Montego Bay Estate, Lekki: (Full Review + Price List)

Montego Bay Estate, Lekki: Full Details with Complete Breakdown and Price List.

Overview

Montego Bay Estate, developed by Henry Montego Homes, is a luxurious gated residential community located in Ikate Elegushi, Lekki, Lagos, Nigeria. Positioned off Freedom Way, near Lekki Phase 1, this estate offers a serene and secure environment with modern infrastructure, making it ideal for high-net-worth individuals, families, and investors seeking upscale living. The estate is known for its contemporary architectural designs, flexible payment plans (up to 60 months), and proximity to key amenities like Summat Mall, Elegushi Beach, and Lekki Phase 1’s commercial hubs. This article provides a detailed breakdown of properties available in Montego Bay Estate, including pricing, amenities, and investment potential.

Location

  • Address: Montego Bay Estate, Ikate Elegushi, off Freedom Way, Lekki, Lagos, Nigeria.
  • Neighborhood Highlights:
    • Proximity: 5–10 minutes from Lekki Phase 1, 15–20 minutes from Victoria Island, and 10 minutes from Ikoyi via Freedom Way or Lekki-Epe Expressway. Close to Elegushi Beach (5-minute drive) and Summat Mall (3-minute drive).
    • Landmarks: Near Spring Bay Estate, Northern Foreshore Estate, and Chevron Headquarters. Other nearby attractions include Lekki Conservation Centre (10 minutes) and The Palms Shopping Mall (15 minutes).
    • Accessibility: Accessible via Freedom Way, a tarred road with well-connected drainage systems, minimizing flooding risks common in Lekki. Alternative routes through Lekki Phase 1 ensure connectivity during peak traffic.
    • Surroundings: Adjacent to upscale estates like Lekki Foreshore Estate, Pinnock Beach Estate, and Carlton Gate Estate, with proximity to schools (e.g., British International School) and recreational spots.

Property Types

Montego Bay Estate, specifically Montego Bay 3 and 4, offers a range of residential properties, including off-plan and completed units. No land parcels are currently listed for sale, as the estate focuses on built properties:

  • Apartments:
    • 3-Bedroom Apartments: Spacious units with modern finishes, all rooms ensuite, ideal for families or short-term rentals.
  • Terraced Duplexes:
    • 4-Bedroom Terrace Duplex: Includes boys’ quarters (BQ), fitted kitchens, and spacious living areas, designed for luxury and functionality.
  • Detached Duplexes:
    • 4-Bedroom Semi-Detached Duplex: Features 1–2 room BQ, contemporary designs, and premium amenities like balconies and fitted wardrobes.
    • 5-Bedroom Fully Detached Duplex: High-end units with elevators, swimming pools, cinemas, and expansive rooftop terraces, catering to elite buyers.

Amenities

Montego Bay Estate is a fully serviced community with state-of-the-art facilities, ensuring a premium living experience:

  • Security:
    • 24/7 gated access with CCTV surveillance, smart keylock systems, and professional security personnel.
    • Electric fencing and automated gates for enhanced safety.
  • Infrastructure:
    • Interlocked roads and well-designed drainage systems to prevent flooding.
    • Stamped concrete floors in compounds for aesthetic appeal.
  • Utilities:
    • 24-hour power supply via dedicated transformers and central generators (6 PM–6 AM daily, pay-as-you-go for additional hours).
    • Clean water supply through industrial boreholes and water treatment plants.
    • Central waste management and sewage systems.
  • Community Features:
    • Swimming pools, gym, and recreational facilities within the estate.
    • Children’s playground and green spaces for relaxation.
    • In-built sound systems and smart home automation in select units.
  • Property Features:
    • Fully fitted kitchens with pantries, microwaves, ovens, and refrigerators.
    • Ensuite rooms with walk-in closets, Jacuzzis, and premium sanitary wares.
    • Balconies, rooftop terraces, and ample parking (up to 5–6 cars for duplexes).
    • High double-volume ceilings, chandeliers, and modern lighting.
  • Management:
    • Annual service charge: Approximately ₦1,147,000–₦1,500,000 (₦95,583–₦125,000 monthly), covering security, power, water, and maintenance.
    • Managed by Henry Montego Homes, ensuring professional upkeep.

Price List

Pricing for properties in Montego Bay Estate varies based on type, size, and payment structure. Below is a detailed price list based on available listings as of June 2025 (subject to verification with agents):

  • Properties for Sale:
    • 3-Bedroom Apartment (Off-Plan, Montego Bay 3):
      • Price: ₦145,821,732.57 (outright payment).
      • Payment Plan: 5-year plan with ₦20,000,000 initial deposit, balance spread over 60 months.
      • Features: All rooms ensuite, fitted kitchen, balcony, 24/7 security, access to estate amenities.
      • Title: Governor’s Consent.
      • Project Period: 18–24 months.
    • 4-Bedroom Terrace Duplex:
      • Price: ₦170,000,000 (completed, Henry Montego Estate).
      • Features: 2 floors, 1-room BQ, modern design, proximity to Summat Mall and Elegushi Beach, 6 PM–6 AM generator.
      • Service Charge: ₦1,147,000 p.a.
      • Title: Governor’s Consent.
      • Agency Fee: 5%.
    • 4-Bedroom Semi-Detached Duplex (Off-Plan, Montego Bay 3):
      • Price: ₦245,561,788.13 (outright payment).
      • Payment Plan: 5-year plan with ₦25,000,000 initial deposit, balance spread over 60 months.
      • Features: 1–2 room BQ, fitted kitchen, spacious living areas, CCTV, smart home features.
      • Title: Governor’s Consent.
      • Project Period: 18–24 months.
    • 5-Bedroom Fully Detached Duplex:
      • Price: ₦750,000,000 (completed, Ikate Elegushi).
      • Features: Elevator, swimming pool, cinema, rooftop terrace, 2-room BQ, smart home automation, CCTV, 5-car parking, sound system, high double-volume ceilings.
      • Title: Governor’s Consent.
      • Agency Fee: 5%.
      • Contact: 07065266133, 07010281009.
  • Properties for Rent:
    • 4-Bedroom Detached Duplex (Short-Let):
      • Rent: ₦260,000/day (Spring Bay Estate, nearby, indicative for Montego Bay).
      • Features: Ensuite rooms, fitted kitchen, swimming pool, 24/7 security, WiFi, DSTV.
      • Additional Costs: Caution deposit (₦100,000), cleaning fee (varies).
    • 3–4 Bedroom Units (Annual Lease):
      • Rent: ₦6,000,000–₦10,000,000 per annum (indicative, based on similar Ikate properties).
      • Service Charge: ₦1,147,000–₦1,500,000 p.a.
      • Additional Costs: Agency fee (10%), legal fee (10%), caution deposit (₦500,000–₦1,000,000).

