Boosting real estate investments, economy with road infrastructure

Real estate investments, businesses and other economic activities are receiving boost as reconstruction/upgrade
of Eti Osa-Lekki-Epe Expressway takes effect. Dayo Ayeyemi reports.

LEKKI – Epe axis of Lagos State is no doubt, the fastest growing region in the country in terms of real estate and industrial investments.

The region is further enriched with  the presence of over $15billion Lekki Free Trade Zone (LFTZ),  which has attracted the likes of Dangote Refineries, Alaro City,  Lekki Deep Sea Port and  international airport, among others.

According to findings, more than 200  companies have  registered their presence in the corridor, out of which about 45 have commenced operations.

More than 100 real estate companies have also positioned themselves for business and investment opportunities  along the axis in the last five years.

However, despite huge excitement about the corridor and its potentials for economic development, absence of corresponding  infrastructure such as road and drainages   pose a big challenge.

The existing  highway, which was constructed over 40 years ago, providing access to the region, is now terribly in bad shape, no thanks to human traffic and increasing volume of articulated trucks with the attendant heavy axle load.

Due to the deplorable  state of the road, journeying  through it suddenly becomes a nightmare to  residents, business owners  and investors. They all have bitter tales to tell, having spent hours  in traffic jam, wallowing through  ditches in the form of potholes on the highway.

A journey  between Victoria Island and Epe, which ordinarily shouldn’t have taken more than one  hour now takes four to six hours due to bad road.

Govt response

Asides from past palliative measures, harrowing experiences of residents and  motorists on the expressway  will soon be a thing of the past as the Lagos State Government has set in motion necessary machinery to change the narrative.

Showing the  seriousness attached to this,  Governor Babajide Sanwo-Olu, has awarded the reconstruction and upgrade of Eti Osa -Lekki -Epe Expressway (Phase 1), starting from Eleko Junction to Epe T-shirt junction, to Messrs  Craneburg Construction Company.

The contractor has 20 months to deliver the road and drainage project.

Besides, the governor promised to award the second phase  of the road next year.

Speaking during  the flag-off, the governor said  he  recognised the importance of the Eti-Osa-Lekki-Epe Expressway Road to the economic prosperity of thie state and its people.

He said : “ We are aware of the agitation and concerns of people about this road.

This is why we initially declared a state of emergency on this road and put in place temporary measures in November 2019.”

The flag -off ceremony,  he said eventually culminated in a three-lane dual carriageway reinforced concrete road pavement with a dedicated lane in each direction for trucks and a rigid pavement to accommodate the envisaged axle loadings expected to ply the road when it is completed.

Like some other road projects under the Transportation and Traffic Management Pillar of the  THEMEs Agenda, Sanwo-Olu  explained that the reconstruction of the entire stretch of the road from Abraham Adesanya Roundabout  to Epe  would require a huge financial outlay, saying this  explained why its execution would be in two phases.

According to him, phase one  would cover 18.75 kilometres (km) from Eleko Junction to Epe-T-Junction, while the second phase covers 26.7km from Abraham Adesanya Roundabout to Eleko Junction.

The execution and eventual completion of the project, Sanwo-Olu said would further strengthen Lagos’ position as the centre of excellence and commitment to inclusive development.

According to the governor, no Lagosian or town would be left behind in the quest for transformational governance.

“You may have noticed our extraordinary dedication to the creation of jobs at every opportunity: I am proud to inform you that this project will create direct and indirect employment opportunities for our youths and other unemployed Lagosians,” he said.

Special Adviser to the Governor on Work and Infrastructure, Mrs Aramide Adeyoye, an engineer,  said the road project when completed would lead to improved socio-economic activities in the corridor, enhance real estate investment, Lekki FTZ,  reduce traffic jam, reduce travel time and loss of man-hours, since it will cut through communities like Eleko, Onose, Alatishe, Aiyeteju, Ajaganabe, Oko orisan, Ilasan, Lekki Village, and Epe.

She enjoined all stakeholders,  especially residents and community leaders in the axis to take ownership of the project by protecting it jealously.

Boost for real estate

Few days after  the flag-off of the road, real estate businesses  are coming back to life as property developers are already raising the tempo of  activities in the axis.

Speaking with Nigerian Tribune, a real estate consultant, Mr Sesan Fajingbesi, stated that the commencement of the reconstruction of the  highway was alteady boosting real estate activities  within the area to Epe township.

According to him,  anywhere government embarked on road construction, there would be increase in the development of real estate, pointing out that land value had increased to N5 million in some parts of Epe owing to  improvement in road infrastructure.

President of the Nigerian Institute of Town Planners, Mr  Toyin Ayinde, stated that accessibility remained a major catalyst for development.

He is of the opinion that the reconstruction and upgrade of the highway would  push property market up.

“There is a saying that when value  is being brought  or added to that place, property value increases,” he said.

Chairman, Nigerian Institution of Estate Surveyors and Valuers, Lagos branch,  Mr Dotun Bamigbola,  said that real estate in the corridor would witness a major boost, noting that development of infrastructure naturally leads to improvement in values.

He pointed out that property development had been increasing in Ibeju-lekki and Epe axis, but that major obstacle before now was the single road, which government was increasing to three- lane dual carriageway.

With this, he predicted  outstanding increase in influx of people,  property developments and land values.

Former President, International Facility  Management Association (IFMA), Nigeria Chapter,  Pastor Stephen Jagun, said that without any doubt, reconstruction and upgrade of the road would have positive impacts on real estate business in the axis.

He noted that most of the land in the area had been bought,  adding that with the developments of Dangote refineries and Fourth Mainland Bridge, the location would experience exponential rise in value.

Jagun, who is the Principal Partner, Stephen Jagun and Co., an estate surveying and valuation firm, said: “If the area is open up,  it’s going to lead to  quick  movement of  traffic and  encourage movement to the location.

“Land values will pick up.  It will also engender greater development,  people will build houses  massively and economic of Lagos  will be better off.”

Land values in Ibeju-lekki has increased by 500 per cent from N1million in 2014 to N5 million in 2019, depending on closeness to site of  Dangote refineries.

“Between 2018 and 2019, the property bought for N5 million  has appreciated to N6.4 million, implying a 28 percent increase in value,” one of the developers said.

Giving the project’s brief, Permanent Secretary in the ministry, Olujimi Hotonu, explained further that the road’s scope of work encompassed an upgrade in both capacity and pavement structure, provision of reinforced concrete drains, culverts and median barriers, relocation of public utilities, provision of reinforced concrete rigid pavement with road markings, installation of weigh bridges in each direction of the road, preservation of a rail line corridor within the 50 meter Right of Way, provision of transverse and longitudinal service ducts and provision of a crushed stone base course among others.

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