Sorry to say, too many ASSUMPTIONS... you are just one of those Follow-Follow. And its ok!!!

For those whom will like to INVEST, Simply do a Research and you will see your returns without speculation. To make money on the Island, its either your father or relative has had the land when it wasn't popular and you got it at the cheap price, then you cant really rent and see more than 8% per year; and that's been generous.

I have bought several land in Ogun State and made serious money in no time. I bought some lands in December of that year and by the time i got back to the US; i sold it all in two months at minimum of 100%. I have a rental property in my village that i built for 4M( land and Three Self cons) and i am getting N160 per unit for the past three years. The property its self if valued at 10M already. i bought another lot in the area last year for N1.2M and the original one i bought at N350k 3years before. JUST DO THE RESEARCH IN THE AREA OF YOUR INTEREST, It will speak for itself

Please don't let anyone Hype you!!! Lekki is good for those that has a lot of money already and can get creative in REAL ESTATE; the first investors that positionED are the one that makes big money, all the Follow Follow will be left handing the Sh=t Bag for many years to come. Few of my friends that bought ABIJO cant build it yet and its been 5years oooo. Water prevent them from accessing the ROAD TO even get to the site, was a no no!!!

so be smart and know what you are doing before investing in RE. There is nothing wrong in being on THE ISLAND, just know that its for show and you must be ready to spend heavily and hope to be luck that another money-miss-road will fall into your hand too. Best thing in that corridor is BUILD AND SELL; and that's for big pocket

megacontrol:
Hello,

I don't like getting into these but cos you asked a direct question ...Saw this earlier but was trying to settle down before posting a reply.
I tried to put down on notes (attached) before getting back on the road, i'll add another quick scenrios below.

Off course these numbers are not cast in stone, but the general rule and idea remains.

====
MEGAMOUND ESTATE, IKOTA (I'll come back to insert these numbers later)
Land:
Build semi detached or 2 detached duplexes for
Selling price: Detached duplex 80-100m or more

===
ORCHID ROAD, CHEVRON TOLL
Land: 30-35m today
Build 5 units of 3bed + BQ or 4 bed terrace for 100m
Sells each for 38m offplan or 40m-42m upon completion...today's going rates
6 months turnaround .. confirmed known practice

===
IKATE
- 800 sqm costs ~50m 3yrs ago. today same land is 90 - 100m but they won't sell, they'll build and flip
- Pile foundations and Go vertical, good location for block of flats. selling fast today
- Builds 9 units of 2/3 bed apartments... any volunteer should work out cost of building and add
- 2 bed sells for 38-40m and rents for 2.5m - 3m today. Short let rates at ~40k per day... these one i'm certain for sure
- 3 beds sells comfortably for over 40m. i don't have the rental rates tho, but short let rates are similar to 2bed above at 40k/day.

====
You can do the maths.

Buy the land early before it shoots up and wait to appreciate, don't sell but build, build simple and whats going in the market, build brand equity after first project, project will be over-subscribed, then the spillover offtakers are offered the phase 2 in the next location. RINSE & REPEAT.

Cheers

n3xt:
Cement Request

I got a request from a Nairalander for 300 bags of cement around Makun, Lagos/Ibadan Expressway.

Pls kindly get in touch with me as I do not have your number again.

Tnx.

Hi,

If I am buying same quantity and to be delivered somewhere around Sango-Ota,what is your selling price?
Preferable Dangote cement and no re-bagging.

zuraking:
I refused to believe this sir. House for rent isn't an investment and there is no how you will get your money back in 4-5yrs..... I won't believe that, especially in Nigeria where we have crack heads as tenants.

Hahaha, haba crack heads ke. They became crack when the money thing is not working in fervor any more ni ooo, many of them living above their means. It had to have stable tenants in Nigeria especially in Lagos and Abuja those that are stable are timing bomb hold one hostage to build or buy their own property.

megacontrol:
official/CBN rate, not parallel/black market rate is what you'll see on google

Ok thanks

megacontrol:
Hello,

I don't like getting into these but cos you asked a direct question ...Saw this earlier but was trying to settle down before posting a reply.
I tried to put down on notes (attached) before getting back on the road, i'll add another quick scenrios below.

