Copyright Stears News Limited 2020. The comfort of the estate comes at a price, one the average Nigerian would find shocking. , which is a prime land goal in Nigeria, is an exceptionally upscale private neighbourhood situated in. Or, at least, a reminder of the ridiculous cost of success here. After confirming the magic word to another security guard, he waves me through.

Even Mike Adenuga, CEO of Globacom and one of the wealthiest men in Africa.

It is also a picture of Nigerian exceptionalism. But the cost of Banana Island may also be because of how perfect it is compared to everywhere else. This is excluding a service charge of $17,000.

has acknowledged to the degree that a land size of 1000 square meters offers between N160,000,000 to N200,000,000 and a plot of land size of 2000 square meters offers between N320,000,000 to N400,000,000. In spite of the fact that, there are some extraordinary plots that are sold above N600,000,000 per plot. Residents are provided with world class utilities including underground electrical systems (versus the overhead cabling common throughout Lagos), an underground water supply network, a central sewage system and treatment plant, and street lighting and satellite telecommunications networks.[4]. on the Island of Lagos. “Housing is quite highly priced in Banana Island, which is the way it was intended to be. Banana Island, which is a prime land goal in Nigeria, is an exceptionally upscale private neighbourhood situated in Ikoyi on the Island of Lagos. These incorporate a focal sewage arrangement of plants, super tight safety efforts, costly street format, day in and day out the supply of power and water and underground electrical supply frameworks. The constant electricity in the estate is a big deal; after all, Nigeria has the second worst power supply in the world, and the rest of the country is almost always in darkness. Residents enjoy luxuries such as near-constant electricity, water, and drainage. You may not know Mr Oke, but you know his neighbours. To complete the Lagoon City concept, Chief Adeleke planned an aesthetic design including a City Airport, which was a vision conceived long before the London Docklands Development, London City Airport, Dubai's Palm Islands or Hong Kong's Chek Lap Kok Airport. Consequently the land was filled in to create a banana shaped island, hence Banana Island. Banana Island is proof that things can work properly in Nigeria. “The closest place you can get to enjoying any of these things is Aso rock, the Presidential Villa,” he opines. The subsequent developers were principally interested in maximising the yield of the land at the expense of the aesthetic innovative design foreseen by Chief Adebayo Adeleke. The island is isolated into around 535 plots running in size from 1,000 square meters to 12, 000 square meters gathered in zones in sequential order arrange from A to R. ©Copyright 2020 PropertyPro.ng all rights reserved, is exclusive and quite price but it is an ideal investment as a lot of people including expatriate prefer living in Banana Island and would love to rent or buy properties in the area. Buying a piece of land in the, What does it cost to join the class of the rich and renowned like Mike Adenuga (Globacom), Tayo Ayeni (Skymit Motors) and Sayyu L. Dantata (MRS Oil) among a host of other wealthy folks who have invested in. Nigeria Limited", "Buyers jostle for N4.5b Ocean Parade Towers flats - Proshare", "West Africa / Regions / Ford Foundation", Federal College of Education (Technical), Akoka, Federal College of Fisheries and Marine Technology, https://en.wikipedia.org/w/index.php?title=Banana_Island,_Lagos&oldid=983529435, Articles with dead external links from July 2017, Articles with permanently dead external links, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 October 2020, at 19:10. Chidi Oke says people perceive him to be lucky. For Chidi and his family, Banana Island offered something rare in Lagos. He wanted to create a development that would "Make Nigeria Proud", and engaged Minoru Yamasaki the architect of Manhattan's World Trade Centre 'Twin Towers' building.

Several leading Nigerian and International corporates such as - Etisalat Nigeria,[8] Airtel Nigeria,[9] Ford Foundation Nigeria[10] and Olaniwun Ajayi & Co[11] - are also based on Banana Island. “We have street lights, family parks, halls, religious centres, convenience shops, pools, a minibus system and a golf course,” explains Chidi on the other perks that come with living in Banana Island. The estate is also removed from the outside world; a gated community with only one major entrance. “People are excited about it. I navigate my way towards the second gate and some speed bumps.

One of them is the calibre of people living in the estate. In Nigeria, these all cost money.

Residents are aware of this; some embrace the exclusivity, others consider it with unease. Part of the Lagos Local Government Area of Eti-Osa in Central Lagos. The Island is a planned, mixed development with dedicated areas for residential, commercial and recreational activities. The estate is also a reminder of Nigeria’s broader failure. Banana Island is an artificial island off the foreshore of Ikoyi, Lagos, Nigeria.

What does it cost to join the class of the rich and renowned like Mike Adenuga (Globacom), Tayo Ayeni (Skymit Motors) and Sayyu L. Dantata (MRS Oil) among a host of other wealthy folks who have invested in properties for sale in Banana Island? Banana Island sits on approximately 1,630,000 square metres of land, which spills into the Lagos Lagoon, and has become a Nigerian version of Beverly Hills and Burj Khalifa. All of these things make the estate attractive and expensive,” says Ikenna on why property here is so expensive.

