1004 Housing Estate, located in Victoria Island, Lagos, is often hailed as a pinnacle of luxury living in Nigeria. This expansive estate, covering 11 hectares, comprises over 1,000 apartments, including high-rise and low-rise buildings.
But does it truly live up to its reputation, or is it merely overhyped? Let’s delve into the details.
A Brief History of 1004 Housing Estate
Originally opened in 1979, 1004 Housing Estate was designed to provide upscale accommodation for senators and members of the House of Representatives. Following the relocation of the federal capital to Abuja, the estate became home to senior federal civil servants and expatriates. In 2004, it was sold to UACN Property Development Company, marking one of Nigeria’s largest property transactions at the time.
Location and Accessibility
Situated in the heart of Victoria Island, the estate boasts a prime location with easy access to Lagos’s business and recreational districts. Its proximity to major commercial hubs makes it an attractive choice for professionals seeking a convenient living environment.
Amenities and Facilities
The estate offers a range of amenities designed to enhance residents’ lifestyles:
- Security: A gated community with 24/7 security personnel and CCTV surveillance ensures residents’ safety.
- Recreational Facilities: Residents have access to four swimming pools and tennis courts, promoting an active lifestyle.
- Landscaped Gardens: Expansive gardens provide safe spaces for jogging and walking.
- Power Supply: The estate ensures constant electricity, a significant advantage in Lagos.
Property Options and Pricing
1004 Estate offers various apartment configurations to cater to diverse needs:
2-Bedroom Apartments: Rental prices range from ₦5 million to ₦12 million per year, while purchase prices vary between ₦90 million and ₦180 million.
3-Bedroom Apartments: These units can be rented for ₦7 million to ₦15 million annually, with sale prices spanning ₦120 million to ₦250 million.
4-Bedroom Penthouses: Luxury penthouses are available for rent at ₦10 million to ₦25 million per year, and for purchase between ₦180 million and ₦400 million.
These figures indicate a substantial investment, reflecting the estate’s premium positioning.
Controversies and Challenges
Despite its luxurious offerings, 1004 Estate has faced several challenges:
Management Issues: Residents have reported concerns regarding infrastructure maintenance and service delivery.
Security Concerns: Incidents of theft and fraud have been reported, raising questions about the effectiveness of security measures.
Financial Disputes: Allegations of embezzlement and mismanagement of funds have led to tensions between residents and management.
These issues have prompted interventions from government bodies to address the ongoing crises within the estate.
How to Get to 1004 Housing Estate
1004 Housing Estate is located in Victoria Island, Lagos, making it accessible from various parts of the city:
From the Mainland: Cross the Third Mainland Bridge, continue onto Ozumba Mbadiwe Avenue, and turn onto 1004 Estate Road.
From Lekki: Drive along the Lekki-Epe Expressway, merge onto Ozumba Mbadiwe Avenue, and turn onto 1004 Estate Road.
Public transportation options include buses and taxis that service the Victoria Island area.
In summary, 1004 Housing Estate offers luxurious living options in a prime location but is accompanied by notable challenges. Prospective residents should weigh these factors carefully to determine if it aligns with their lifestyle and investment goals.
Conclusion: Luxury Living or Overhyped?
1004 Housing Estate undeniably offers a range of amenities and a prime location that appeal to those seeking luxury living in Victoria Island, Lagos. However, potential residents and investors should be aware of the estate’s challenges, including management and security concerns.
Conducting thorough due diligence and engaging with current residents can provide valuable insights into the living experience within the estate.
Donald Karo
