Joint venture development opportunity prime vacant land on banana island, ikoyi
4,947.766 sqm c of o title land value: ₦4m/sqm proposed: flats, maisonettes & penthouses
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property & proposal overview
- location: residential area, banana island, ikoyi, lagos.
- land size: 4,947.766 sqm of vacant land.
- title: certificate of occupancy (c of o).
- land value: ₦4 million per sqm.
- total land value: ₦19.791 billion.
- owner's proposal: development of flats, maisonettes, and penthouses across 6 floors.
- visual proposal: detailed architectural animations and plans available upon request.
- jv structure: 50:50 sharing ratio based on land value vs. total project development cost.
- premium: nil.
- facilitator's fee: 10% of the total land value.
- mandate: dealing directly with the authorized representative.
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key highlights
- africa's most exclusive address: a rare opportunity to develop on banana island, the pinnacle of luxury living in nigeria, known for its unparalleled security, infrastructure, and prestige.
- substantial & vacant parcel: over 4,900 sqm of clear land provides immense flexibility for a low-rise, high-density luxury residential estate, maximizing the unit yield on this coveted island.
- clear development vision: the owner has a defined proposal for a mix of flats, maisonettes, and penthouses, providing a clear starting point for design and feasibility.
- equitable partnership: a proposed 50:50 sharing ratio indicates a partnership seeking a balanced and fair collaboration between landowner and developer.
- premium c of o title: ownership is backed by a certificate of occupancy, the strongest form of title for such an asset.
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️ development potential
the proposal outlines a premium, low-to-mid-rise residential community ideal for the banana island context:
- unit mix: a combination of luxury flats, spacious maisonettes (duplex units), and exclusive penthouses.
- scale: a 6-floor structure allows for a significant number of units while maintaining the aesthetic and density norms of the island.
- amenities: expected to include premium finishes, private parking, recreational facilities (pool, gym, clubhouse), and 24/7 concierge-level security.
- target market: ultra-high-net-worth individuals, corporate executives, and expatriates seeking the ultimate in secure, luxurious island living.
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location & market context
- unmatched prestige & security: banana island is a meticulously planned, man-made island with controlled access, underground utilities, and round-the-clock security, offering an unrivaled living environment.
- proven value appreciation: real estate on banana island consistently commands the highest prices per square meter in nigeria and shows resilient, long-term capital growth.
- strong rental demand: there is consistent and high demand for premium rental properties on the island from both local and international tenants.
- market justification: the land value of ₦4m/sqm is aligned with the premium for titled, vacant land in the most exclusive residential enclave in west africa.
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financial structure & jv model
- total land contribution value: ₦19.791 billion.
- partner contribution: the development partner is expected to provide 100% of the construction financing, project management, and sales expertise.
- ownership split: 50% to landowner, 50% to development partner, based on the land value versus the total developed project cost (construction, soft costs, marketing, etc.).
- project scale: a luxury development of this size on banana island represents a multi-billion naira project with potential for exceptional returns.
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next steps for qualified development partners
this is a definitive call for a partner capable of executing a world-class project on the most prestigious island in africa.
to express serious interest, provide:
1. corporate profile & proven track record: evidence of completed luxury residential projects, especially in high-value locations like ikoyi, vi, or banana island.
2. financial capability: demonstrable proof of funds or financing capacity for a project of this magnitude.
3. initial feasibility alignment: a preliminary response to the 6-floor flats/maisonettes/penthouses proposal.
4. request for animation: ask to review the available visual proposal to fully understand the scope.
mandatory due diligence first steps:
- title verification: immediate verification of the c of o at the lagos state lands bureau is the absolute first step.
- site inspection & feasibility: conduct a detailed topographic survey and engage architects/engineers for a preliminary feasibility study based on the provided animations.
- legal framework: engage a reputable real estate law firm to structure the 50:50 joint venture agreement.
ideal partner profile:
- top-tier real estate development firm with a portfolio of luxury projects.
- a consortium with strong financial backing and construction expertise.
- an institutional investor with a development arm focused on prime assets.
this is a rare and serious mandate to co-create a landmark residential estate on banana island. the 50:50 framework offers a balanced foundation for a landmark partnersh...
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