Residential land joint venture
Glover Road, Old Ikoyi, Ikoyi, Lagos
Joint venture development opportunity prime land on glover road, old ikoyi, lagos
3,441 sqm federal c of o title land value: ₦3.5m per sqm proposed: luxury apartments
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property & proposal overview
- location: glover road, old ikoyi, lagos. one of the most historically prestigious and exclusive addresses in nigeria.
- land size: 3,441 sqm.
- title: federal certificate of occupancy (c of o). this indicates the land likely falls under federal government allocation, requiring verification through different channels than state titles.
- land value: ₦3.5 million per sqm.
- total land value: ₦12.0435 billion.
- owner's vision: development of luxury apartments.
- profit sharing: open for discussion, to be based on contributions.
- premium: to be determined (tbd).
- facilitator's fee: 10% of land value.
- submission requirements: company profile, letter of intent (loi)/proposal, agency fee agreement, and proof of funds.
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key highlights
- ultra-prestigious "old ikoyi" address: glover road is in the heart of the original, low-density, high-security ikoyi enclave, home to diplomatic missions and legacy estates. this commands the highest prestige and value.
- federal title: a federal c of o is a significant factor. it requires verification with federal ministry of lands/works & housing in abuja or its lagos office. this process differs from state titles and must be handled precisely.
- institutional-grade scale: a 3,441 sqm plot in core ikoyi is exceptionally rare, suitable for a landmark luxury residential development.
- clear target market: the directive for "luxury apartments" aligns perfectly with the location, targeting domestic and international ultra-high-net-worth individuals.
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️ critical due diligence & procedure
this is a transaction of the highest order, requiring meticulous steps.
step 1: title & legal verification
- primary action: verify the federal c of o with the relevant federal government authority in abuja. this is the most critical and unique step for this property.
- supporting action: conduct a comprehensive land search through a lawyer experienced with federal lands to confirm ownership, check for encumbrances, and understand all covenants.
step 2: financial & capability preparation
- proof of funds: prepare unencumbered proof of funds or binding financing commitments for a project with a total cost that will significantly exceed the ₦12+ billion land value.
- company profile: showcase a proven track record of delivering high-rise luxury residential projects in prime locations (ikoyi, vi, banana island).
step 3: formal submission & negotiation
- letter of intent (loi): draft a serious loi outlining your understanding of the deal, proposed jv structure (suggesting a profit-sharing model based on contributions), and commitment to due diligence.
- agency agreement: review the facilitator's agreement carefully before signing, ideally with your lawyer's counsel.
- proposal: develop a preliminary architectural concept that respects the "old ikoyi" aesthetic while delivering modern luxury.
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financial & jv implications
- landowner's contribution: land valued at a minimum of ₦12.0435 billion (excluding any tbd premium).
- developer's contribution: full construction financing, expertise, and project execution for a ultra-luxury development.
- project scale: total project cost will be a multi-billion dollar endeavor. the profit-sharing discussion will center on the fair valuation of the land versus the total development cost and risk undertaken by the financing partner.
ideal partner profile:
- a top-tier, internationally recognized development firm with a portfolio of global luxury projects.
- a consortium comprising a major developer, an institutional fund, and a luxury brand (hotel or residential).
- an entity with direct experience navigating federal government land titles in nigeria.
this is a call for nigeria's most capable developers. the combination of location, scale, and federal title makes this one of the most significant jv opportunities on the mark...
More details
Added Yesterday
₦12,100,000,000
Ac Valour International
08036503218