The Palms Residences Estate, Lekki: (Full Review + Price List)

The Palms Residences Estate, Lekki: Full Details With Complete Breakdown + Price List

Overview

The Palms Residences Estate, located in the heart of Lekki Phase 1, Lagos State, Nigeria, is a prestigious residential development known for its proximity to The Palms Shopping Mall, a landmark retail destination developed by Persianas Group. Situated along Bisola Durosinmi Etti Drive and Lekki-Epe Expressway, this upscale estate offers a luxurious and secure living environment, ideal for high-income earners, expatriates, and investors. The estate features modern apartments and duplexes, with access to top-tier amenities and a strategic location near commercial hubs like Victoria Island and Ikoyi. Properties typically hold a Certificate of Occupancy (C of O) or Governor’s Consent, but due diligence is essential given past land disputes in Lekki, such as the 2023 Signature Villa Estate demolition.

Property Features

The Palms Residences Estate primarily offers high-end apartments and duplexes, with a focus on luxury living. Below is a detailed breakdown based on available information.

Residential Properties

  • Location: Bisola Durosinmi Etti Drive, Lekki Phase 1, Lagos (opposite The Palms Shopping Mall)
  • Property Types:
    • 2-bedroom apartments
    • 3-bedroom apartments
    • 4-bedroom terraced and semi-detached duplexes
    • 5-bedroom townhouses
    • Short-let apartments and duplexes
  • Key Features:
    • All rooms ensuite with premium sanitary wares (e.g., jacuzzi, water heaters)
    • Fully fitted kitchens with appliances (oven, microwave, heat extractor, dishwasher)
    • Spacious living areas with POP ceilings, chandeliers, and marble/tiles
    • Air-conditioned units with smart TVs, Netflix, DSTV, and high-speed Wi-Fi
    • Ample parking (4–6 cars for duplexes/townhouses)
    • 24/7 electricity with solar batteries or generators (select units)
    • Central water treatment plant for clean water supply
    • Biometric entrance doors and CCTV in individual units
    • Well-channeled drainage to prevent flooding
    • Interlocked roads and landscaped compounds
  • Estate Amenities:
    • Communal swimming pool
    • Fully equipped gym
    • Children’s playground
    • Snooker board and entertainment areas (select units)
    • 24/7 armed security with CCTV and MOPOL personnel
    • Centralized waste management
    • Street lighting and green areas
  • Nearby Landmarks:
    • The Palms Shopping Mall: ~1–2 minute walk
    • Lekki Conservation Centre: ~10–15 minutes drive
    • Circle Mall: ~10 minutes drive
    • Victoria Island: ~15–20 minutes drive (off-peak)
    • Ikoyi: ~15 minutes drive
    • Chevron Nigeria Headquarters: ~10 minutes drive
  • Sources: Nigeria Property Centre, PropertyPro.ng

Land for Development

  • Availability: No current listings for land sales were found in The Palms Residences Estate, as it is a fully developed residential area. Nearby estates like Lekki Phase 1 offer plots of 300–600 sqm.
  • Features (based on similar estates):
    • Dry, sand-filled land suitable for construction
    • Titles: C of O or Governor’s Consent
    • Access to premium infrastructure
  • Note: Contact agents for potential unlisted land opportunities.
  • Source: Nigeria Property Centre

Commercial Properties

  • Availability: No specific commercial properties (e.g., offices, shops) were listed within the estate. However, proximity to The Palms Shopping Mall provides access to commercial retail spaces.
  • Source: Nigeria Property Centre

Price List

Pricing for properties in The Palms Residences Estate reflects its prime location and luxury offerings. Below is a detailed price list based on available listings and comparable properties in Lekki Phase 1. Prices are subject to change, and prospective buyers or renters should contact verified agents for current figures.

