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Magodo fast becoming a destination of choice for investors and renters

“Although, Magodo, one of the highbrow estates in Lagos has recently been making headlines for the wrong reasons, property experts and developers believe the location is fast becoming a destination of choice for investors and renters.”- The Guardian

The high demand for property and renters within the estate, they said, was indicative that the estate is inhabited by upward mobile individuals, including retired and serving, from all walks of life.

The Guardian learnt that a three-bed room flat goes for between N1. 5 million to N2 million depending on the location, aesthetics and age of the building, while that of a duplex go for between N3- 5 million per year.

Similarly, land goes for N125, 000 per square meter, while a house sitting on a 60 square metres goes for between N140milion  – N150 million depending the aesthetics and nature of the building.

A property developer, Michael Ojediran said there has been an increase in the number of developments, remodeling and renovations of properties in the estate over the past two years and this may explain why a lot of houses are up for rent.

He said the location of the estate and its proximity with the Department of State Security’s CMD office and security arrangement, has made the estate a   place to be despite the security saga.

Speaking also to The Guardian, an estate surveyor and valuer, Mr. Kunle Eludire, said, the estate is not a den of criminals but remains a respectable, peaceful and a destination of choice for many renters.

Eludire, who is also the Chairman of Magodo Resident Association, (MRA) said the estate is not synonymous with evil or criminals. Truth be told, criminals reside in all parts of the world.

According to him, Evans only lived in the estate for one and half year and did not own mansions in the estate; neither did he build any mansion from scratch.

“He bought houses at different times like every other property buyer. The two houses bought by him from two developers within the estate are regular sized houses and ironically in both cases, each of the two houses were one of three identical developments by the respective developers.

According to him, there is no fear amongst the residents; on the contrary there has been a lot of progress on infrastructure in the past weeks. The project to remodel the Estate gates was just approved at the last General Meeting and we also recorded a positive on the IPP to guarantee power supply in the nearest future.

Also the first vice chairman of the association, Mr. Jade Niboro said the estate is safe as the security operatives work in tandem with the DSS and other law enforcement agencies to keep the residents secured and will continue the on-going process in the interest of all residents.

For the Security secretary of Magodo Resident Association, Alhaji Mohammed Sadiq, the estate is taking its know your neighbour policy, where residents are supposed to know their neighbours in and out to avert any security challenge in the estate serious, thereby making it a safe haven for all.

Source: The Guardian

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