Off course these numbers are not cast in stone, but the general rule and idea remains.

====
MEGAMOUND ESTATE, IKOTA (I'll come back to insert these numbers later)
Land:
Build semi detached or 2 detached duplexes for
Selling price: Detached duplex 80-100m or more

===
ORCHID ROAD, CHEVRON TOLL
Land: 30-35m today
Build 5 units of 3bed + BQ or 4 bed terrace for 100m
Sells each for 38m offplan or 40m-42m upon completion...today's going rates
6 months turnaround .. confirmed known practice

===
IKATE
- 800 sqm costs ~50m 3yrs ago. today same land is 90 - 100m but they won't sell, they'll build and flip
- Pile foundations and Go vertical, good location for block of flats. selling fast today
- Builds 9 units of 2/3 bed apartments... any volunteer should work out cost of building and add
- 2 bed sells for 38-40m and rents for 2.5m - 3m today. Short let rates at ~40k per day... these one i'm certain for sure
- 3 beds sells comfortably for over 40m. i don't have the rental rates tho, but short let rates are similar to 2bed above at 40k/day.

====
You can do the maths.

Buy the land early before it shoots up and wait to appreciate, don't sell but build, build simple and whats going in the market, build brand equity after first project, project will be over-subscribed, then the spillover offtakers are offered the phase 2 in the next location. RINSE & REPEAT.

Cheers

easy to write in paper but the reality isn't the same. Don't forget most of us here are business men and we aren't ignorant about INVESTMENT

kopell:
Hahaha, haba crack heads ke. They became crack when the money thing is not working in fervor any more ni ooo, many of them living above their means. It had to have stable tenants in Nigeria especially in Lagos and Abuja those that are stable are timing bomb hold one hostage to build or buy their own property.

I don't know why they want us to believe one can get his/her investment back in 4-5 years. All these note book they are jotting doesn't happen in reality.

theForth:
The house can be sold in the future, you'll make profits from the sale and even the rents you've been collecting over time.

the argument is making your investment back and still having the property within 4-5years

megacontrol:
Hello,

I don't like getting into these but cos you asked a direct question ...Saw this earlier but was trying to settle down before posting a reply.
I tried to put down on notes (attached) before getting back on the road, i'll add another quick scenrios below.

Off course these numbers are not cast in stone, but the general rule and idea remains.

====
MEGAMOUND ESTATE, IKOTA (I'll come back to insert these numbers later)
Land:
Build semi detached or 2 detached duplexes for
Selling price: Detached duplex 80-100m or more

===
ORCHID ROAD, CHEVRON TOLL
Land: 30-35m today
Build 5 units of 3bed + BQ or 4 bed terrace for 100m
Sells each for 38m offplan or 40m-42m upon completion...today's going rates
6 months turnaround .. confirmed known practice

===
IKATE
- 800 sqm costs ~50m 3yrs ago. today same land is 90 - 100m but they won't sell, they'll build and flip
- Pile foundations and Go vertical, good location for block of flats. selling fast today
- Builds 9 units of 2/3 bed apartments... any volunteer should work out cost of building and add
- 2 bed sells for 38-40m and rents for 2.5m - 3m today. Short let rates at ~40k per day... these one i'm certain for sure
- 3 beds sells comfortably for over 40m. i don't have the rental rates tho, but short let rates are similar to 2bed above at 40k/day.

====
You can do the maths.

Buy the land early before it shoots up and wait to appreciate, don't sell but build, build simple and whats going in the market, build brand equity after first project, project will be over-subscribed, then the spillover offtakers are offered the phase 2 in the next location. RINSE & REPEAT.

Cheers

Not sure you guys are accounting for inflation. What you consider "appreciation" might be net depreciation after you account for inflation. Buying power of #1000 now is not the same as it was even 6 months ago. That's just six months. I don't even want to back 5 years ago because it's so depressing.

true2home:
Sorry to say, too many ASSUMPTIONS... you are just one of those Follow-Follow. And its ok!!!

