1004 Estate has a total of 1004 flats, maisonettes and studio apartments. It is the largest single, luxury high-rise estate in sub-Saharan Africa. 1004 Estate is located at the heart of Victoria Island, Lagos, Nigeria. These high-rise buildings were opened in 1979 to serve as an upscale accommodation for senators and members of the House of Representatives. However, 1004 Estate has since been remodelled and resold to corporate buyers.
My colleague found an apartment after four months of searching. She had the funds. She has a stable source of income yet; it took forever to find a comfortable space. Most of the apartments she inspected had one of the following problems: inconsistent supply water, epileptic power supply, security risks, location disadvantage, and the list goes on.
The recent turn of events in the economic, social and political scene has generated greater uncertainty in the housing options available to young people. High youth unemployment coupled with a receding economy highlights the challenges young people face in Nigeria. This article explores the depleting state of housing obtainable for young people aged between 21 and 35 in Lagos state.
Three Major Housing Challenges the Average Nigerian Millennial Faces
The average Nigerian millennial pushes towards living in rentals, which reﬂectsthe growing problem of owning a home. The low supply of newly built, affordable houses against the rising housing demand inflates rental rates and housing costs. This bridges the gap between young people and home ownership.
In addition, landlords own full autonomy to regulate and determine rental rates with little or no regulation. Also, they offer limited options for tenancy like shared tenancy or variance in payment periods. As a result, tenants are open to marginalization and discrimination against single women seeking to rent a house.
The mortgage system remains woefully underdeveloped and brimming with setbacks like the uncertainty surrounding long mortgage periods extending up to 20 years, concerns over property rights and a limited data coalition base.
The following are notable key points unveiling the average Nigerian millennial:
The average monthly income is in the range of NGN 75,000-150,000.
About 92% are graduates or have undergone vocational training.
Nearly half have no immediate plans to move out of their parents’ or relative’s house but would love to.
High saving culture with interest in investing in properties or buying a car.
What the average Lagosian desires from a house are proximity to work, provision of water and power supply, security and affordability. Typically, an apartment that comes close to offering these features cost a fortune. In most cases, people settle for a house far away from their place of work. The result is long hours in traffic commuting to and from work, and also long tedious hours in traffic that could have otherwise been directed at other valuable activities like personal advancements and proper rest. Not to mention the ludicrous amount of their meagre monthly income spent on transportation.
The way forward
As the populations’ increases and Lagos, more crowded, the need for community housing schemes has become inevitable. Although community housing schemes are generally stereotyped as backdrops for poverty and ghettos – in the long run – there are several successful community housing schemes around the world to take a cue from.
A fair trade-off would be a joint investment between the public and private sector with the public sector providing the land and subsiding the cost of development while the private sector develops and oversees management and sell-off of the properties. Lagosians are willingly to pay for low-cost, efficiently designed houses.
1004 Estates Limited is an exemplary real estate project that properly incorporates living, working and recreation on a limited surface area. It has a 95% occupancy rate, highlighting the high demand for such housing developments. Imagine having ten of such high-rise buildings at the various vibrant areas like Surulere, Ikeja, Lagos Island, Lekki, Ibeju-Lekki, Gbagada, and Maryland.
Other successful community housing schemes include the following:
The Mirador Housing Project – Madrid, Spain
The Mirador housing project in Madrid’s Sanchinarro quarter dubbed as the “sky plaza” is a block of flats comprising of 165 apartments. The project won the Madrid Municipality Best Design in 2005. It was designed by the Dutch architectural firm MVRDV.
The Pearcedale Parade – Melbourne, Australia
The Pearcedale Parade in the Melbourne suburb of Broadmeadows is a vibrant, eye-catching development by the Victoria-based branch of CH Architects. The Pearcedale Parade was completed in 2010 and contains 88 cross-ventilated units, and the development boasts of having solar-powered hot water and heating. The development was funded by a non-profit body dedicated to providing affordable accommodation and bent on improving the way people think about community housing.