Houses for Sale

  • 2-Bedroom Apartment:
    • Price: ₦120,000,000–₦180,000,000
    • Features: Ensuite rooms, fitted kitchen, swimming pool, gym, C of O
    • Example: 2-bedroom apartment in Lekki Phase 1, ₦180,000,000 (Nigeria Property Centre)
    • Average Price: ₦150,000,000
  • 3-Bedroom Apartment:
    • Price: ₦150,000,000–₦250,000,000
    • Features: Ensuite rooms, spacious living area, pool, gym, C of O
    • Example: 3-bedroom apartment, Lekki Phase 1, ₦200,000,000 (PropertyPro.ng)
    • Average Price: ₦200,000,000
  • 4-Bedroom Terraced/Semi-Detached Duplex:
    • Price: ₦250,000,000–₦400,000,000
    • Features: Ensuite rooms, BQ, pool, gym, biometric doors, C of O
    • Example: 4-bedroom terraced duplex, Lekki Phase 1, ₦350,000,000 (Nigeria Property Centre)
    • Average Price: ₦300,000,000
  • 5-Bedroom Townhouse:
    • Price: ₦400,000,000–₦600,000,000
    • Features: Ensuite rooms, 2 living rooms, BQ, pool, gym, snooker board, solar batteries, C of O
    • Example: 5-bedroom townhouse, Safe Court Apartment, Ikate Elegushi (near The Palms), ₦600,000,000 (Palms Real Estate, Nigeria Property Centre)
    • Average Price: ₦500,000,000
  • Payment Plans:
    • Flexible plans: 3–12 months interest-free with initial deposit (e.g., ₦20,000,000–₦100,000,000)
    • Mortgage options: 15–25 years at ~6%–16% interest via National Housing Fund (NHF) or banks
  • Sources: Nigeria Property Centre, PropertyPro.ng

Houses for Rent

  • 2-Bedroom Apartment:
    • Rent: ₦5,000,000–₦8,000,000 per annum
    • Additional Fees:
      • Agency Fee: 10% (₦500,000–₦800,000)
      • Legal Fee: 10% (₦500,000–₦800,000)
      • Service Charge: ₦200,000–₦500,000 per quarter
      • Caution Fee: ₦500,000–₦1,000,000
    • Features: Fully furnished, pool, gym, 24/7 power
    • Example: 2-bedroom apartment, Lekki Phase 1, ₦6,000,000 per annum (Nigeria Property Centre)
  • 3-Bedroom Apartment:
    • Rent: ₦7,000,000–₦12,000,000 per annum
    • Additional Fees:
      • Agency Fee: 10% (₦700,000–₦1,200,000)
      • Legal Fee: 10% (₦700,000–₦1,200,000)
      • Service Charge: ₦300,000–₦600,000 per quarter
      • Caution Fee: ₦1,000,000
    • Example: 3-bedroom apartment, Lekki Phase 1, ₦10,000,000 per annum (PropertyPro.ng)
  • 4-Bedroom Terraced Duplex:
    • Rent: ₦10,000,000–₦15,000,000 per annum
    • Additional Fees:
      • Agency Fee: 10% (₦1,000,000–₦1,500,000)
      • Legal Fee: 10% (₦1,000,000–₦1,500,000)
      • Service Charge: ₦400,000–₦800,000 per quarter
      • Caution Fee: ₦1,000,000–₦2,000,000
    • Example: 4-bedroom terraced duplex, Lekki Phase 1, ₦12,000,000 per annum (Nigeria Property Centre)
  • 5-Bedroom Townhouse:
    • Rent: ₦15,000,000–₦17,000,000 per annum
    • Additional Fees:
      • Agency Fee: 10% (₦1,500,000–₦1,700,000)
      • Legal Fee: 5%–10% (₦750,000–₦1,700,000)
      • Service Charge: ₦200,000 per quarter (e.g., Safe Court Apartment)
      • Caution Fee: ₦1,500,000
    • Example: 5-bedroom townhouse, Safe Court Apartment, Ikate Elegushi, ₦17,000,000 per annum (Palms Real Estate, Nigeria Property Centre)
  • Average Rent: ₦10,000,000 per annum
  • Sources: Nigeria Property Centre, PropertyPro.ng

