Experts in the real estate sector have predicted a spike in land deals and property development if the Lagos State makes good its promise to build the Fourth Mainland Bridge.
The Lagos State Government is proposing the Fourth Mainland Bridge. The bridge is expected to connect the Lekki/Epe axis to the Mainland through lkorodu, to Arepo an Ogun-border town and the Lagos/ lbadan Expressway.
Experts and operators in the sector have hailed the decision but with a proviso that it could only make meaningful impact in the sector if the project is sincerely executed.
Chairman, Nigeria institution of Estate Surveyors & Valuers (NlESV), Lagos branch, Dotun Bamigbola, said infrastructure in any neighborhood has a great impact on real estate, especially in a developing economy.
He said: “The 4th Mainland Bridge, once well executed and delivered, would have major impact on real estate value and businesses in the Ibeju-Lekki and Ikorodu axis. The proposal so far, and some other developments around it, have contributed to improved real estate value which is expected to continue.”
Past National Secretary, NIESV, Sam Offiong Ukpong, said the bridge has been in the works for about 15 years. He said it would improve land values around the axis if executed.
According to him, commuting time is key to real estate attraction. He said: “Land prices will skyrocket on the axis. Oworonshoki and Gbagada were not as attractive as it is today until the Third Mainland Bridge came into existence. The whole idea is that such a huge project will define real estate.”
Managing Director of Skyline Property Development Company said the announcement would drive speculation on the axis. He said any developer or realtor would shift attention to not only Lekki/Epe but also lkorodu and the Lagos/lbadan axis.
Governor Babajide Sanwo-Olu had appealed for cooperation from residents and other stakeholders at a maiden stakeholders’ meeting on the environmental and Social Impact Assessment for the Lagos 4th Mainland Bridge in Ikeja.
“There is a need to review and evaluate the gains we have made so far, assess the bottlenecks we have encountered and recommend necessary steps towards achieving our desired objective, that is the delivery of the 4th Mainland Bridge.
“It is instructive to note that the commencement of the project will be another undeniably flagship project of this administration. We must therefore use this stakeholders meeting to consult amongst ourselves as we take steps to remove all the bottlenecks that may impede the delivery of the bridge. All the components of Lagos mobility must be considered,” he said.
According to him, the 4th Mainland Bridge project has been well-integrated into the Lagos Master Plan in relation to transportation infrastructure and will boost the economy of the state.
“The project allows for the first time, ‘direct access’ from the large suburb of Ikorodu to the Island and the Lekki Free Trade Zone area,” he said.
Sanwo-Olu who was represented by his deputy, Dr. Femi Hamzat. said the meeting, which would be replicated in various local government areas where the project extended, was expected to boost the acceptability and implementation ratings of the bridge. The governor further noted that the bridge project was conceived 15 years ago to complement the 3rd Mainland Bridge in addressing the transportation needs of a growing population.
“It is instructive to note that the commencement of the project will be another undeniably flagship project of this administration.
“We must therefore use this stakeholders’ meeting to consult amongst ourselves as we take steps to remove all the bottlenecks that may impede the delivery of the bridge.
“All the components of Lagos mobility must be considered,” he said.
The project allows for the first time, direct access from the large suburb of Ikorodu to the Island and Lekki.
Sanwo-Olu explained that government was working with other agencies and the private sector and had also appointed a dedicated advisory team, including KPMG Nigeria, to handle the financial aspects.
He added that Olaniwun Ajayi and AEC-Rendel were to handle the legal and technical areas.
Sanwo-Olu said the team evolved strategies working through stages of selecting a consortium to deliver the project which was at the sixth and final stage for construction to begin.
He said to proceed to the next phase, six consortia were selected — Mota-Engil/CCCC Consortium and Power China International Group Limited/Power Construction Corporation of China.
Others are China State Construction Engineering Corporation Nigeria Limited (CSCEC), CGGC/CGC Consortium, CCECC/CCRICG Consortium and ICICTAS Insaat San ve Tic ASIConds INds and Trade Corp.
Sanwo-Olu said the stages of negotiation and construction would be handled by layers of experts, giving opportunity for replacement of under-performing preferred bidders in the six categories on the project.
The Minister of Works and Housing, Mr. Babatunde Fashola, assured Lagos residents of his “unalloyed support toward the construction of the 4th Mainland Bridge”.
Fashola noted that the project would create jobs.
“It will empower a lot of citizens and a lot of businesses will blossom.
“Currently, the 6 October Bridge, Cairo, Egypt, which measures 20.5 kilometres holds the continent’s length-crown. When completed, the Fourth Mainland Bridge will be the longest in Africa,” Fashola said.
He was represented by Mr. Adetunji Adeoye, director, Bridges, Federal Ministry of Works and Housing.
Giving a brief of the project, Dr. Peter Agunbiade of Advance Engineering Consultants, said the project was redesigned to reduce its length, travel time and number of houses to be demolished.
According to him, the project is a 37.4-kilometre freeway, subdivided into three sections — Island, Lagoon and Mainland.
“It starts at the Abraham Adesanya Roundabout in Lekki where a “free flow” interchange will be constructed, as well as some traffic flow alterations to the Lekki – Epe Expressway to maintain traffic during construction.
“The freeway then proceeds north, toward the lagoon, passing through Ajah and Langbasa areas, crossing the Addo Badore Road, before arriving at the lagoon shoreline.
“The road crosses the lagoon via a 4.5Km lagoon bridge and lands between Bayeiku and Ijede villages.
“It continues northward, passing through the Ikorodu/Epe and Ikorodu/Sagamu expressways and turns northwest, within Ikorodu suburbs toward Isawo Road.
“The freeway continues west, where it briefly enters and exits Ogun State toward the Lagos-Ibadan expressway, where it will interface with the Federal Highway,” he said. The Nation