Additional Costs:

  • Agency Fees: 5–10% for sales, 10% for rentals.
  • Legal Fees: 5–10% for documentation or lease agreements.
  • Title Documents: Governor’s Consent for most properties.
  • Service Charge: Covers security, power, water, and estate maintenance.

Note: No land listings are currently available. Prices are subject to change; contact agents like Kzenterprise (via Nigeria Property Centre) or direct contacts (07065266133, 07010281009) for updates.

Investment Potential

  • Rental Income:
    • 3-bedroom apartments yield ₦6,000,000–₦8,000,000 annually, offering 4–5% returns on a ₦145,821,732 investment.
    • 4-bedroom terraces/duplexes fetch ₦6,000,000–₦10,000,000 per year, with short-lets at ₦260,000/day for high occupancy seasons.
    • 5-bedroom duplexes command premium rents (₦10,000,000–₦15,000,000 p.a.) due to luxury features like elevators and pools.
  • Capital Appreciation:
    • Properties in Ikate Elegushi appreciate by 20–30% annually due to proximity to Lekki Phase 1 and ongoing infrastructure development (e.g., Lekki Free Trade Zone).
    • Example: A ₦170,000,000 terrace could resell for ₦200,000,000–₦220,000,000 within 2–3 years.
  • Resale Value:
    • 5-bedroom duplexes (₦750,000,000) have high resale potential due to unique features like cinemas and smart home automation, appealing to expatriates and elites.

Comparison with Nearby Estates

  • Lekki Foreshore Estate (Lekki Phase 1):
    • 4-Bedroom Duplex: ₦290,000,000–₦600,000,000; Rent: ₦10,000,000 p.a.
    • Features: Similar luxury amenities, closer to Freedom Way but higher prices.
  • Spring Bay Estate (Ikate):
    • 4-Bedroom Detached Duplex (Short-Let): ₦260,000/day.
    • Amenities: Comparable security and power, slightly less premium than Montego Bay.
  • Northern Foreshore Estate (Chevron):
    • 5-Bedroom Duplex: ₦1,300,000,000.
    • Features: Superior drainage, higher price point due to exclusivity.

How to Purchase or Rent

  1. Contact Agents:
    • Reach out to verified agents like:
      • Kzenterprise: Contact via Nigeria Property Centre (for off-plan units).
      • Direct Contacts: 07065266133, 07010281009 (for 5-bedroom duplex).
      • PropertyPro.ng or Nigeria Property Centre for additional listings.
  2. Site Inspection:
    • Schedule visits (Monday–Saturday, 8:00 AM–8:00 PM, 2-hour notice) via Freedom Way, Ikate Elegushi.
  3. Due Diligence:
    • Verify titles (Governor’s Consent) through land registry search.
    • Engage a lawyer to review Deed of Assignment or lease agreements.
  4. Payment Options:
    • Sales: Outright payment or 5-year payment plans (e.g., ₦20,000,000–₦25,000,000 initial deposit for off-plan units).
    • Rentals: Annual payment for long-term leases; daily payments with caution deposits for short-lets.
  5. Documentation:
    • Obtain Governor’s Consent or Deed of Assignment.
    • Pay agency (5–10%), legal (5–10%), and service charges (₦1,147,000–₦1,500,000 p.a.).

Clarification

  • Montego Bay Estate (Lekki): Distinct from Montego Bay properties in Jamaica or Ocean City, MD. This estate is in Ikate Elegushi, Lekki, developed by Henry Montego Homes.
  • Montego Bay 3 vs. Montego Bay 4: Montego Bay 3 focuses on off-plan apartments and duplexes, while Montego Bay 4 includes terraces and duplexes with similar amenities.
  • Development Status: Partially off-plan (18–24 months for completion) and completed units available, with robust infrastructure (CCTV, 24/7 power).

Conclusion

Montego Bay Estate, Ikate Elegushi, Lekki, offers a luxurious lifestyle with 3-bedroom apartments (₦145,821,732), 4-bedroom terraces (₦170,000,000), and 5-bedroom duplexes (₦750,000,000), complemented by flexible 5-year payment plans. With 24/7 security, swimming pools, gyms, and smart home features, it appeals to elites and investors seeking 20–30% annual appreciation and 4–5% rental yields. Its proximity to Lekki Phase 1 and Elegushi Beach enhances its value. For current listings, contact agents via Nigeria Property Centre or direct numbers (07065266133), and conduct due diligence to secure your investment.

Disclaimer: Prices and availability are subject to change. Verify all details with licensed real estate agents before proceeding.

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