For those whom will like to INVEST, Simply do a Research and you will see your returns without speculation. To make money on the Island, its either your father or relative has had the land when it wasn't popular and you got it at the cheap price, then you cant really rent and see more than 8% per year; and that's been generous.

I have bought several land in Ogun State and made serious money in no time. I bought some lands in December of that year and by the time i got back to the US; i sold it all in two months at minimum of 100%. I have a rental property in my village that i built for 4M( land and Three Self cons) and i am getting N160 per unit for the past three years. The property its self if valued at 10M already. i bought another lot in the area last year for N1.2M and the original one i bought at N350k 3years before. JUST DO THE RESEARCH IN THE AREA OF YOUR INTEREST, It will speak for itself

Please don't let anyone Hype you!!! Lekki is good for those that has a lot of money already and can get creative in REAL ESTATE; the first investors that positionED are the one that makes big money, all the Follow Follow will be left handing the Sh=t Bag for many years to come. Few of my friends that bought ABIJO cant build it yet and its been 5years oooo. Water prevent them from accessing the ROAD TO even get to the site, was a no no!!!

so be smart and know what you are doing before investing in RE. There is nothing wrong in being on THE ISLAND, just know that its for show and you must be ready to spend heavily and hope to be luck that another money-miss-road will fall into your hand too. Best thing in that corridor is BUILD AND SELL; and that's for big pocket

How is Abijo now Lekki? Lekki Scheme II is not even close to Ikota let alone Ikate in terms of investment returns.

There’s Lekki and there are suburbs on Lekki/Epe l expressway. They’re not the same.

It’s like comparing the overrated Cooperative Villas, Badore to Megamound Estate, Ikota.

If you don’t know all these stuffs, you’d assume investing in RE in Lagos Island is just a piece of cake.
I’ve seen a lot of people here doing copy copy stuffs but I can’t but smile.

Awoyaya no be Lekki. Not even the popular Sangotedo. Those who sabi knew this!

I’d rather do Magboro than Abijo/Awoyaya/Bogije and the likes. Arepo and it’s environ is far better in terms of investment than all those locations.

_______
I fenced a land for a Nairalander about a decade ago in Ogombo. Till date, no single development has gotten to that axis.
I believe such person will fall into category of those who do not believe

n3xt:


Smiles. I don’t know how much they sell Granites but as an authority in one of the most respected property website in Nigeria, I can tell you how much a Terrace duplex cost in Agungi.

N2,500,000 Terrace duplexes are far inside and in areas with fewer development/bad roads.

This is my 11th year as an author on the NPC website.

The duplex you posted, how much will complete it on average? 65 million Naira or there about. So you collect 3.5m annually in rent. This is a good deal?

Alternative use of funds (opportunity cost) - with 65 million budget I will be completing a 50 unit shopping plaza in Agbowa (Ikorodu) with just about 10 million Naira annually in rent projected. My feasibility study used N18,000 per month per unit.

With regards to flipping, the valuers recommended N4 million sale price per unit for a quick turnaround. This is 200 million total sale. Please note, I paid for the above figures, not make believe to win the argument.

This is why I can't get my head around this island thing as the mainland could be very profitable depending on your exit strategy.

That's my point exactly. I do know the difference, but most people are buying the Lekki Corridor for ridiculous prices and quoting Lekki phase I rent to justify their purchase.

By the way, You will never find a N25M land in Lekki - Ikate either and you are looking at over N100M in investment going by todays estimate. Just to recoup N12M less assume 4 flats building or Terraces @N3M/unit. That's still less than 10% per year ROI.

You know me a little; and i don't worry much. I just keep my eye on my returns based on the capital that i am willing to invest. The local research will do the rest for me

n3xt:


How is Abijo now Lekki? Lekki Scheme II is not even close to Ikota let alone Ikate in terms of investment returns.

There’s Lekki and there are suburbs on Lekki/Epe l expressway. They’re not the same.

