Have you driven past the abandoned Ilubirin Housing Scheme in Lagos of late? If you haven’t, let us tell you the latest gist on the project which was abandoned by the outgoing Lagos Governor, Gov. Akinwunmi Ambode.
If you drive past the place right now, work has resumed on the gigantic project. The whole fence of the estate is undergoing rebranding, as banners are being erected to announce commencement of work on project. The way it is designed, Ilubirin is meant to be a new commercial, residential and leisure community. It is planned to be a vibrant and new waterside district to be made up of Affordable, Luxury apartment.
It is a Lagos State Government project. Initially, the construction of the first phase of the Ilubirin Housing Scheme ought to have been completed by end of 2018, while Sales to members of the public ought to have commenced during the 1st Quarter of 2019.The housing scheme will be built in 7 phases, starting with the completion of the existing structure which encompasses Phase 1 of the project, while completion of other phases of the project would span a 3-year period, terminating in 2022, the government had said.
In 2014, the Ilubirin Housing Scheme initiative was conceived under Fashola’s Lagos Home Ownership and Mortgage Scheme (LAGOSHOMS) and marked as a purely residential project but new designs released indicate it will accommodate, Work and Play activities.
Gbolahan Lawal, Lagos Commissioner for Housing, revealed months back that the project had been put on hold as a result of limited budgetary provisions, but a private sector partnership reached through a joint venture agreement to see the completion of the project.
“After a review of the proposals received from various companies to execute the project, the state was pleased with and awarded First Investment Property Company (FIDC) the contract to fulfil the vision of Ilubirin”, the Commissioner explained.
He added, the new design of the project will comprise 472 units of living space designed as studio apartments, 1, 2 and 3-bedroom flats, terraces and penthouses, while commercial units and recreational facilities, as well as child day care facilities, are also included in the plan. “The plan also includes a Shopping mall, an eco-park, a waterfront with restaurants and bars. There would be something for everyone in Ilubirin,” Lawal said. When the Commissioner stated the new plans of the project had also put into consideration the existing traffic conditions in the area because its prime location between Lagos Island and mainland hence a new flyover will be built to connect the development to the Third Mainland bridge axis to ensure seamless integration into the wider road network.
In June 2017, Profica Nigeria was appointed by FIDC to manage the construction of the state housing scheme alongside 3 other majors projects in Nigeria. FIDC is expected to source funds for the completion of the project and also to provide the technical expertise. The equity of the state remains the land for project and sum spent on the development to date.
The Ilubirin housing scheme is located at the other side of Adeniji Adele Housing Estate just as you descend the 3rd mainland bridge when approaching Lagos Island.
There have been a lot of back and forth on the project. While many have criticized the project for not being so “affordable” in the real sense of the word, others have commended the initiative of the state government to transform that section of the state into something more attractive and beneficial to people in the form of home ownership.
However, the opinion of a number of estate agents is that the pricing of the apartments in Ilubirin will be something interesting to look-out-for as the location is prime with indices and trappings of a good real estate investment. “It is just like buying a property in Ikoyi as it is located just next to Osborne Estate. The location is also extremely central. It is easily accessible and eventual owners of homes in the estate will sure get good capital appreciation and rental values”, Segun Oloyin, a real estate investment expert revealed.
The Lagos State government had earlier announced that it will inject about N200 billion ($500 million) into the Ilubirin Housing Estate’s new model plan.
Commissioner for Housing, Mr. Gbolahan Lawal said the government was putting massive infrastructure in the project for residential and commercial uses.
Lawal said the government alone could not handle the project, adding that it will be executed under the Public Private Partnership (PPP) arrangement.
He said: “Towards the completion of Ilubirin Housing Estate, approval was granted for its remodelling from hitherto purely residential into a mixed development of residential, commercial and leisure through PPP.”
The Commissioner said the government, in partnership with private developers, would build 20,000 housing units in the next 5-years under the Lagos Affordable Public Housing (LAPH).
A close observation showed that Ilubirin Housing Estate, located around the Osborne Shore Waterfront area of Ikoyi, is made up of 1,254 two and three-bedroom apartments, all on eight floors. And the project was one of the last projects handled before the end of the Fashola administration.
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