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Wednesday, May 11

Forget Lekki For Now, BADAGRY It Is!

Forget Lekki For Now, Badagry It Is!

It Is The Emerging Property Hotspot

Badagry, a sprawling ancient city in the Western Part of Lagos is better known for being one of the first point of contacts with Western Education, Religion and Colonial Lifestyle. It is the city that boast of the first Church, first Storey Building, and first School amongst others in Nigeria. However, despite this enviable status, the Property Market of Badagry has never seen a flourish. A current comparison of property prices in Badagry with some other parts of Lagos for example shows that while a plot of land in the major parts of Lekki sell for between N80million and N120million, Victoria Island for between N200million and N300million, Badagry still sells for as low as N300K to N1.5million.

The reasons for Badagry’s irony of being the first in terms of westernization and almost the last in terms of the Lagos property market ratings are not farfetched. Total collapse of infrastructural facilities have been the order of the day. Access roads to Badagry from other parts of Lagos despite being major entry and exit points to other West African Countries left little to desire. All these may soon be a thing of the past as improved government interest has gradually started to change the fortunes of Badagry. Quietly, Badagry is now an emerging property market hotspot in Lagos.

According to real estate pundits conversant with trends on the Badagry Property Market: Governor Ambode’s commitment just like those of his predecessor to improve infrastructure and also position some landmark projects in the Badagry have started to yield positive results and effects on the property market there. It will be recalled that in July last year, Governor Ambode promised that his administration would put machinery in place to commence construction of the Badagry Deep Seaport and also complete Lagos-Badagry Expressway over a period of 12 months.Governor Ambode who was speaking shortly after inspecting projects in the Badagry axis then said the Badagry seaports would be the biggest in Africa.

The governor also vowed that he would complete the project in the next four years in conjunction with the 10-lane Badagry Expressway, which has provision for light rail in the median. He said: “With a Deep Sea Port project like this, it means that there would be new settlements in Badagry, new towns and the standard of living is positively affected by this kind of project.

“That is why we want to appeal to everybody including every Lagosian. Before I came here, I inspected the Mile 2 Badagry Expressway Project which is a 10lane project. There is no way we want to do the Deep Sea Port project here if we do not finish the Mile 2 Badagry Expressway project.I just want to assure you that simultaneously, those two projects will start in earnest and then we will use that to create jobs for our people and also increase the GDP of the Lagos economy and strongly within the next four years you will see a dramatic change in this axis of Lagos.”

Ambode said efforts were in top gear to ensure that the contractor handling the 10 lanes Lagos Badagry Expressway is well mobilized for speedy completion of the project.

The land space for the Deep Sea Port is over 1,000 hectares of which we have just been told that there’s going to be a free trade zone and then a container terminal that we are going to have here. “We already know that the investors have done the best they can. We have Mearsk in the Bouquet of investors who have signed on to this project and what that means for us is that we are going to have the largest cargo container port in Africa, situated in Badagry.

Forget Lekki For Now, Badagry It Is!

In a related development, the Lagos State Government recently announced that it is set to complete ongoing construction on the road/bridge leading to the Whispering Palm Resort in Aradagun, Badagry Local Government Area of the State by November 2016.The State Commissioner for Works and Infrastructure, Engr. Ganiyu Johnson who disclosed this recently during an inspection tour of the Ministry’s ongoing and completed projects in Badagry, said the absence of the bridge, which has been hampering the potential of the resort and the adjoining communities, is due for completion by October/November as promised by the contractor handling the project, Messrs CCECC Nig Ltd.

The Commissioner also revealed that the first phase of the Ajara – Erekiti, Iragon – Ikoga road and Bridge projects, which is another milestone project in the area has been completed and delivered for public use.He added that the Age- IlasoPoka/ Erekiti 1,235m Bridge that links Ajara Age – Ilaso with about 20 communities in the Local government will be completed by the end of the year, while the 2.9 km Kesse concrete road had been completed and delivered to serve as the link road to the jetty for transporting farm produce from the riverine area.

“The prospects of this projects helping to transform the economy of Badagry has started to have positive effects. Over the last three years, property prices have been on a fast rise in the Badagry axis”, says Bankole Olujimian Estate Surveyor and Valuer. According to Olujimi, the more easily accessible parts of Badagry like Ijanikin, Mowo, Aradagun, Mosafejo, Itoga, Ibereko, Ajara and Badagry have seen the highest rise in property prices as a result of increased interests in these areas from property investors. “A plot of in these communities which sold for between N300K-N500K about three years ago, now sells for between N700K and N1.5million and these seems to be no ceiling yet to the rise as demand has continued to rise”, he says.

Explaining that apart from the poor state of the Lagos-Badagry expressway, there is really no difference between Lekki and Badagry in terms of the ambience. “Infact Badagry is better than Lekki suppose the access road was good. There are several beaches in Badagry just like Lekki but the edge Badagry has got over Lekki is that land in most communities are solid and easily buildable unlike Lekki with mostly waterlogged plots which will require spending heavily to build on them”, Olujimi says.

Talking about the investment prospects, Olujimi explained that this is the time for discerning investors to start to move into Badagry before the property market moves beyond them. “As an investor I don’t see why you should hesitate to put your money in a location which will boast of the first mono-rail in West Africa with a ten lane expressway as well as the largest Sea Port in Africa. It is really a no-brainer for smart real estate investors. They are already putting their monies in Badagry”, he hinted.

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