It’s like comparing the overrated Cooperative Villas, Badore to Megamound Estate, Ikota.

If you don’t know all these stuffs, you’d assume investing in RE in Lagos Island is just a piece of cake.
I’ve seen a lot of people here doing copy copy stuffs but I can’t but smile.

Awoyaya no be Lekki. Not even the popular Sangotedo. Those who sabi knew this!

I’d rather do Magboro than Abijo/Awoyaya/Bogije and the likes. Arepo and it’s environ is far better in terms of investment than all those locations.

_______
I fenced a land for a Nairalander about a decade ago in Ogombo. Till date, no single development has gotten to that axis.
I believe such person will fall into category of those who do not believe

michlins:
I want to confirm that I have left the site of aheadahead20. Thanks to everyone who looked out for me

Good man you, for remembering to come back to inform us.
Otherwise na to mobilise to @aheadahead house.

One4me:



Good man you, for remembering to come back to inform us.
Otherwise na to mobilise to @aheadahead house.

I’m waiting for your thesis on this Lekki investment stuff.

My eyes just glaze over when too many zeros are in the purchase price

sam1919:
Yes! Engineering supervision for the work. If you have your boys who work for you, you can bring them to work while you supervise them, put things in place and make sure things are going well, while I pay them their normal fee at the end of the day. While I pay you daily for your service too.

Sorry to ask, is it that you cant get a better person to look after your job?
How complex is the job? How many Storeys building?
Where is it located?
See, if it gets too much and you are stuck, let me know, l will send you my Builder who will build it for you, labour inclusive and he wont charge you One Million Naira. His job is so detailed you will marvel
I just get annoyed when l hear how some so-called Engineer try to cheat people.

diordaves:


The duplex you posted, how much will complete it on average? 65 million Naira or there about. So you collect 3.5m annually in rent. This is a good deal?

Alternative use of funds (opportunity cost) - with 65 million budget I will be completing a 50 unit shopping plaza in Agbowa (Ikorodu) with just about 10 million Naira annually in rent projected. My feasibility study used N18,000 per month per unit.

With regards to flipping, the valuers recommended N4 million sale price per unit for a quick turnaround. This is 200 million total sale. Please note, I paid for the above figures, not make believe to win the argument.

This is why I can't get my head around this island thing as the mainland could be very profitable depending on your exit strategy.

Picture of the 50 unit shopping plaza in Agbowa or aidonbelivit

You’re assuming any sane person will buy a shop for N4m (+/-$10,000) in Agbowa where land is sold for less than N500k You’re not even talking of Imota that has Caleb University and the Rice Mill.

Is it the same Agbowa or the one in UK?

How much do you think a shop is in Ikota Shopping Complex or Abraham Adesanya or Tejuosho?

I have shops in these locations and my friend is the manager of Tejuosho Mall so I’m not cooking figures to win the argument. Just ask for his number and I’ll drop it

QSFemi:
Good afternoon.

Apparently, the quoted amount is high as observed by other members of this platform.

However, it's advisable to post the working floor plan so that you can get fair advice based on the quantity of work to be done.

Take to this advice, it will give you some Peace of mind, you will have a good idea of what is fair.
Put your building Plan here and if you dont have one, measure the length and breath of your DPC, state how many rooms, walls, etc to give us an idea,

Xtopher123:


Part of my job as a professional (Architect) is to educate clients and fellow industry professionals on industry best practices and not to "Yab" anyone. If you see it as such, then I'm sorry.

Except you want to remain a kobokobo contractor, you'll definitely want to upgrade your services and avoid being paid peanuts for your services.

No offense taken Sir
By Kobokobo builders, l mean 'Kobokobo House Owners', not Contractor.

rotecch77:


Ebute area in ikorodu is a very good area immediately after Dangote/new ferry terminal going toward general hospital road or going toward igbogbo area.
Almost every area there are good

But he should ensure he checks the Route of the 4th Mainland Bridge around that area properly so he does not end up buying the 4-lanes on the Bridge.

