Bare Land Ideal for High Rise Apartments

Bourdillon Road, Ikoyi. Joint Venture. 2,281.291 SQM. Federal C of O. Survey Available. 20-Floor Luxury Residential Development. 34 Units. Premium ₦1.4B. Same Road, Same Pattern as Its Sibling Listing: Priced Above Every Comparable Found for This Exact Size. The problem There's a category of Bourdillon Road JV land where 2,281sqm parcels --- a specific, common size on this exact road --- get quoted at meaningfully different land values and premiums depending on which facilitator is representing the deal, even when the title, location, and general terms are functionally identical. This is precisely that pattern. Multiple independently listed 2,281sqm parcels on Bourdillon Road, all Federal C of O, show land values clustering at ₦4.5 million per sqm with premiums between ₦1.1 billion and ₦1.3 billion. This listing states ₦11,406,455,000 total, which works out to exactly ₦5,000,000 per sqm, plus a ₦1.4 billion premium on top --- above every comparable found at this exact size and address. The agitation Here's the direct comparison, and it echoes almost precisely what shows up on the larger 4,417sqm parcel on this same road. A 2,281sqm Bourdillon Road parcel, Federal C of O, is listed at ₦4.5 million per sqm with a ₦1.1 billion premium and a 60/40 developer-favored sharing split. A separate 2,281sqm Bourdillon Road parcel, same title, is listed at ₦4.5 million per sqm with a ₦1.3 billion premium instead. A distress-sale 2,281sqm Bourdillon parcel, also Federal C of O, is priced at ₦5,000,000 per sqm net --- but is explicitly marked as a motivated below-market sale, not a standard asking rate. A separately described "Elim/Alfred" JV parcel matching this exact size (2,281m²) and title also confirms a ₦4.5 million per sqm land value as the standard rate quoted for this specific parcel elsewhere. This listing's implied ₦5,000,000/sqm matches only the distress-sale outlier --- a price point that exists specifically because that seller needed to move fast, not because it reflects the going rate for a standard, non-distressed Bourdillon Road JV. Layer on the ₦1.4 billion premium, which is the highest premium figure found among the standard (non-distress) comparables at this exact size, and the total cost basis here sits meaningfully above what a developer would pay by anchoring to the ₦4.5M/sqm plus ₦1.1B--₦1.3B premium cluster that multiple other facilitators are quoting for what appears to be the same or a functionally identical parcel. This matters directly to the equity split. The stated sharing here is landowner 38% (13 units) to developer 62% (21 units) --- already a slightly less developer-favorable split than the 60/40 comparable found elsewhere on the same road. Combined with the elevated land value and premium, a developer proposing terms here without first anchoring to the documented ₦4.5M/sqm rate risks giving away meaningfully more equity value than the land itself justifies. The solution 2,281.291 square metres, Bourdillon Road, Ikoyi. Federal Certificate of Occupancy. Survey available. Stated land value implying ₦5,000,000/sqm. Premium: ₦1.4 billion. Development: 20-floor luxury residential development, 34 units. Sharing: Landowner 38% (13 units), Developer 62% (21 units). Developer funds 100% of construction and execution costs. Amenities: swimming pool, gym, padel courts, residents' lounge, kids' playground. Preferred contractors: El-Alan or Cappa & D'Alberto. Timeline: 36 months. Proof of funds required. Here is what's genuinely verified and what a developer should negotiate before signing anything: Verified: Federal Certificate of Occupancy. The strongest individual title instrument available under Nigerian land law, consistent across every comparable Bourdillon parcel found. Verified: address and amenity package. Bourdillon Road remains one of Ikoyi's most established addresses, and the stated amenity list --- pool, gym, padel courts, residents' lounge, kids' playground --- is a genuinely complete package for a 34-unit residential tower. Needs negotiation: land value. Multiple comparable 2,281sqm Bourdillon Road parcels, same title, are quoted at ₦4.5 million per sqm --- a developer has clear, documented grounds to negotiate this parcel's implied ₦5,000,000/sqm down toward that established rate. Needs negotiation: the ₦1.4B premium. This exceeds the ₦1.1B--₦1.3B premium range found on directly comparable 2,281sqm Bourdillon parcels --- treat it as a starting position, not a fixed figure. Needs negotiation: the 38/62 sharing split. A comparable 2,281sqm Bourdillon parcel offers a 40/60 split in the developer's favor --- two percentage points better than what's proposed here, which compounds with the elevated land value and premium to meaningfully affect total project economics. Why this beats going in without asking. A developer who raises the documented ₦4.5M/sqm rate, the ₦1.1B--₦1.3B premium range, and the 60/40 split precedent found on comparable Bourdillon Road parcels is negotiating from genuine market evidence, not guesswork --- and stands to materially improve the deal's economics before committing proof of funds. The call to action 2,281.291sqm. Bourdillon Road, Ikoyi. Federal C of O. Implied ₦5,000,000/sqm plus ₦1.4B premium --- both above the documented range for comparable 2,281sqm parcels on the same road. Call or WhatsApp Smilebay Realties: +234 901 517 4801 and ask directly: can the land value and premium be negotiated toward the ₦4.5 million per sqm and ₦1.1B--₦1.3B premium range documented on comparable Bourdillon Road parcels of this same size? Serious developers only. Proof of funds required. Independent verification of land value and sharing terms strongly recommended before proposal. The address is already Bourdillon Road --- that part isn't in question. The title is already Federal C of O --- that part checks out. The number and the split are both above what's documented elsewhere on the same road, and both are worth negotiating before anything else. Land Type: Mixed-use Land --- Joint Venture Size: 2,281.291 sqm Stated Total Price: ₦11,406,455,000 (implies ₦5,000,000/sqm --- flagged as above comparable range) Premium: ₦1,400,000,000 (flagged as above comparable range) Title: Federal Certificate of Occupancy Survey: Available Development: 20-floor luxury residential development, 34 units Sharing: Landowner 38% (13 units) / Developer 62% (21 units) Developer Funding: 100% of construction and execution costs Amenities: Swimming pool, gym, padel courts, residents' lounge, kids' playground Preferred Contractors: El-Alan / Cappa & D'Alberto Timeline: 36 months Requirement: Proof of funds required Location: Bourdillon Road, Ikoyi, Lagos Market Comparable Context (Bourdillon Road, 2,281sqm-tier JV land): 2,281sqm, Bourdillon Road, Fed C of O --- ₦4,500,000/sqm + ₦1.1B premium, 60/40 split 2,281sqm, Bourdillon Road, Fed C of O --- ₦4,500,000/sqm + ₦1.3B premium 2,281m², Bourdillon Road, Fed C of O ("Elim/Alfred" listing) --- ₦4,500,000/sqm 2,281sqm, Bourdillon Road, Fed C of O, distress sale --- ₦5,000,000/sqm net (below-market motivated sale) This listing: 2,281.291sqm, Bourdillon Road --- implied ₦5,000,000/sqm + ₦1.4B premium, 38/62 split Posted: 5 September 2026 Listed by: Smilebay Realties Limited --- Ref: #365-859-6