Home Real Estate Lagos Fourth Mainland Bridge project triggers increase in property transactions

Lagos Fourth Mainland Bridge project triggers increase in property transactions

by Radarr Africa
Lagos Fourth Mainland Bridge project triggers increase in property transactions

Ahead of selecting a contractor for the multi-billion-naira Fourth Mainland Bridge project, the corridor has become a beehive of activities with estate agents reporting increased property transactions.

The Guardian gathered that the $25.6 billion projects are attracting property investors and private developers in the axis, which made property values rise. Some property owners are also disposing their properties for fear of losing them to bulldozers.

There had been panic among property owners in the corridor as no fewer than 800 houses were pencilled down for demolition when construction begins, against the 4,000 houses earlier marked in the previous design before it was realigned.

The numbers of land, completed and uncompleted buildings in the property markets have also doubled in Lekki, Itamagba, Ajah, Langbasa, among others. Previously, a plot of land in some of these locations attracted N800, 000.

In ltamagba, a full plot of land now sells as high as N8 million, four-bedroom flat is being sold for N40million, two-units of two-bedroom bungalow, about N25 million while three-bedroom semi-detached bungalows start from N16 million. In Abraham Adesanya axis, a five-bedroom bungalow sells for over N7 million.

Specifically, the bridge is a 38-kilometres freeway sub-divided into three sections namely: Island Section, Lagoon Section and Mainland Section. It is expected to commence from Abraham Adesanya Roundabout in Lekki through Langbasa areas in Ajah and crossing the Ado Badore Road before arriving at the Lagoon shoreline.

The proposed project, it was learnt would also allow for direct access from the large suburb of Ikorodu to the Island and the Lekki Free Trade Zone area. According to the design, the bridge would have 2 x 4 lane carriageway cross-sectional road with allowance for BRT Lane and future road expansion.

Already, the bridge has been integrated into the state’s master plan for transportation infrastructure. About 32 building and civil engineering firms bided for the project, from which a shortlist of 10, dominated by Chinese companies, were drawn up in April.

The Guardian learnt that the bids were further reduced to two, out of which the most preferred bidder would be announced before December 2021. Authorities disclosed that work would begin in the first quarter of next year.

Last week, the state government through the special adviser, Lagos State Ministry of Works and Infrastructure, Mrs Aramide Adeyoye, and the Director-General, Office of Public-Private and Partnerships, Mr Ope George, requested for proposal from prequalified contractors in respect of the proposed design, development, construction, procurement, operation and maintenance of the project.

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