Joint venture opportunity -- off femi okunu, lekki/vi corridor, lagos
1,600 sqm federal c of o land value: ₦4.5m per sqm proposed: 16 floors, 24 luxury units premium: ₦300m equal sharing (50:50)
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property & jv overview
- location: off femi okunu road, lagos (prime lekki phase 1
- land size: 1,600 sqm.
- title: federal certificate of occupancy (c of o).
- land value: ₦4,500,000 per sqm.
- total land value: ₦7,200,000,000.
- premium: ₦300,000,000 (payable upon jv contract signing).
- proposed development: 16 floors comprising 24 luxury units:
- 8 units of 2‑bedroom flats
- 10 units of 3‑bedroom flats
- 4 units of 4‑bedroom (entire floor each)
- 2 units of 5‑bedroom duplex penthouses
- jv sharing formula: equal (50:50) -- landowner : developer.
- construction timeline: to be negotiated (estimated 2--3 years).
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key highlights
- premium location: off femi okunu -- a highly desirable street in the lekki‑vi axis, close to admiralty way, eko atlantic, and major commercial hubs.
- federal c of o: strong title requiring verification through federal ministry of lands -- a mark of solid ownership.
- ultra‑luxury high‑rise: 16 floors with only 24 units means spacious, exclusive apartments -- each floor has limited units, with entire floors dedicated to 4‑bed apartments.
- clear unit mix: diverse offering from 2‑bed to full‑floor 4‑bed and duplex penthouses -- appeals to a wide spectrum of high‑net‑worth buyers/tenants.
- upfront premium: ₦300m payable at contract signing -- ensures serious, well‑capitalized developers.
- transparent 50:50 partnership: aligns interests for a balanced, profitable collaboration.
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️ proposed development -- 16 floors, 24 units
floor(s) unit type quantity
lower floors (e.g., 1--4) 2‑bedroom flats 8
mid floors (e.g., 5--9) 3‑bedroom flats 10
upper floors (10--13) 4‑bedroom (entire floor) 4
top floors (14--15) 5‑bed duplex penthouse 2
ground floor lobby, parking, gym, pool, amenities --
16th floor rooftop lounge / garden --
unit breakdown: 8+10+4+2 = 24 units.
target market: ultra‑high‑net‑worth individuals, corporate executives, expatriates, and luxury investors.
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location benefits -- off femi okunu
- strategic lekki/vi corridor: minutes from admiralty way, ahmadu bello way, and the eko atlantic entrance.
- secure & serene: quiet street with excellent road network, drainage, and proximity to security posts.
- established neighbourhood: surrounded by luxury estates, banks, international schools, hotels, and embassies.
- high demand: limited supply of new luxury high‑rise developments in this micro‑location ensures strong pre‑sales and rental interest.
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financial structure
- land contribution value: ₦7.2 billion.
- premium (upfront): ₦300 million -- payable to landowner immediately upon signing the jv contract.
- developer's contribution: 100% of construction financing, bank guarantee, project management, and sales/letting.
- profit sharing: 50% landowner / 50% developer -- after recovery of agreed development costs.
- effective landowner consideration: land value (₦7.2b) + premium (₦300m) = ₦7.5b equivalent, factored into the 50:50 split.
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next steps for qualified developers
interested developers must accept the terms (premium, 50:50 sharing, federal title) as non‑negotiable. submit:
1. letter of intent (loi) -- confirming acceptance of all terms.
2. company profile -- with verifiable evidence of luxury high‑rise (12+ floors) projects in lekki, vi, or ikoyi.
3. proof of funds -- bank statements or financing letters showing capacity for a project of this scale (construction cost estimated ₦15b--₦25b+).
4. bank guarantee -- ability to provide a performance guarantee as required by landowner.
5. preliminary concept note -- initial design and timeline aligning with the 16‑floor, 24‑unit specification.
due diligence:
- upon signing an nda and agreeing terms, the facilitator will provide federal c of o documents, survey plan, and arrange site inspection.
- title verification to be conducted through the federal ministry of lands, housing & urban development (lagos or abuja).
ideal partner profile:
- top‑tier real estate developer with proven record in luxury high‑rises (16+ floors).
- strong balance sheet and access to construction finance.
- experience with federal c of o properties is advantageous.
clear terms. prime location. luxury high‑rise. 50:50 partnership. serious developers only -- with proof of funds and track reco...
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