Ondo State is Lagos’ newest Property Developer

The Ondo State government through its Development and Investment Promotion Agency (ONDIPA) has recently taken a significant step in the re-purposing and re-development of its real estate assets in two prime areas of Lagos state. The assets are Sunshine Plaza, Victoria Island, and Sunshine Apartments, Parkview Estate, Ikoyi, taking a note from Ondo State’s moniker as the “Sunshine State”.

Sunshine Plaza.

 

Formerly known as Oduduwa House, Sunshine Plaza will replace the former Ondo State liaison office. Located on Ahmadu Bello way, Sunshine Plaza is a 7-floor office development and has a total gross leasable area of 3,798 square meters (633 sqm per floor with ground floor parking). Members of the project team include:

Main Contractor: Prestigious Homes Limited.
Architect: Hand Sketch Architect.
MEP Engineer: Abbott Engineering Company Limited.
Structural Engineer: Bosild Construct Limited.

Completion of Sunshine Plaza is billed for Q1:2024.

 

Sunshine Apartments.

 

The land where Sunshine Apartments is being built was acquired by the Ondo State Government administration between 2003- 2009 and used as the Governor’s Lodge,  the property was then abandoned after Olusegun Agagu’s administration. Located in Parkview Estate, Ikoyi, the development consists of 6 units of 3-bedroom apartments with BQs and a penthouse. Members of the project team include:

Main Contractor: Pleasant Design.
Project Manager: Estate Links.
Architect: Zandavyl Projects
Structural Engineer: Chrisnat Consultancy
M.E.P Engineers: Multi-Tech Consult.

 

The development of these properties underpins our previous observation on State liaison offices and Governor’s lodge being re-purposed through partnerships with developers in Lagos State. 

According to Estate Intel’s market analysis dashboards, the average rent of a 3-bedroom apartment in Ikoyi is #12,500,000 Naira per annum and the average rent for a B+ office building in Victoria Island is $400 per sqm.

We love your feedback! Let us know what you think about IFC’s Investment in the AfricaGoGreen Fund by sending an email to [email protected].

Subscribe to ei Pro to access affordable real estate data such as; sales rates, yields, supply drivers, and information on key real estate market participants who are active in the market.