By Uzodinma Aginnah

 

As the demand for housing and land acquisition drive the expansion of property development projects across Lagos, real estate firms are positioning themselves to help facilitate the development of certain areas that have attracted massive investments. One of such companies is Eystone Development, a full-fledged Real Estate development and investment company in Lagos. Working with government authorities, community leaders, realtors and other partners, Eystone  is facilitating a smooth and seamless land ownership process in frontier areas of Lagos, thereby contributing to the ongoing expansion of the city.

On July 16th, 2022, over 500 realtors, investors and prospective property owners gathered at a pristine location in Idado community, Ibeju-Lekki, Lagos, to witness the ground-breaking for Gemstone 2 and Gemstone 3 estates, the latest in the Gemstone series of residential estates being developed and allocated by Eystone development in Ibeju-Lekki, a growing area commonly called ‘the New Lagos’ due the heavy growth projected for the area in the nearest future. Some of the features being planned for these communities include recreational centres, gym facilities, security points, road networks, drainages, street lights, perimeter fencing, water supply systems and back-up energy supply. According to CEO, Dr. Hassan Ismail, Eystone Development wants to be part of the development story of Ibeju-Lekki by helping people find their feet in the area through secure, accessible and profitable Real Estate investments.

With a land area of over 455 km2 and an estimated population of 117,481(2006 census), Ibeju-Lekki is one of the largest Local Government Areas (LGAs) in Lagos and yet, one of the most sparsely populated. However, with renewed focus on the area, it is expected to become a future central hub for business, manufacturing, warehousing, and logistics. Some of the major proposed and ongoing projects in the area include the Lekki Free Trade Zone, Dangote Refinery, Lekki Deep Sea Port, Lekki International Airport, and Eleganza Industries. Real estate developers are already taking advantages of the rising demand for property investment in the area. Besides Eystone Development, popular Nigerian real estate firms setting up projects in the area include PWAN, Landwey, Victoria Crest Homes (VCH), and Revolution Plus. Some of the thriving and developing estates there include Capital Gardens Estate (By VCH), Houston Park (by Revolution Plus), Excel Courts (by PWAN), Cosgrove, Meadows, and the upscale Amen Estate, home to some Nigerian celebrities like actress, Funke Akindele, comedian, Akpororo, and gospel singer, Nathaniel Bassey.

As more people move into Ibeju-Lekki to live or do business, real estate companies like Eystone Development are helping to fast track development by facilitating a smooth and seamless land ownership process, offering flexible payment structures.

Ibeju-Lekki is not the only frontier area where Eystone is facilitating real estate investment. The firm also does considerable amount of business in Epe, a serene community at the tail end of the Lekki Peninsula. The hometown of former Lagos State governor, Akinwunmi Ambode, Epe used to be known for its exotic fish markets and lush farmlands. However, in the past decade, Epe has sprung up to life, becoming a prime destination for real estate investment. It is common these days to see billboard ads offering attractive prices and payment structures to acquire property in Epe.

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While many real estate companies continue to offer seamless ownership of property in the area, Eystone is one of those that are fulfilling their promises. This is reflected in the allocation of lands to buyers at the firm’s Capstone Estate, Odorangushi, Epe earlier than expected in October 2021. Many of the new buyers expressed delight and appreciation that their allocation came timely as promised while even exceeding their expectations.

“Eystone Development has fulfilled its promises to me. I was looking for a place to buy and develop for my family and Eystone was recommended. To my surprise, the process was smooth and fast. In a very short time, I got allocated my land and my documents,” said Muyiwa Olatunji, one of the new buyers.

High inflation rate, bureaucratic bottlenecks, and Inadequate information are some of the issues making house ownership in Lagos expensive and cumbersome. With the highbrow districts of Lagos like Ikoyi, Victoria Island and Lekki becoming congested and overpriced, many people are moving to frontier locations like Ibeju-Lekki and Epe. Yet the stories of these adventures are not always rosy. There are several stories of people paying in full to acquire a property only to discover that the piece of real estate is under contention. Recently awarded Africa’s most innovative and outstanding real estate investment brand in 2022 at the African innovative real estate brand award, Eystone is one of those firms that continue to innovate to help prospective investors mitigate these challenges.

‘The market is enormous, and there are a lot of real estate buyers that are seeking help to buy properties, just that the market isn’t favourable yet. That’s why we came up with an idea about how to improve our visibility and expansion to solve the consumer’s needs through creativity and content marketing,” said Sadiq Abiodun Kosoko, Eystone Development’s Chief Operating Officer.

 

Uzodinma is a real estate consultant. He lives in Lagos.