Amid plans to attract private real estate investors and developers into the metropolis, Lagos authorities have zoned some high residential density areas often referred to as high Streets in Victoria Island to accommodate high rise developments of 110 metres (approximately 30 floors).
Areas with the permissible height are Adeyemo Alakija, Idowu Taylor, Adeola Hopewell, Adetokunbo Ademola, Ajose Adeogun and Akin Adesola. The new move is part of the Revised Ikoyi-Victoria Island Model City Plan (2013-2033) that specifically earmarked some streets as central business district, mixed-use corridor, hospitality corridor and high residential density.
The Permanent Secretary, Ministry of Physical Planning and Urban Development, Mrs. Boladele Aderemi Dapo-Thomas, made this known at the Refined Investor Series organized by Fine and Country in collaboration with the Institute for Real Estate Excellence (IREE) in Lagos. The Refined Investor series, a bi-annual event has this year’s theme as Building the Future – Where Do Skyscrapers comes From?
She disclosed that the proposed physical development strategies are aimed at revitalizing some areas while concurrently improving its infrastructural services to sustain and support the densification.
Dapo-Thomas said the challenges confronting siting and effective operation of skyscrapers include, Adequate and Constant power supply, Adequate Infrastructure to support the smooth operations of a skyscraper, for example, standard roadways, parking facilities, services, and Prompt response from Fire Service Agency in case of fire outbreak.
In his presentations, Chairman of Zenith Group and Quantum Luxury Properties, Jim Ovia
Managing Director of Orange Island, Yinka Ogunsulire
According to Ogunsulire “the best solution for African cities, many of which are creaking under the weight of growing populations and rapid urbanisation rates, is therefore to channel the growth into new satellite sites which are properly located, developed, planned, serviced and managed”.
According to the Orange Island boss, rapid population growth has overtaken good planning, land use management and the provision of engineering services in most African cities.
The Executive Manager of Nestoil Tower, Nnenna
According to Udo Okonjo, CEO Fine and Country, building the future of real estate also involves increasing competitiveness in the market, which can only happen by the improvement in access to finance with long-term repayment options to open up the middle market along with innovative building technologies.