One4me:



Good man you, for remembering to come back to inform us.
Otherwise na to mobilise to @aheadahead house.

hehehehehehehe. Thanks once again for watching my back

true2home:
That's my point exactly. I do know the difference, but most people are buying the Lekki Corridor for ridiculous prices and quoting Lekki phase I rent to justify their purchase.

By the way, You will never find a N25M land in Lekki - Ikate either and you are looking at over N100M in investment going by todays estimate. Just to recoup N12M less assume 4 flats building or Terraces @N3M/unit. That's still less than 10% per year ROI.

You know me a little; and i don't worry much. I just keep my eye on my returns based on the capital that i am willing to invest. The local research will do the rest for me

This is it!

Will I build a block of flat on a 100m land? NO!
Will I build 3 unit Terrace Duplex on a land worth over 50m? NEVER!

While I was building 3 unit Terrace Duplex on 900sqm, my friend did 18 units of 2 beds on 1200sqm.

I have someone here who did 4 units of Terrace Building and 4 units of 2 beds on 1300sqm in the same area but far inside and he was struggling to attract tenants.

He copied exactly the same the design and build in the same area but was unable to get good ROI. As a matter of fact, I designed both building but I was left to decide what’ll work at the Reserve while the other guy came to copy what I did on his project.

diordaves:
Apart from VI, Ikoyi, Central Lagos and maybe Lekki phase 1, can somebody educate me on the attraction of the island lands?

I'm thinking, why should I buy a swamp, wet land, or a mash for 5 million Naira and use another 12 million Naira to starbilize the land and build just the foundation?

I'm looking at photos being posted here of available lands in the island, to be honest, I'm not impressed not only with the quality of the land but also the quality of the area. I'm not even seeing the potential of any future quality well planned location.

Am I missing something? If you think I am, please educate. Or are there no more land in the mainland?

Badgers14:


Ogun state

Funny but very smart choice.

I don't know why people hit their head on the walls to buy swamp lands.. well, their money their choice.

Swamp land, Sea-front are not meant for the average pockets, it is just that kobokobo people too want to show color and end up stressing themselves over such places.
If you are loaded, those are the best place to buy, especially sea-front.
There is a place called Makoko in Lagos, the poor people living there are being driven away right now, to make way for the Big Boys with deep pocket, to build better structures there. That is how it works.
Most of Ikoyi were formally Swamp lands and Sea fronts but you cannot hear the "Bullion Van people" living there complaining about Swamp or the Lagoon.
So, its all about the money in the pocket.

Ofc, there are still land in Mainland, just like most of them cost between #40M to #80M.
That is still a lot of money but the ROI is also huge. Its all about Location! Location!! Location!!!

Hi sirs/mas

Should I do artwork before plastering or after plastering? Please, which is the best and why?

Thanks!

Valid points.

But the discussion and analysis was around the same asset class (i.e RE) but comparing different locations. therefore, they will all be impacted by depreciation or inflation, just by different magnitude.Of course you can do all your discounting, present/future value and stuffs to get your NPV and determine if its a go or no-go.

That is why "today's money/value" was mentioned a number of times in my submission.

Now if you move to other asset classes then the effect is different.

But then what is the market risk-free rate of return today NEGATIVE (-ve) ... so if you hold X amount in TBills for 30days you will get less than your principal, essentially paying govt for holding your money.

So let those that play safe continue to play safe, there's nothing wrong with that. its all about risk appetite and domain knowledge.

qdlvy:


Not sure you guys are accounting for inflation. What you consider "appreciation" might be net depreciation after you account for inflation. Buying power of #1000 now is not the same as it was even 6 months ago. That's just six months. I don't even want to back 5 years ago because it's so depressing.

Hi professionals,

Should I do artwork before plastering or after plastering? Please, which is the best and why?

Thanks!

Chekitaut:
Breaking News: Dollar may raise to ₦500, CBN will be force to carry out another devaluation.

Iron rod, Cement, Granite, Sharp Sand all Building Materials will skyrocket.