Community housing schemes do not require the bravado luxury apartments offer. The Nigerian real estate market is a bit skewed as most real-estate developers diverted resources towards constructing luxurious villas and large family-sized apartments. Unfortunately, the market for luxurious apartments is rather tiny compared to the massive, untapped market literally begging for affordable homes.
A community housing scheme should focus on providing the following core amenities:
1. Tarred roads and functioning drainage systems
No one wants a pond at the entrance of their house five hours after a drizzle. An appropriate housing scheme will incorporate well-dug drainage systems and tarred roads linking the development to the highway for direct access.
2. 24/7 Water Supply and power supply
A central pumping station designed to ration water distribution with meters placed in every apartment will accurately determine how much water is used, how residents should be billed and to avoid wastage. No one would want to live in a house with water challenges, regardless of how pretty the house is.
An uninterrupted power supply is highly essential for convenient living. The epileptic nature of the Nigerian power system makes frequent blackouts inevitable. In this case, provision should be made for a central power generator to serve as backup during power cuts.
An underground parking lot will efficiently maximize space and provide ample parking space. Finally, maximum security in a housing scheme is paramount. An effective community housing must take into consideration the security risks of housing a bunch of strangers. Otherwise, the whole purpose of community living becomes defeated.
To conclude, the Nigerian real-estate market is at its teething stage and provides limitless opportunities to real-estate investors looking to solve real problems. The task of providing mass affordable housing falls on potential investors as much as the government. There’s definitely room for developing community housing schemes.
Here is a good place to start. Lekkivale Estate located at Ibeju-Lekki offers a unique opportunity to invest in real estate from as low as NGN 420, 000.
Inspired by the warmth of home and the love of lavish living, SEVIC PDC brings you a paradigm of urban living; aligning the finest elements into developing LekkiVale Estate in Ibeju Lekki. LekkiVale Estate succinctly captures the heart of luxurious, scenic living in one location – Lekki Free Trade Zone, Dangote Refinery Lekki, La Campagne Tropicana Beach Resort, Deep Seaport and many more. From our prime homes optimized to deliver exceptional comfort, to our secure lush lands. LekkiVale is an aspiration of ALL home patrons across the country.
LekkiVale creatively blends nature and modern architecture. Here, stylish apartments overlook lush greeneries, skillfully demarcated by well-paved roads and magnificent street lights. Our homes are fully constructed and finished.
WHY CHOOSE LekkiVale Estate?
LekkiVale Estate is located in one of Lagos’ fastest growing regions at Ibeju Lekki. Lekki is fast transforming into West Africa’s most successful and prosperous residential zone. This economically thriving zone is home to some of the finest schools, restaurants, hospitals and road network systems in Lagos. Owning a home at LekkiVale Estate places you at the centre of it all.
Education and Workforce
The Lekki region is home to some of the best primary and secondary schools in Lagos like the Greensprings School, Corona Schools Lekki, Pan-Atlantic University, and Lagos Business School (LBS) amongst others.
The Lekki region is home to some of the most highly qualified workforce is Lagos, making it a great location for networking.
Nearly 50% of Lekki – Ibeju Lekki’s residents are employed in high-value knowledge jobs
Ibeju Lekki is recognized as a fantastic and serene place to live and raise a family.
LekkiVale Estate features
Finance and Business
LekkiVale Estate is strategically located to provide unprecedented connectivity to Sangotedo, Lakowe, Ikoyi, Victoria Island, Lagos Island, Lekki and the rest of Island.
The Ibeju Lekki area is just a few kilometres from the bustling commercial streets of Lekki and Victoria Island; both of which are Lagos’ commercial centres.
Ibeju Lekki is filled with branches of various banks, with ATM spots easily accessible.
Easy and fast connectivity to the rapidly growing Ibeju-Lekki region.
