Why You Should Buy A Property In Alaro City

Why You Should Buy A Property In Alaro City

Alaro City is a 2000 hectares planned development in the Lekki Free Trade Zone. It is located in the Northwest Quadrant of the Lekki Free Trade Zone which means that it is part of the Lekki Free Trade Zone. However, geographically, Alaro City is located in the outskirts of Epe. 

Please note that Alaro city should not be confused as an estate but rather it is a mixed use development with the structure of a modern city. It would also surprise you to know that Alaro City is bigger than the entire Victoria Island.   

If you are looking for a unique investment in Nigeria that would most likely be safe and protected, then investing in Alaro City would be a great choice. There are many investment options available for you within the Alaro City community and the reason we wrote this article is to explain in detail what Alaro City is, who the owners are, the type of developments that are allowed and what it costs to invest in Alaro City.  

Please feel free to reach out to us if you have any questions or would like to discuss the opportunities available for investing in Alaro City.

What is Alaro City 

Alaro City is a mixed use project that features residential, commercial and industrial developments. It is a joint venture between the Lagos State Government and Rendeavour Nigeria Development Company Limited. Initially, the space now occupying Alaro City was just a vast expanse of land. But visiting the place today, one can already see a lot of development work going on. For instance, the city already has perimeter fencing, a gate and full fledged security structure in place. The industrial section is already being occupied by over 65 reputable multinational companies including BUA sugar Limited, Mantrac,  etc while the residential area is already featuring blocks of two, three and four bedroom apartments developed by Universal homes, an award winning property development company with British Origins. Also, a six lane roadway is being constructed within the estate. 

All of these developments can give you an insight into what the city would look like in a few years to come.

In summary, Alaro City is a large expanse of modern and luxury city which would feature all the amenities and facilities worthy of a modern city.  

Where is Alaro City Located? 

Alaro City is located in the Northwest Quadrant of the Lekki Free Trade Zone. In essence, Alaro City is part of the Free Trade Zone. What this means is that all the benefits and advantages that are attached to the free trade zone are also attached to all businesses and commercial enterprises within Alaro City. 

Although many people believe Alaro city to be in Ibeju- Lekki, geographically speaking, Alaro City on the map is located in Epe. As a matter of fact, the name Alaro is the name of one of the founding fathers of Epe. Alaro was an illustrious fisherman whom the Epe people still celebrate till this day during their festivals. The name was chosen as a way of honoring the founding fathers of Epe. 

The city is located off the Lekki- Epe Expressway and is in very close proximity to the proposed Lekki-Epe International Airport.  

Because the property is located within the Free Trade Zone, owning a piece of Alaro City comes with all the benefits of the Lekki Free Trade Zone. If you own a commercial or  industrial property, you are most definitely going to enjoy the following benefits: 

• 0% VAT on all purchases.

• 0% corporate income tax (up to 32% savings).
• 20% – 25% savings on construction costs.
• Zero expatriate quotas.
• Speedy processing of goods at the port.
• Easy repatriation of funds.
• Ease of business environment – a one-stop shop for regulator engagements.
• Ability to trade in US dollars

What Are The Features of Alaro City?

The city is constantly being developed to be a city like no other. Alaro city generates its own electricity through renewable and clean energy sources. It is also being designed as a live, work and play city which means that once fully developed, residents would have little or no reasons to go outside of the city.  

The city would have malls, hotels, shopping centers, restaurants, offices, schools, worship centers, parks, play areas, sporting facilities and a lot of green areas. 

The residential areas would be mainly for individual and family accommodation while the commercial and industrial areas would provide employment opportunities for residents and non residents. 

The city would also feature a 6 lane road that leads all the way to the Dangote refinery area, but this road being an internal road would only be accessible to those who have business within the city. The city also features a very good drainage system to avoid flooding, and a topnotch 24 hour security structure. 

Alaro city is arguably one of the most well planned cities in Lagos. It’s also going to be an enclosed city that allows the monitoring of entry and exits.  

A list of some of the estate features  include:

•  industrial – grade roads
• street lighting
• drainage
• central sewage connection
• Portable water
• gas
• 24/7 power
• a pedestrian walkway
• jogging trails
• cycling trails.

Who Are The Owners/Developers of Alaro City?

It is a joint venture between the Lagos State Government and Rendeavour Nigeria Development Company Limited. Rendeavour is a multinational property development company that is backed by American, Norwegian, British and New Zealand investors. 

Rendeavour is a company that builds new cities in the growth paths of some of Sub-Saharan Africa’s fastest growing urban areas. 

Rendeavour currently has a portfolio that shows it has developed over six cities across Africa. The cities include Tatu City in Kenya, Appolonia in Ghana, King City in Ghana as well, Jigna in Abuja, Nigeria, Roma Park in Zambia and Kiswishi in Democratic Republic of Congo. 

The company was founded and is owned by Stephen Jennings, a New Zealand businessman with vast experience in investment banking and real estate development. The company’s board is also composed of very versatile and experienced corporate professionals. 

