Residential land for sale
Plot a: 1, 322SQM
Probyn Street. Old Ikoyi. Two Plots. Over 1,200sqm Each. Lagos State C of O on Both. ₦4,200,000 Per Square Metre. The Residential Interior of Ikoyi's Most Established Address Zone. The problem Old Ikoyi land at scale --- plots of over 1,000sqm on named residential streets with Lagos State C of O --- does not appear on the market with any frequency. The families and institutions that hold land on the established internal streets of Old Ikoyi acquired it at a time when the per-sqm rate was a fraction of today's number. They do not sell because market conditions improve. They sell when specific circumstances create a motivated vendor --- and when they do, the available window for a qualified buyer is measured in weeks, not months. Probyn Street sits in the residential interior of Old Ikoyi. It is not a fringe address, not an emerging area, not a corridor you are betting on. It is one of the established residential streets within the same Old Ikoyi zone that includes Bourdillon Road, Temple Road, Kingsway Road, and Lugard Avenue --- the addresses that have defined the price ceiling of Lagos premium residential land for decades. Two plots of over 1,200sqm each are available today. Both with Lagos State C of O. Both at ₦4.2M per sqm. Both on the same street. The agitation Here is what the Old Ikoyi land calculation has cost every serious buyer who has deferred it. The NPC comparable listings that appear alongside these plots today are instructive: A 2,010sqm plot in Ikoyi with a demolishable structure --- ₦2.5M per sqm. That plot has a structure on it, which adds remediation time and cost before a buyer can build. A waterfront Ikoyi plot with a built-up jetty --- ₦4.6M per sqm. Premium waterfront pricing for a specific asset type. A commercial Old Ikoyi land parcel --- ₦4.3M per sqm. Commercial zoning commands a different development conversation. Probyn Street at ₦4.2M per sqm is residential, clean, below the waterfront rate, below the commercial Old Ikoyi rate, and above the demolishable-structure rate --- which is exactly where a clean residential plot of this calibre on a named Old Ikoyi street should price. The land is bare. No structure to demolish. No commercial zoning complexity. No waterfront premium already baked in. The professional who has been watching Old Ikoyi land pricing knows what this positioning means. The per-sqm rate on Probyn Street is the number that makes sense for what it is. It is not inflated. It is not discounted. It is the correct market price for clean residential land with a Lagos State C of O on an established Old Ikoyi interior street --- today. That price has not been going down. It has not been static. The direction is documented. The solution Two plots of bare residential land on Probyn Street, Old Ikoyi, Ikoyi, Lagos. Both with Lagos State Certificate of Occupancy. Both at ₦4,200,000 per square metre. Available separately or together. Here is the full picture on each: Plot a --- 1,322.680sqm at ₦4,200,000/sqm Total acquisition: approximately ₦5,555,256,000 The larger of the two plots. 1,322sqm of bare residential land on Probyn Street with Lagos State C of O. Over 1,300sqm on a named Old Ikoyi interior street --- the development footprint that accommodates a fully configured private residence of the highest specification, or a boutique multi-unit residential development whose units address the Lagos principal buyer market at the upper end of what this neighbourhood produces on exit. For the developer building a premium residential development: 1,322sqm on Probyn Street supports a building whose exit address is Old Ikoyi. The finished property will be described by its street and its neighbourhood, not just its spec. That address carries the value that the per-sqm acquisition cost is being paid for --- the neighbourhood whose price history, resident profile, and address credibility have been consistent for the length of Lagos's modern real estate market. For the private principal building their home: 1,322sqm is the land of a compound without spatial compromise. The building, the pool, the compound, the BQ, the parking, and the setbacks required by Old Ikoyi's planning standards all fit within this footprint without a single compromise. You commission your architect. You appoint your contractor. The plot is bare and ready for exactly the home you have been designing in your head. Plot B --- 1,200.010sqm at ₦4,200,000/sqm Total acquisition: approximately ₦5,040,042,000 The slightly smaller plot. 1,200sqm --- the standard benchmark for a full-scale private residence or compact multi-unit development in the Old Ikoyi residential corridor. At exactly 1,200sqm, this plot is the cleaner entry figure of the two --- and at ₦5.04B total, is approximately ₦515M below Plot A's total acquisition cost for 122sqm less land. The per-sqm rate is identical. The street is the same. The title is the same. The choice between Plot a and Plot B is a development