LekkiVale Estate is strategically located on the Lekki corridor, bordered on the West by Lekki Free Trade Zone, Dangote Refinery Lekki, La Campagne Tropicana Beach Resort, Lakowe Gulf course, Funtopia Park and the Atlantic Ocean to the South. LekkiVale Estate gives you all it takes to experience a vacation on a regular day.
LekkiVale Estate benefits from excellent road connection to the Lekki-Epe Expressway way linking to Lekki, Ikoyi, Victoria Island to the west and Epe to the east. LekkiVale Estate is essentially a convergence of two rapidly growing economic strongholds of Lagos; Lekki and Ibeju-lekki.
…a brilliant new way to invest in real estate
Nestling between the thriving Lekki V.I region and the emerging Ibeju-Lekki area is a 10km2 site in the heart of LekkiVale Estate currently undergoing an incredible metamorphosis.
LekkiVale Estate offers you a once in a lifetime investment opportunity with a possible ROI of 20% in just two years.
Location:LekkiVale Estate is located in rapidly developing region with existing infrastructure like the gatehouse, roads, paved roads, working drainages, power, clean water, 24-hour security patrols, and the serene beautiful golf course.
LekkiVale Estate is also a few kilometres from the emerging Ibeju-Lekki region, which is expected to generate over than 70% of Lagos wealth by 2025. Easy accessibility to Victoria Island, Ikoyi and the rest of Lekki.
Occupancy Rate: LekkiVale Estate is located within Ibeju Lekki with an estimated occupancy rate of 60%, half of which is being constructed. The region has a high occupancy rate with most of its houses and lands selling out within a period of 12 months; coupled with the annual population influx rate of 3.2% in Lagos and the projected 800,000 expected to move to Ibeju-Lekki.
Security: LekkiVale Estate offers a solid and safe investment option with a valid C of O. Authentic and hassle-free property documents.
Flexible payment plans: 10% initial payment and balance spread over 12 months.
LekkiVale Estate Features
There’s never been a more perfect time to invest in real estate.
Comparison between investing in LekkiVale Estate and Money Market Instruments.
*This table below shows the proposed ROI on LekkiVale Estate in comparison to Treasury bills and Time Deposits.
Yield on outright purchase
Yield on instalment purchase
Yield on Treasury Bills
Yield on Time Deposits
Time Deposits interest rates are set at the Banking sector average of between 10-12% for 365 days
Treasury Bills interest rates are set at CBN average at 13.5% for 365 days
ROI on LekkiVale Estate increases yearly in response to value appreciation and an increase in demand for houses in the region.
Immerse yourself in true moments.
Here, neighbours become friends, moments turn into memories and weekends feel like holidays.
Every aspect of LekkiVale Estate radiates a lifestyle of sheer relaxation and soft elegance, well deserving for you and your family.
From our modern buildings to our unmatched amenities offering:
A central connection of treated running water
24 hours centrally generated power supply
Well paved roads and covered drainages
Top notch 24 hours security and access control
Green areas and Kids Park
…revel in peace and tranquillity.
Drive from the uproars of city life into a veneer of nature. Here, rich horticulture flow within the large spaces between buildings.
Getting to and from LekkiVale Estate couldn’t be more convenient given its strategic location. LekkiVale Estate is a 10 minutes’ drive from the Lekki-Epe Expressway, which connects to the rest of Lekki, Ikoyi, V.I and Lagos Island environs. It offers quick access to public transportation and only 30 minutes from the proposed Lekki airport.
With over 200 plots available at LekkiVale Estate. The plot sizes here range from 450m2 to 600m2. Don’t miss out of this unique opportunity to build your dream home or get the ultimate real estate investment. LekkiVale Estate has a valid C of O, making this property truly remarkable.
A VIBRANT, SIZZLING NEIGHBOURHOOD
In an area brimming with life and colour, your neighbourhood is a reflection of the fountain of youth, a thriving economy and the fresh familiarity of nature. Choose an apartment from a variety of arrangements and be a part of a neighbourhood that offers something for everyone.