The island was constructed by the Lebanese-Nigerian Chagoury Group in partnership with the Federal Ministry of Works and Housing and is considered to be on par with the Seventh Arrondissement in Paris, La Jolla in San Diego, and Tokyo's Shibuya and Roppongi …

The original Banana Island construction project entitled Lagoon City was the brainchild of the Late Chief Adebayo Adeleke, a University of London trained Civil Engineer (MICE), and CEO of City Property Development Ltd. Adeleke had originally commissioned a new urban development in Maroko, Victoria Island, but that project had been acquired by the Lagos State government. It is located in the Lagos Lagoon and is connected to Ikoyi Island by a dedicated road which is linked to the existing road network near Parkview Estate. Land Area : 2476sqm. All it takes is money, planning and a vision.

The estate was the brainchild of the late Adebayo Adeleke, CEO of City Property Development Ltd, but was eventually constructed by the Lebanese-Nigerian Chagoury group in partnership with the Federal Ministry of Works and Housing.

Land Area : 1900sqm. Linda Ikeji. How consumption determines the economic impact of pandemics. Ostensibly, the most elite home in Lagos (and by expansion Nigeria), Banana Island is home to a wide range of obscure structures and homes. The cost of land on Banana Island has acknowledged to the degree that a land size of 1000 square meters offers between N160,000,000 to N200,000,000 and a plot of land size of 2000 square meters offers between N320,000,000 to N400,000,000. reaction from the average Nigerian. Portrayed by Forbes Magazine as the restrictive play area of Nigeria's high and mighty, Banana Island is a world all alone which is self-serving to its inhabitants as the area gives additional extravagant facilities that are not regular with different zones in Nigeria.

You get this 'oh wow, you live in Banana Island?' Portrayed by Forbes Magazine as the restrictive play area of Nigeria's high and mighty, Banana Island is a world all alone which is self-serving to its inhabitants as the area gives additional extravagant facilities that are not regular with different zones in Nigeria.

[6] At launch flats in Ocean Parade sold for over US$400,000.[7]. No.. Read more, FOR SALE: Banana island: 3200sqm, Banana island N550k per sqm Federal title.. Read more, FOR SALE: Banana Island Location - Residential Side Size - 2150/sqms Price - N600k/.. Read more, FOR SALE: Land with Legal document .. Read more, FOR SALE: For Sale @ Zone P-1 Banana Island . They say I am rich and lucky to have access to a place like Banana,” he muses. These incorporate a focal sewage arrangement of plants, super tight safety efforts, costly street format, day in and day out the supply of power and water and underground electrical supply frameworks. Every Real Estate in Nigeria posted on this site is verified by real estate agents in Banana Island, Ikoyi, Lagos. The estate is a luxury that most of the population cannot afford. * This article has been edited to correct a figure of $4,000,000 from the previous version.

Many scoffed at Chief Adeleke's decision to select the Ikoyi Island perimeter, however they were unable to appreciate the foresight of the Chief, who promptly engaged the Westminster Dredging Company to dredge the foreshore, and create six interlinked and symmetrical islands. 25 JUN 2018. At some point, there were too many clubs and businesses moving there. There is also litigation pending in the UK and European courts regarding this matter. Stears Business is regulated by its editorial guidelines & policies. On a hectare, just 20 units of a building are suitable; yet for 1000 square meters arrive, three families or houses can be assembled. This article is about the geographic location.

Since 1983, the 'acquisition' is currently being challenged in various courts, and there are Caveat Emptor warnings in place to warn prospective buyers that their investment could be at risk in future. Land for sale in Banana Island is exclusive and quite price but it is an ideal investment as a lot of people including expatriate prefer living in Banana Island and would love to rent or buy properties in the area. The irony of Banana Island is its presence in a country where 62% of people live on less than $2 a day. This is Banana Island, Nigeria’s most exclusive estate, where secret passcodes are exchanged like in a bad spy movie. The residents of Banana Island may temporarily escape the dysfunction of Nigeria when they retreat to their homes, but they can never really leave it behind. For diet, see, Neighborhood in Lagos, Lagos State, Nigeria, Learn how and when to remove this template message, "The Chagoury Group Construction Division - Projects", "The Most Expensive Neighborhood In Nigeria", "Ocean Parade Tower – Banana Island – Ikoyi Lagos - I.T.B.

By clicking create account you confirm that you to our website, land for sale in banana-island ikoyi lagos for sale, Commercial Property for sale in Banana Island, Flats/ Apartments for sale in Banana Island, Land for sale in Osborne Foreshore Estate. This can either be isolated or semi-disengaged houses relying upon the proprietor. There’s a substantial amount of security, independent power, good road network. “Banana Island has a lot of things that make it stand out from the average Nigerian estate. ( Residential) .. Read more, FOR SALE: Banana Island residential 1000sqm Title - Fed Price - 450k/sqm .. Read more, FOR SALE: Banana Island waterfront residential zone 1200sqm Title - Fed Price - 450k/.. Read more, FOR SALE: Waterfront Bare Land Measuring Approximately 1400sqm Zone J Facing Lekki Bridge .. Read more, FOR SALE: A beautiful 5 bedrooms modern duplex is available for sale in Ikoyi. Iyabo Obasanjo. Banana Island hosts several high end residential developments such as Ocean Parade Towers [5] - a series of 14 luxury tower blocks strategically situated at one end of the island to take advantage of 180 degree panoramic views overlooking the lagoon. Banana Island, which is a prime land goal in Nigeria, is an exceptionally upscale private neighbourhood situated in Ikoyi on the Island of Lagos. It is also a picture of Nigerian exceptionalism.