The Lagos State Government’s urban renewal efforts received a boost last week with the completion of an 11-storey Isale-Gangan Towers and Gardens – the first phase of the Lagos Island District regeneration.
The journey to this stage began in August 2009, when the state government signed a contract/agreement with 12 families in Isale-Gangan to release their land for the development of the 11-storey building. The project extends to three streets: Isale Gangan, Isale Agbede and Binuyo.
The Towers sits approximately on a 2311.55 square metre space, obtained through land pooling by the 12 families. Earlier, the state temporarily relocated the families, paid them compensation for unexhausted improvement on their land and promised to resettle them back into parts of the new development, which consist of 48 units of condominium.
Under the scheme, three-bedroom apartments are being offered for sale at N50 million, while two-bedroom goes for N38 million. Amenities in the garden include four units of 120 litres overhead tanks; three industrial boreholes; water treatment plants; sewage treatment plants; combined 2000 KVA Generator and water sprinklers.
Besides all the rooms being en-suite, other features include fitted kitchens, aluminum casement windows, 16 and 23 passengers elevators, car parks, community facilities, facilities management and transferable titles, among others.
As part of the compensation, the affected families were offered two bed-room condo unit each. The gesture is believed to serve as encouragement for other families whose land government may have to redevelop in future as part of the redevelopment of the state.
The Special Adviser to Governor Akinwumi Ambode on Urban Development, Mrs. Yetunde Onabule, said Lagos State Urban Renewal Agency (LASURA), the government agency responsible for urban renewal, has paid N28.22 billion to date as rent to all the affected families since inception of the project, the state has also approved N360. 8billion to be paid to all the affected families as compensation for their right of occupancy in respect of their properties, which were revoked for the project.
To stakeholders in the industry, the completion of the first phase of the 11-floor building represents an addition to the state’s housing stock requirement.
LASURA General Manger, Lateef Sholebo, reveled in the beauty of the building, describing the luxury apartment as “beautifully finished development with intelligent designs that meet aesthetics to give a luxurious sturdy structure.”
The lease hold title on the building for buyers is 99 years.