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Author Topic: Banana Island, Lagos: Here’s All You Need To Know (Photos)  (Read 357 times)

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Offline smith95

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Banana Island, Lagos: Here’s All You Need To Know (Photos)
« on: November 17, 2015, 09:37:35 am »

Banana Island, is an area around Ikoyi, Lagos,
Nigeria, 8.6 kilometres east of Tafawa Balewa
Square. Part of the Lagos Local Government Area
of Eti-Osa in Central Lagos, it is known for its
wealthy, multi-cultural community and has some of
the most expensive real estate in Nigeria and
Africa.
Banana Island has one of the highest density of
millionaires and billionaires within its boundaries…
According to the Elites Magazine, this beautiful
island has become the most preferred abode of the
rich. Many years ago, Banana Island distinguished
itself as a no go area for the middle cla$$, leaving
the rest of Lagos such as Ikeja GRA, Victoria Island
and Lekki for the average millionaires in Lagos. A
first time visitor to this island is greeted by the
sight of well laid lawns with beautiful flowers and
well paved roads. The quietude and untainted
environment is a major attraction as well.
Beautiful trees are also planted in canopy form to
serve as umbrella and to supply fresh air.
Banana Island is an artificial island in Ikoyi, Lagos
State. It is located in the Lagos Lagoon and
attached to the North-Eastern Ikoyi island by a
dedicated road strip which is linked to the existing
road network. It was constructed by HiTech, the
construction arm of the Chagoury Group and is a
joint venture with the Nigerian Federal Ministry of
Works and Housing.



The banana shaped island is approximately
1,630,000 square meters in size and it has been
zoned into 536 plots consisting of 100 closes, which
serve to enhance the banana shape of the island.
The island is so designed to enhance the
historically residential nature of Ikoyi. Residents
are provided world cla$$ utilities including
underground electrical systems, as against the
overhead. Plot sizes range from 1000 square
metres to 4000 square metres. The island is
designed for a mixed development with plots for
residential, commercial, recreational areas, a main
piazza, primary and secondary schools, fire and
police stations, clinics, hotels and club-houses.
Utilities offered include underground electrical
systems, an underground water supply network,
central sewage system and treatment plant, street
lighting and satellite telecommunications networks,
as well as overhead and storm water covered
drainage.
Banana Island is not just home to some of the
finest Nigeria real estate, it also habours some of
the most expensive properties in Nigeria. Indeed,
beauty and comfort come at a price. And that price
can be jaw-dropping. One of the most outstanding
features of the island is the Ocean Parade Towers
rising into the sky at eight floors with a penthouse.
The facilities include central air conditioning,
central gas syetem, laundry machine, refrigerator,
gas cooker, CCTV, swimming pool, and 24 hour
electrivcity supply, made possible with standby
generators, a squash court, and a 24 hour security.
Banana Island is reputed to be Nigeria’s most
expensive neighbourhood. It is on par TriBeCa in
New York Shibuya in Japan, La Jolla in San Diego,
Carlifornia, Seveth Arrondissenent in Paris,
Kessington Palace Gardens in London or Victoria
Peak in Hong Kong. Averagely, the price of a luxury
flat in Banana Island ranges between $130,000 and
$200,000. This excludes $15,000 USD service
charge per annum. Also, any potential tenant will
be required to pay two years rent in advance. And
like other luxury apartments in other areas in Ikoyi,
Victoria Island and Lekki, come with in-built or
detached boys quarters for domestic servants.
Normally, a plot of land in Banana Island goes for
hundreds of millions. However, in most cases,
billions of naira go into the Attention of these
buildings. Many Multi-National Companies have
taken Banana Island to be their regional
headquarters.
Banana Island is a man-made island in Lagos State,
Nigeria that is slightly curved in shape – like a
banana. It is located in the Lagos Lagoon and is
connected to Ikoyi Island by a dedicated road
which is linked to the existing road network near
Parkview Estate. The island was constructed by the
Lebanese-Nigerian Chagoury Group in partnership
with the Federal Ministry of Works and Housing
and is considered to be on par with the Seventh
Arrondissement in Paris, La Jolla in San Diego, and
Tokyo’s Shibuya and Roppongi neighbourhoods
Panoramic view of Banana Island taken from the
Lekki-Ikoyi Link Bridge.
The original Banana Island construction project
entitled “Lagoon City” was the brainchild of the Late
Chief Adebayo Adeleke, a University of London
trained Civil Engineer (MICE), and CEO of City
Property Development Ltd.
Chief Adebayo Adeleke had originally
commissioned a new urban development in
Maroko, Victoria Island, but that project had been
‘acquired’ by the Lagos State government with no
financial consideration paid. Following a lengthy 10
year court case, Lagos State government offered
other parcels of land as consideration for the
Maroko development.
Many scoffed at Chief Adeleke’s decision to select
the Ikoyi Island perimeter, however they were
unable to appreciate the foresight of the Chief, who
promptly engaged the Westminster Dredging
Company to dredge the foreshore, and create six
interlinked and symmetrical islands.
He wanted to create a development that would
“Make Nigeria Proud”, and engaged Minoru
Yamasaki the architect of Manhattan’s Twin
Towers, to design replica twin towers as the
flagship iconic buildings on the main island.

To complete the Lagoon City concept, Chief Adeleke
planned an aesthetic design including a City
Airport, which was a vision conceived long before
the London Docklands Development, London City
Airport, Dubai’s Palm Islands or Hong Kong’s Chek
Lap Kok Airport.
Unfortunately for the Chief, as soon as he had
reclaimed the land and the brilliance of the idea
was unveiled, others were determined to wrestle
the land from him, and the project was ‘acquired’
again with no consideration being paid to City
Property Development Limited. The ‘acquisition’ is
currently being challenged in various courts, and
there are Caveat Emptor warnings in place to warn
prospective buyers that their investment could be
at risk in future. There is also litigation pending in
the UK and European courts regarding this matter.
The subsequent developers were principally
interested in maximising the yield of the land at the
expense of the aesthetic innovative design
foreseen by Chief Adebayo Adeleke. Consequently
the land was filled in to create a banana shaped
island, which has resolutely failed to achieve any
international iconic architectural acclaim, as it is
now a residential scheme rather than the
commercial development originally envisaged.
The Island is a planned, mixed development with
dedicated areas for residential, commercial and
recreational activities. On the residential side of the
Island, planning permission is not granted for
dwellings over 3 storeys high. The developers also
intend to develop a main piazza, a club-house, a
primary and secondary school, a fire and police
station and a medical clinic. They are also
negotiating to build a 5-star hotel on the island,
along with an array of smaller Guest Houses.
   
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