footprint decision, not a location or title decision. Confirm the specific plot positions on Probyn Street at first contact --- the agent has both a and B available and can clarify which position within the street each plot occupies. Both plots --- what they share: Probyn Street, Old Ikoyi --- the address that belongs to the established residential interior of Ikoyi. Probyn Street is not Bourdillon Road or Kingsway Road --- it is not the headline-facing Old Ikoyi address. It is the interior residential street of the same neighbourhood --- quieter, less trafficked, protected by the character of the surrounding area. The Old Ikoyi address and the Old Ikoyi planning standards apply. The resident profile of the surrounding streets applies. The long-term value trajectory of the established Old Ikoyi sub-zone applies. This is not an approximation of Old Ikoyi. It is Old Ikoyi. Lagos State Certificate of Occupancy --- individually registered, state-issued, the cleanest title instrument available in Lagos residential land law. This is not a Global C of O requiring derivation through a Deed of Assignment. This is not a Federal C of O requiring a different regulatory conversation. This is a Lagos State C of O --- issued by the state government --- individually registered in the name of the current landowner. When you purchase, it transfers to you. There is no upgrade process. No post-purchase application. No conversion step. Your solicitor verifies it. The title transfer completes. The title conversation ends at the Lagos State government. That is where it should end. Bare land --- no demolishable structure, no remediation required, no pre-existing decisions embedded in the plot. Both plots are bare. You commission your architect from day one. Your contractor can mobilise from day one. The timeline between acquisition and breaking ground is determined entirely by your planning and design process --- not by a structure that needs to come down first. The per-sqm rate at ₦4.2M positions both plots competitively within the Old Ikoyi land corridor. The NPC comparables on this page today show waterfront Ikoyi land at ₦4.6M per sqm and Old Ikoyi commercial land at ₦4.3M per sqm. Clean residential land with a Lagos State C of O on an established interior street in Old Ikoyi, at ₦4.2M per sqm, is priced at the correct market rate --- below the waterfront premium and below the commercial land rate, reflecting the residential zoning and the clean-land status accurately. Probyn Street, Old Ikoyi, sits within the most drainage-stable and infrastructure-managed zone of Ikoyi. The original planned residential infrastructure of Old Ikoyi --- the road grading, the drainage systems, the maintained road network --- has been operational for decades. The interior residential streets of Old Ikoyi, including Probyn Street, benefit from the same infrastructure heritage that characterises the neighbourhood's consistent flood resistance. Smilebay Realties does not list properties in flood-prone areas. Both plots on Probyn Street, Old Ikoyi, were assessed against that standard before listing. Both passed. The call to action Two plots. Probyn Street. Old Ikoyi. Lagos State C of O on both. ₦4.2M per sqm. Plot a: 1,322sqm --- approximately ₦5,555,000,000 Plot B: 1,200sqm --- approximately ₦5,040,000,000 Both available separately. Both available together. The buyer for these plots is in one of two positions. A developer whose project requires Old Ikoyi address and who understands what 1,200sqm to 1,300sqm of clean residential land with a Lagos State C of O on Probyn Street means for a development project's exit value. Or a private principal for whom this is the land position on which the home that ends the search will be built --- the one that does not require a compromise, that is designed from scratch, that carries the Old Ikoyi address permanently. Lagos State C of O available for immediate solicitor review on both plots. Site visits arranged this week. Call or WhatsApp Smilebay Realties: +234 901 517 4801 Probyn Street. Old Ikoyi. Clean land. Clean title. Correct address. Both plots are available now. Plot a: 1,322.680sqm Bare Land --- Residential Probyn Street, Old Ikoyi, Ikoyi, Lagos Price: ₦4,200,000 per sqm Total Acquisition: approximately ₦5,555,256,000 Title: Lagos State Certificate of Occupancy --- Individually Registered Condition: Bare Land --- No Demolition Required --- Ready to Build plot B: 1,200.010sqm Bare Land --- Residential Probyn Street, Old Ikoyi, Ikoyi, Lagos Price: ₦4,200,000 per sqm Total Acquisition: approximately ₦5,040,042,000 Title: Lagos State Certificate of Occupancy --- Individually Registered Condition: Bare Land --- No Demolition Required --- Ready to Build Both plots available separately or together Flood-Free --- Confirmed by Smilebay Realties Pre-Listing Assessment NPC Comparable Context: Ikoyi Waterfront Land at ₦4.6M/sqm --- Old Ikoyi Commercial at ₦4.3M/sqm Listed by Smilebay Realties Limited --- Ref: 3565337