LekkiVale Estate showcases ultra-modern, power saving architectural structures, designed to deliver world-class housing standards. At Sevic PDC, we offer you SIX free architectural designs to choose one from. This is to eliminate the lengthy and stressful process of conceptualizing, designing and building your dream home. Our unique designs save your money, spares you time and take you one step closer to the development of your home.
Your hopes of LIVING IN A MASTERPIECE – begins with ONE DECISION.
Sports / Recreation Area
In addition to our beautifully structured community, LekkiVale Estate strikes the perfect balance between Work, Life and Play. Our multi-sporting centre is equipped with a gymnasium, pool, tennis court and basketball court. Our goal is to give you the opportunity to explore, get physically active with friends and family.
At LekkiVale Estate, we make your weekends feel like a vacation. Our generously placed gardens and green areas give you the soothing aroma of nature. You get to invite friends over for a game, get the family around for a barbecue or simply stroll down the serene walkways. Here, nature is a step away.
Well Planned Layout
LekkiVale Estate is carefully structured and designed to deliver a holistic living experience. We have positioned jogging trails, strategic green zones and a commercial centre at the heart of the estate for easy access and shopping. It promises to meet your every need, placing street lights along the pavements and daily maintenance of all common area.
ACCESS CONTROL & TOP NOTCH SECURITY
We offer a 24/7 state-of-the-art security system, you can truly have peace of mind and the best in secure living. Our security system includes:
Wednesday, March 13, 2019 was a gloomy day for Lagos particularly, for the residents at Itafaji. A total of 20 persons reportedly died from the Lagos School Building Collapse. The collapsed four-storey building is said to be holding residential apartments, a shopping complex and a nursery and primary school. These dear souls lost their lives from the crushing weight of the building, leaving many families and onlookers wailing helplessly.
Luckily, about 45 survivors were reported. Most of them were rushed to Lagos Island General Hospital, were they received urgent medical attention, paid for by the Lagos state government. However, the question of everyone’s mind is, why was a building marked for demolition still up and functional? Why isn’t there a routine check for venerable buildings in Lagos?
How many more people do we need to lose before tackling poorly constructed buildings in Nigeria?
It’s worth noting that, this isn’t the first time a building would collapse killing innocent victims. That same week on Friday, March 15, a building collapsed in Ibadan, Oyo State. Thankfully, there were no fatalities.
On December 10, 2016, a church collapsed in Uyo killing over 200 people in the middle of a packed-full Saturday service. On May 2016, a four-storey shopping complex collapsed in Ogun State, leaving many dead. Sadly, this trend of collapsed buildings is fast becoming the norm in Nigeria.
Warning Signs of a Collapsed Building
Several factors could cause a building to collapse like an earthquake or earth tremor, an act of terrorism, flooding, landslides and other natural disasters and the most avoidable – structural failure. Structural failure is arguably one of the primary causes of building collapse in Nigeria, which makes it all the sadder because this can be prevented. The truth is, we can’t depend on the government to guarantee an incident like this doesn’t occur again. We all need to play a part in safeguarding our wellbeing. Here are four warning signs of a building at the verge of collapsing.
Cracks in the wall
Huge cracks in the walls of a building are an indication of a fall waiting to happen. A crack normally surfaces when the building is unable to accommodate the weight which it’s subjected to. This could be as a result of overloading, faulty construction or design and the use of inferior building materials in constructing the building. Although not all cracks signify an imminent building collapse, it’s important to be on the lookout for buildings with major cracks in its walls.
A dilapidated building is a building whose physical life has expired, i.e., the building becomes unfit for use due to natural decay or the lack of proper maintenance. The Lagos school collapsed building could be best described as a dilapidated building. A local resident reported that the building had been marked for demolition since last year but the officials who had marked the building failed to show up again. So, people went on occupying a building that was essentially expired. Sadly, there are many dilapidated buildings around Nigeria which are old, never been maintained and fully operational. If you notice the property you live or work in is poorly maintained or revealing signs of natural decay, it’s best to move out or avoid the property.
