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$$, leaving the
rest of Lagos such as Ikeja GRA, Victoria
Island and Lekki for the average
millionaires in Lagos. A first time visitor to
this island is greeted by the sight of well
laid lawns with beautiful flowers and well
paved roads. The quietude and untainted
environment is a major attraction as well.
Beautiful trees are also planted in canopy
form to serve as umbrella and to supply
fresh air.
Banana Island is an artificial island in
Ikoyi, Lagos State. It is located in the Lagos
Lagoon and attached to the North-Eastern
Ikoyi island by a dedicated road strip
which is linked to the existing road
network. It was constructed by HiTech, the
construction arm of the Chagoury Group
and is a joint venture with the Nigerian
Federal Ministry of Works and Housing.
THE SIZE AND LOCATION:
The banana shaped island is approximately
1,630,000 square meters in size and it has
been zoned into 536 plots consisting of 100
closes, which serve to enhance the banana
shape of the island. The island is so
designed to enhance the historically
residential nature of Ikoyi. Residents are
provided world cla$$ 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.
posted by: TAGED
