 (one billion five hundred million naira)
- premium: tbd / negotiable
- facilitator fee: 10%
- title & documents: to be provided / available for verification on request
- viewings: by appointment only --- site inspections arranged for shortlisted parties
description
presenting a rare jv opportunity in oregun, ikeja: a beautiful 1,900 sqm parcel with exceptional terrain suited for a single, bold statement residential building. the owner is explicitly seeking a partner/developer who will deliver a unique, architecturally striking and high-quality residential scheme --- not a typical infill. this site is perfect for a boutique luxury apartment block, vertical villas, or an innovative mixed-luxury residence that combines standout design with premium finishes.
offered on flexible jv terms (open proposal). value is indicated at ₦1.5b for reference; deal structure, premium and profit-sharing are open and negotiable. title documents and site plans will be made available to qualified parties for due diligence.
why this asset is compelling
- prime urban location within ikeja's vibrant submarket --- strong demand for well-designed residential product.
- unique topography/terrain creating opportunities for distinctive architecture (split levels, roof terraces, podium gardens).
- compact site size ideal for a high-quality, high-margin boutique development focused on design and premium finishes.
- owner wants a landmark building --- attractive to design-forward developers and internationally-minded architects.
- flexible commercial structure --- open to jv proposals to align interests and maximise returns.
- facilitator engaged (10%) to coordinate introductions and transaction management.
illustrative development concepts (owner's brief)
- a single signature residential building (g+4 to g+8, subject to approvals) with spacious luxury units, duplex penthouses and generous communal amenities (pool, gym, sky gardens).
- vertical-villa concept --- stacked maisonettes with private terraces and double-height living spaces.
- boutique serviced-apartment/hotel-residence hybrid with premium f&b at podium level (subject to zoning).design emphasis: bold, contemporary architecture; high-quality materials; green features and well-considered resident amenity spaces.
illustrative yield & financial model (example scenarios
site assumptions (example)
- gross area = 1,900 sqm
- net developable (after setbacks, open space) = 75--85% (examples use 80% 1,520 sqm)
- far / permitted gfa = subject to planning. example fars: 3.0 (mid-rise) to 4.0 (higher mid-rise). all figures illustrative.
scenario a --- boutique luxury mid-rise (owner's preferred type)
- net land: 1,520 sqm; far 3.0 gfa = 4,560 sqm
- avg unit size (incl. circulation): 120 sqm approx. 38 units (mix 2--4 bed, duplex penthouses)
- indicative avg sale price/unit: ₦65,000,000 gdv ≈ ₦2.47b
- indicative construction cost (₦300,000/sqm): 4,560 × ₦300,000 = ₦1.368b
- infrastructure & professional fees (estimate): ₦180--300m
- indicative total cost ≈ ₦1.55--1.67b indicative gross surplus ≈ ₦800--920m (example margin ~32--37%)
scenario b --- higher-density signature tower
- net land: 1,520 sqm; far 4.0 gfa = 6,080 sqm
- avg unit size 90 sqm approx. 67 units
- avg sale price/unit ₦45,000,000 gdv ≈ ₦3.015b
- construction cost: 6,080 × ₦300,000 = ₦1.824b + infra/professional ≈ ₦250--350m total ≈ ₦2.074--2.174b
- indicative gross surplus ≈ ₦840--940m (margin ~28--31%)
scenario c --- low-rise luxury townhouse cluster (alternative)
- use plot for townhouses or stacked villas: estimated 12--20 units depending on design
- avg sale price/unit ₦80--120m (if large footprint & luxury finish) gdv variable (₦960m--₂.4b)
- higher land efficiency for premium product and potential higher margin per unit.
suggested jv structures (examples)
- land-as-equity: owner contributes land; developer handles design, funding and construction. profit split examples: 60:40 developer:owner or 70:30 (negotiable).
- premium + profit-share: developer pays an agreed premium to landowner at practical completion + profit share.
- phased delivery: start with a smaller envelope (e.g., podium + 3--4 floors) to de-risk; expand if absorption is strong.
- build-to-hold with rental management: joint ownership of rental asset with management fee + profit splits.
- heads of terms to define capex obligations, timelines, sales strategy, facilitator fees (10%) and exit mechanics.
documents & due diligence required
- title document (c of o/allocation/gov consents) --- requested and to be verified.
- site plan and boundary survey (preferably approved plan).
- topographic & geotechnical survey (recommended prior to final design).
- environmental desk study / drainage assessment.
- planning constraints / local authority zoning guidance.
- utility capacity & connection information.
- market study / pricing comparables (recommended).
how we work --- process (concise)
1. you tell us: preferred jv structure, development appetite (units, target market), timeline.
2. we assign a dedicated relationship manager and share preliminary documents to qualified parties.
3. shortlist partners; arrange confidential site visits by appointment.
4. parties agree heads of terms (hot stage) --- include premium, profit split, facilitator fee.
5. carry out technical & legal due diligence, finalise jv agreement and mobilise design & finance.
recommended technical & market studies (before commitment)
1. topographic & geotechnical investigations.
2. local authority planning pre-application / zoning confirmation.
3. drainage & flood risk assessment.
4. utility connection & capacity study.
5. market & pricing validation for intended target segment.
6. high-level construction cost estimate & cashflow model.
ref: sm...
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