Structural dampness is the retention of unwanted moisture in the structure of a building. This is either due to moisture penetration from outside or condensation from within the structure. Changes in climatic conditions- high level of humidity – is the prime reason for damp problems in buildings. Typically, buildings are required to be constructed to resist dampness and moisture penetration but, it is not always the case.
You can tell a building is damp if you notice damps walls, causing the palter and paint to deteriorate; stains from water on the walls; formation of the mould; leaky roofs. Dampness doesn’t only cause secondary damage to a building, it can also have health effects on the residents. You’d likely notice these signs during the rainy season, look out for them.
The foundation is the most fundament part of a building. A building is as strong as its foundation so when the foundation is faulty, the building should be red-flagged. Here are visible signs of a bad foundation:
Foundation cracks, wall/floor cracks
Gaps around window frames or exterior doors
Uneven or saggy floors
Doors that don’t open and close properly
A foundation slab that has moved upwards or appears to be sinking
Water intrusion and retention.
If you notice any of these signs, it might be an indication of a faulty foundation.
To conclude, we spend more time in buildings than we do outdoors. While it could become routine to hop in and out of a building, we need to put more efforts into investigating the nature of structure we dwell in or send our kids to.
Call in today for a free guide on how to evaluate the fitness of a building on 09081234564/ 09095757575 or send us an email at firstname.lastname@example.org
Everyone dreams of owning property. Whether you’re two days away from owning one or five years from owning property, here are ten things you should look out for before buying land in Nigeria.
1. Pick a trustworthy team, including a real estate agent, an architect, and/or a contractor
The first step is all about getting the right people to aid you in navigating this process. Buying land in Nigeria, particularly Lagos can be overwhelming. You need to cross-check and double check everything. To do this effectively, you need to work with a committed team that puts your interests first. Choose a company you can effectively communicate with. Here at Sevic PDC, we ensure complete transparency; we’re a team of trustworthy people you can rely on.
2. Ensure the land you’re looking at is safe for building
If you are looking to own land in Lagos, you can’t buy just any vacant land. You should look out for the following: is it a suitable site to erect a building? Is it a swampy area? How much sand fillIng would you need? Would you need to spend money on grading the land or taking out trees?
Now, these questions are the reason for site visitation. NEVER buy land without a site visitation. If you can’t make it, ask a trusted family member or friend to undertake this venture. At Sevic PDC, we insist on scheduling a site visitation for you and we will commute you to and from the site. Our goal is to ensure you make the best deal possible.
3. Conduct a soil test
I can’t stress the importance of this. If you’re going to own property in Lagos, ensure the land drains well. This is to avoid future damages and water retention in buildings. Even if you can’t hire a professional to conduct a proper soil examination, an inexpensive alternative would be to go for an inspection a few hours after it rains. Also, avoid coastlines; most coastlines are susceptible to flooding.
The quality of the soil determines if it’s fit for a septic system. They’ve been cases especially in Lagos, where the fluid from the septic tank infiltrates into other areas of the building. LekkiVale Estate is spread across six hectares of 100% dry land and we’d love to show you just how well it drains especially after it has rained a storm.
4. Ensure the zoning classification permits you to build
Unless you’re a farmer, you’re most probably buying land to build. Although it might not look like it, Lagos has a master city plan.
Do your research to ensure you don’t buy land that’s been committed for Government use. No one can forget in a hurry how Governor Fashola demolished over 2000 homes that were constructed along with major road plans or on committed lands. It doesn’t matter how long it takes, eventually, the Government always goes back to the master plan. You don’t want to fall a victim, ask questions.
Demand a survey plan, to ensure the land you’re buying has been allocated for residential/mixed development use.
5. Plan ahead and assess your financing options
This is a good place to say, avoid cheap lands. Lands in Lagos are generally affordable but not cheap. The location and title of the land determine to a large extent the cost of the land. Lands located at Ikorodu and lands located at Ikoyi don’t have the same price. Depending on where you’d like to buy land, do your research to have an estimated cost of land in that region.
