THE GLORY ISLAND
I can feel it in my mouth. I accidentally bit my tongue this morning
again, and that’s a sign. Err… Well, I know I may have slightly been over-fantasizing
about acquiring a property in "The Glory Island" but I know I have to be patient.
You know what the Nigerian “Glory Island” is, right? You don’t? Of course you
do – Banana Island.
This is the dream of every Nigerian Real Estate Investor – Stamping a
mark on Banana Island, Lagos.
Class is in session. Sit down, and take an informed look with me into the
Glory Island. Well, Banana Island was the brain child of the late Chief Adebayo
Adeleke. A London trained Civil Engineer and CEO of City Property Development
Ltd.
Banana Island is an area of Ikoyi, Lagos, Nigeria, 8.6 kilometres east
of Tafawa Balewa Square. Part of the Lagos State Local Government Area of
Eti-Osa in Central Lagos. It’s a man-made island and the name originated from
its shape – it’s curved like a Banana. It
is known for its wealthy, multi-cultural community and some of the most
expensive Real Estate allocations in Nigeria, and even West Africa. In Banana
Island, a three bedroom apartment typically sells for at least $555,000(₦200Million)
and $2.81Million(₦1.09Billion) for a 5 bedroom fully serviced house. Rental
properties are very popular in this location and rent for a 3 bedroom apartment
is typically around $63,000(₦22Million) per annum.
‘The Glory Island’ hosts several high end residential developments such
as the Ocean parade towers (a series of 14 luxury tower blocks strategically
placed at one end of the island, where the 180 degree panoramic view of the
island can be taken advantage of). Some of Nigeria’s International corporate
bodies such as Airtel Nigeria, Ford Foundation Nigeria, 9Mobile Nigeria and
many others are also not left out of booking their space. Banana Island
according to Forbes, is the most expensive neighbourhood in Nigeria and little
was that said, before buyers started scrambling for properties put out for sale
at the time.
Implication is, you don’t wake up in the morning to the usual sights you
might be used to. How would you, when you have neighbours like Aliko Dangote,
Mike Adenuga (Billionare CEO Globacom Telecommunications Ltd), Kola Abiola
(Publisher and Businessman son of the popular MKO Abiola, Saayu Dantata (Son of
the Alhassan Dantata – the wealthiest man in West Africa in the ‘50s).
Real Estate Investors continue to act and react to whatever news radiate
from The Glory Island, and would hope the rumoured property price decline would
actualize to allow the usual “down and hit” strategy, which is very common in
the Real Estate business. It would be a jackpot play if there ever was any
significant fall in the price of properties as that would definitely be the
news of a lifetime to the many Banana Island’s lurking prospective investors.
Meanwhile, little or nothing needs to be said about the lifestyle of
habitants of The Glory Island. What do you expect, living next to or in-between
two billionaires?
While Chief Adeleke’s aim of “making Nigeria proud” has not been totally
met (Judging from his initial plan), we can justifiably say that ‘The Glory
Island’ hasn’t fallen overly far short off the path as it’s on a daily basis
tending more and more towards becoming a global spectacle for both local and
foreign Real Estate Investors. Even…
I just bit my tongue again.
Mature Minds Talk.
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