New residential developments along Ikoyi Crescent (also known as Modupe Alakija Crescent) are redefining the road as one of Ikoyi’s superior prime locations. Aside the large existing properties on the road such as the US Consulate General Residence, new arrivals on the street include Fidelity Bank’s private banking office, which was designed by Idlewoods Limited, a private development by the Dayspring Property Development Company, the large residential development by Chartwell Limited and another by Drawcok Estates Limited.
Unlike other prime areas in Ikoyi where most of the residential developments have been built to be leased or sold, most of the new projects on this Crescent will be occupied by the ultra high net worth individuals that developed them. The road can be accessed from Osborne road or from the end of Gerrard road, beside the abandoned Luxury Collection hotel project.
Land availability on the relatively short ±1km road compared to others in Ikoyi such as Cameron Road (1.5km), Queens Drive (2.9km) or the increasingly commercial Glover Road (2km) indicate that even if commercial activity began to emerge, it will have to be limited. According to estimates from major brokers, prime land in Ikoyi currently goes for c. N300,000 per m2, trending slightly lower as the market for commercial real estate continues to soften due to a poor economic environment and oversupply .
See the images below to get a sense of the roads newest projects.
Luxury Development by Chartwell
3 Floor Residential Development
Fidelity Private Banking Office
Private Development by Drawcok Estates