Get your finances in order and budget appropriately to avoid getting stuck halfway. Most real-estate firms like ours give you the option to either pay outrightly or spread your payment across a given period of time. This gives you the liberty to choose the most suitable payment option for you.
At Sevic PDC, we offer an extremely flexible payment plan extending up to twelve months on all our estates. Our goal is to let your own property at your financial pace, without the pressure of having to pay immediately.
6. Make sure all necessary amenities are available at the property
When buying land, everything matters, from determining if the land is located along a major road to if it has access to power, water, and mobile communication.
The real-estate company you decide to work with should give you a full master plan for the estate. Avoid lands located far away from the closest major road. LekkiVale Estate is located along the Lekki-Epe Expressway, with a plan to provide 24/7 water and power supply.
7. Obtain recent co-ordinates of the survey of the area
A survey plan basically determines the exact coordinates of a property. This is to ensure the plot of land you’re buying falls within the stipulated co-ordinates. Your seller should show you a recent survey plan to help you determine exactly where you’re buying.
8. Verify land documents
Have a lawyer conduct a title examination. Land titles are a big deal.
The title on the land you intend on buying determines if you’re going to have full rights on the property or not. Basically, avoid lands that do not have a C of O or Governor’s consent. You can settle for a Gazette but even that requires full verification. A C of O is the officially recognized land document in Nigeria and it is extremely easy to verify its authenticity. You can get a lawyer to verify the authenticity of the land document or you can do it yourself at the Land Bureau Department at Alausa, Ikeja.
All you need is a copy of the land document, your seller should be able to give you this document. Well, if they aren’t willing to release this document, it is a clear sign you might need to jump ship!
At Sevic PDC, we are ever-delighted to walk you through the process of verification, giving you a copy of all the documents required for a successful verification process. All our estates have a C of O land title.
9. Evaluate potential ROI on the property
In plain English, invest in an area that has high economic growth potential. A good real-estate company should recommend hot zones to buy land that guarantees high ROI returns. It’s only wise to buy land in a growing area, rather than a declining area.
Currently, Ibeju-Lekki is a prime real-estate hub. This area is the fastest growing area in Lagos with explosive growth potential. Let’s just say, if you missed out on the chance to acquire property in V.I, Ikoyi or Lekki, then this is the ideal opportunity for you. LekkiVale Estate located at Ibeju-Lekki is strategically located opposite The New International Airport with an estimated ROI of up to 400% in the next 4-5 years.
10. Make a decision
If you’ve gotten to this point and you have a plot of land in mind, make the decision to buy now. Lands in specific areas get sold out by the minute. You need to understand that you aren’t the only one looking to invest in a particular area and the more you procrastinate, the higher the cost and likelihood of missing out on a fantastic opportunity.
A close friend of mine bought two plots of land at Ibeju-Lekki for N350,000 each in 2012. At the time, very few people barely knew anything about Ibeju-Lekki.
Last year he sold those same plots, the same way he had bought them for N4,500,000 each. Same place, same plots, he didn’t even put a fence around them (he had a C of O.) for N4,500,000. That’s above 400% increase in returns in just five years.
Honestly, I didn’t think it was a smart idea to sell them because the value of owning property at Ibeju-Lekki is still on the rise.
In the next 4/5 years, we could be talking N20,000,000 a plot and in 10 years, only God knows? One thing is for sure, the value will keep going up.
Remember yesterday it was IKOYI, VICTORIA ISLAND, today it is LEKKI, AJAH and tomorrow the concentration will be focused on IBEJU-LEKKI – The New Lagos.
The best time to own a part of Ibeju-Lekki was years ago, the next best time is now.
Call us now on 09081234564, 09095757575. Or, visit us at 1st Floor Dominion Plaza, Igbo-Efon, Lekki-Epe Expressway, Lekki, Lagos.