Our Granite still remain @ $500/30ton, Island, VI, Ikoyi, Lekki-Ajah.

...we will always remain constant.

Today dollar is ₦478 we still maintain ₦470 equivalent.

Is it Dollar you use to break those Quarry Stones?
I am asking because the Woman selling Fufuu along my street is also warning that Price of Fuffu will double once dollar increases by #1, any time from now

What's artwork? Window hood, belt etc.?

If yes, you should do plastering first then those right after in the same breadth. It just blends in together and comes out neater, plus i don't think the materials or cost is significantly different either ways you go.

henrymor:
Hi professionals,

Should I do artwork before plastering or after plastering? Please, which is the best and why?

Thanks!

Thank you! Please I need his contact

One4me:


Sorry to ask, is it that you cant get a better person to look after your job?
How complex is the job? How many Storeys building?
Where is it located?
See, if it gets too much and you are stuck, let me know, l will send you my Builder who will build it for you, labour inclusive and he wont charge you One Million Naira. His job is so detailed you will marvel
I just get annoyed when l hear how some so-called Engineer try to cheat people.

Chekitaut:
No just come there oooo, fresh air, water front & lots more. Can i ask you a question too, Why are skyscrapers more in Lagos Island? I beg ooooo left them ooooo,

Laf wan finish me here ooo

Funny but very valid question. How come most Skyscrapers are concentrated around the Water front, previous Swamps?
Truth is, only those who can see into the future, buy such Sea Front, Marsh lands.

I own Sea Front Plots in 'real' Lekki that lam currently offered #50M/Plot but l am not willing to Sell, at least not yet, if l will.
I am still waiting for a few developments to come to fruition( Dangote Refinery, FTZ, Airport, 4th Mainland Bridge etc), before deciding what to do with them (Massive Events Centre, Upscale Housing Project, Bank Lease, etc) but they cost a lot to maintain,
Just to fence each one, cost me over #3M as far back as 2003, because it was all round raft foundation fence work, for 120ft x 60ft. Not to mention gate work, C.of.O, yearly Govt Ground Rent, etc.

No one should worry about why people buy those type of seeming waste-of-money land, everybody has his or her own priority when it comes to what constitutes good investment.

sam1919:
Thank you! Please I need his contact

Drop your number for me now, l will tell him something unique so you know he is from me.
You can remove the number immediately after

PS; Dont send PM, that Email's password has gone rogue.
Gigaset, Pls note as well

Domain knowledge!

n3xt:


This is it!

Will I build a block of flat on a 100m land? NO!
Will I build 3 unit Terrace Duplex on a land worth over 50m? NEVER!

While I was building 3 unit Terrace Duplex on 900sqm, my friend did 18 units of 2 beds on 1200sqm.

I have someone here who did 4 units of Terrace Building and 4 units of 2 beds on 1300sqm in the same area but far inside and he was struggling to attract tenants.

He copied exactly the same the design and build in the same area but was unable to get good ROI. As a matter of fact, I designed both building but I was left to decide what’ll work at the Reserve while the other guy came to copy what I did on his project.

EgunMogaji2:


I’m waiting for your thesis on this Lekki investment stuff.

My eyes just glaze over when too many zeros are in the purchase price

When too many zeros are involved, it's no longer a 'kobokobo' project. It's an upscale development.

Then a modern townhouse is a sure banger and not any of those traditional/conventional builds. To attract great return on investment and higher occupancy rate, you need a signature build.
What makes Play-in-Architecture, Haven Homes, Sujimoto, Centerbase and the likes stand out is their unique development.

How can someone be complaining about how to recoup just 150m investment when Sujimoto is selling 2 bed apartment for over 250m in the same Lagos?

These guys aren't doing anything spectacular. They just carved a niche for themselves in the upscale arena. In that realm, there's less competition.


I belong to that class. - Brabus

____
Attached below is Townhouse on Admiralty way by Chronos Studeos.

In the real Lekki, there are guys who will sell you land and tell you what to build to recoup your money in few months. If you game, I have their contacts.