How Much Does It Cost To Buy A Property In Alaro City?

As a mixed use development, the City offers different choices of investment types. The type of property you choose to invest in would largely be determined by your intended use of the property. So the question you should ask before investing is are you buying to earn capital gain, or rental income. Alaro city offers high density residential land, low density residential land, commercial land as well as industrial land. 

Each of these land types are priced by square meters and each has rules as regards the  minimum number of square meters you are required to purchase and also what can be built on the land. For instance the commercial area is designated for offices, schools, hotels etc, while the residential area can only accommodate housing projects. 

Also if you do not fancy buying a land, or you generally prefer to buy a house or an apartment either for your personal use or for rental income, then you can buy a 2 bedroom, three bedroom or 4 bedroom currently being built by Universal homes. 

The below table shows you the land types, the cost per square meters and the minimum number of square meters you can buy for each land type. 

 Available sizes & Prices For Residential, industrial and commercial Plots & Payment Plans

What Type of Documentation or Title Does Alaro City Have?

 The entire Alaro City property is covered by a Certificate of Occupancy. Being part of the Lagos Free Trade Zone also makes it a safe investment and the issue of title or omonile (indigenous land owners would not arise).  

Besides the title document, the city also has an approved layout which shows a well planned and structured city. The layout shows that the city has been zoned into the industrial area, the commercial area as well as the residential area. Each zone is also subdivided based on the type of building or activities that should go on in the zone. 

Is Alaro City A Safe Investment? 

Alaro City is a very safe investment that would appreciate in value within a reasonable period of time. The city is also secured with well trained security personnel, CCTV cameras and other security structures. The property ownership is well documented as well so if you purchase a property within the Alaro City, be sure that your ownership would be well documented. Although it looks like a long term project that would not yield immediate returns, the best time to buy is now. 

Also, you should be aware that properties in Alaro City are sold in US Dollars. As a part of the free trade zone, you can legally transact in US Dollars within the Alaro city. This means that your property would most likely not lose any value even if you are a Nigerian in the diaspora or a foreign investor. 

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How Can You Invest In Alaro City? 

Investing in Alaro City means you are either buying any of the available serviced plots of land or buying an off plan property from Universal homes. The serviced plots include residential plots, commercial and industrial plots. Either of these serviced plots can be developed whenever you are ready. The estate already has all the required facilities and underground cables and piping. 

However, the type of serviced plot you purchase would determine the type of property you can develop in Alaro City. The types of serviced plots and what you can build on them are explained below.

Types of Properties in Alaro City: 

• Residential Plots 

1. High Density: Permitted developments within High Density Residential areas include block of apartments, terrace buildings etc. 
2. Medium Density: Permitted developments within Medium Density Residential areas include townhouses, semi-detached duplexes etc. 
3. Low Density: Permitted developments within Low Densidty Residential areas are Detached houses.  

• Commercial Plots 

1. Commercial Use Zone: This area is intended to provide a mix of office and other compatible commercial uses for both residents and non-residents of the Alaro city. These uses include:

1. Office uses engaged in providing servies to the general public: e.g medical, real estate, insurance and similar services. 
2. Financial institutions such as banks, fintech companies etc. 

1. Conditional Use Permit: Conditional uses are subject to approval under the Conditional User Permit (CUP) and the following ventures fall under this category. 

1. Eating or drinking establishments
2. Rental businesses 
3. Taverns, bars or other uses that principally sell alcoholic beverages
4. Daycare facilities 
5. Cinemas or other entertainment venues 
6. Retail businesses 

The prohibited uses in the commercial areas are temporary living quarters and automotive services.  

• Mixed Use Plots 

1. Mixed Commercial/ Industrial: This area is can be used for 100 percent commercial activities, light industrial or mixed use purposes consisting of combination of 60 Percent light industry and 40 percent commercial developments. 
2. Mixed Commercial / Residential: This zone is intended for a mix of commercial occupancy and residential uses compatible with offices, retail, recreation and hospitality opportunities. 

• Industrial Plots

1. Industrial Plots and Industrial SME: Permitted developments in this zone include light manufacturing, agro-allied industrial development, warehousing, logistics, oil and gas storage facilities, assembly plant, etc. The basic distinction between the serviced industrial plots and the serviced SME plots is that the former starts from 5000 Sqm upwards whereas with the later, SMEs can access from 1,000 sqm to 4000 sqm. 

Benefits of Investing In Alaro City

Alaro city is a city of the future and investing in it right now is a very wise decision. One of the reasons it is a good investment is that the city would have a lot of industries and commercial centers. Hence there would be need for accomodation and most people would love to live close to work. The plots of land are also serviced and thus would be highly valuable. Investing in Alaro City will surely in one way or the other create a safepath to wealth. 

About Vala Homes:

Vala Homes is a real estate agency company in Lekki Lagos. We help potential homeowners buy a suitable and verified home or residential property.

Phone Numbers: 09167597780, 08067417694

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Website: https://www.valahomes.com