Short-Let Houses

  • 2-Bedroom Apartment:
    • Rent: ₦80,000–₦120,000 per day
    • Features: Fully furnished, Wi-Fi, Netflix, DSTV, pool, gym
    • Example: 2-bedroom apartment, Lekki Phase 1, ₦100,000/day (Airbnb)
  • 4-Bedroom Duplex:
    • Rent: ₦150,000–₦200,000 per day
    • Features: Fully furnished, 24/7 power, pool, gym, snooker board
    • Example: 4-bedroom duplex, Lekki Phase 1, ₦180,000/day (Airbnb)
  • 5-Bedroom Townhouse:
    • Rent: ₦200,000–₦250,000 per day
    • Features: Fully furnished, solar batteries, smart TVs, DSTV, Wi-Fi, snooker board, 6-car parking
    • Example: 5-bedroom townhouse, Safe Court Apartment, Ikate Elegushi, ₦250,000/day (Airbnb)
  • Additional Fees:
    • Caution Fee: ₦100,000–₦200,000 (refundable)
    • Agency Fee: Varies by platform
  • Sources: Airbnb

Investment Potential

The Palms Residences Estate offers exceptional investment opportunities due to its prime location and luxury appeal:

  • High ROI: Properties in Lekki Phase 1 yield 20%–30% annual returns through rental income or resale, driven by demand from expatriates and affluent professionals.
  • Strategic Location: Opposite The Palms Shopping Mall and near Victoria Island, Ikoyi, and Chevron, ensuring high rental and resale demand.
  • Infrastructure Growth: Developments like the Lekki Free Trade Zone, proposed Lekki International Airport, and Fourth Mainland Bridge are expected to boost property values.
  • Lifestyle Appeal: Proximity to retail, dining, and recreational hubs (e.g., The Palms Mall, Lekki Conservation Centre) makes it ideal for short-term rentals (e.g., Airbnb).
  • Flood Mitigation: Well-channeled drainage ensures a flood-free environment, a key advantage in Lekki.
  • Sources: Nigeria Property Centre, Neighbourhoodreview.com

Due Diligence

Given past land disputes in Lekki, such as the 2023 Signature Villa Estate demolition, thorough due diligence is critical:

  • Title Verification: Confirm C of O or Governor’s Consent through the Lagos State Land Registry or Surveyor General’s Office. Listings with only a Deed of Assignment require extra scrutiny.
  • Agent Background: Verify agents like Palms Real Estate (contact via Nigeria Property Centre) through reviews or past projects.
  • Environmental Checks: Ensure properties are not on government-acquired land or in flood-prone areas, despite the estate’s drainage system.
  • Surveyor Services: Engage a registered surveyor to chart coordinates and verify documents.
  • Sources: Nigeria Property Centre, PropertyPro.ng

How to Proceed

To purchase or rent in The Palms Residences Estate, follow these steps:

  1. Contact Agents:
    • Palms Real Estate: Contact via Nigeria Property Centre (nigeriapropertycentre.com)
    • General inquiries: Nigeria Property Centre (in**@*******************re.com)
    • Short-let bookings: Airbnb (airbnb.com)
    • Local agents for Lekki Phase 1: Bignas Global Link (07059774553), Mainehomes Realty (07032300072)
  2. Verify Titles: Use a property lawyer or surveyor to confirm C of O or Governor’s Consent at the Lagos State Land Registry.
  3. Schedule Inspections: Arrange physical or virtual tours with 24-hour notice. Avoid excessive viewing fees (recommended max: ₦5,000).
  4. Explore Payment Plans: Inquire about 3–12 month interest-free plans or mortgage options (6%–16% interest for 15–25 years via NHF or banks).
  • Sources: Nigeria Property Centre, PropertyPro.ng, Airbnb

Conclusion

The Palms Residences Estate in Lekki Phase 1 offers luxury living with 2–5 bedroom properties priced from ₦120,000,000 to ₦600,000,000 for sale, ₦5,000,000 to ₦17,000,000 per annum for rent, and ₦80,000 to ₦250,000 per day for short lets. Its unrivaled location opposite The Palms Shopping Mall, coupled with 24/7 power, premium amenities, and flood-free drainage, makes it a top choice for residents and investors. However, thorough title verification is essential due to Lekki’s history of land disputes. Contact verified agents or platforms like Airbnb for current pricing and inspections.

 

Disclaimer: Prices and availability are subject to change. Always verify details with property management or authorized agents before making financial commitments.

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