Banana Island is one of the most organized luxury settlements in Africa, Lagos, Nigeria, it’s an artificial island off the foreshore of Ikoyi, Lagos, Nigeria. Its name derives from the curvature of its shape. The island is an intentional, mixed development with residential, commercial, and recreational buildings.
It tops as one of the most expensive estates in Nigeria with many elite groups residing in it even some having their company headquarters in the estate.
It’s named Lagoon City and this innovation is a brainchild of Davido’s grandfather late Chief Adebayo Adeleke, a University of London-trained Civil Engineer (MICE), and CEO of City Property Development Ltd.
Banana Island is a (man-made) landfill city situated in Lagos, Nigeria that is curved in shape like a banana. It is located in the Lagos Lagoon and is connected to Ikoyi Island with a dedicated road that is linked to the existing road network near Parkview Estate.
Banana Island was constructed by the Lebanese-Nigerian Chagoury Group in partnership with the Federal Ministry Of Power, Works, and Housing.
It is a sand-filled landscape of It over 1,430,000 square meters and is divided into 536 plots (of between 1000 and 4000 square meters in size), designed to enhance the historically residential nature of Ikoyi.
Banana Island has some notable Nigeria residents in the city; like
- Mike Adenuga, Telecom Business Man’s.
- Aliko Dangote, the richest African man.
- Davido, A List Music Artiste.
- Linda Ikeji Top blogger and Model.
The Residents are provided with privately managed utilities, including underground electrical systems, an underground water supply network, a central sewage system/treatment plant, street lighting, and satellite telecommunications networks.
Banana Island is the most expensive mini-city in Lagos, Nigeria, and Africa at large, to own a property on Banana Island you must have a straight financial record and a yielding one at most.
The average cost of buying a three-bedroom apartment is $2 million. However, you can go for a commercial apartment in the city, and you can rent a luxury apartment for about $150,000 per annum.
Clause as a residence: You must
pay for an initial minimum term of 2 years – in advance. And there are
no refunds. An inhabitant must pay a ‘service charge’ of $17,000 per annum.