Ocean Bay Estate began its development in 2004 by OCTO5 Holdings (formally called Legacy Realities Limited), a Lagos-based real estate development firm. The goal is to provide no fewer than 166 exclusive residential housing units on 34 hectares of Land located along Orchid hotel road, after Lekki 2nd toll gate in the Chevron area of Lekki.
The estate is a well-structured, serene environment and a great place to raise a family.
Security Status
Compared to other estates, reviews from other visitors and residents, we can conclude that the estate security is average. The normal routine is always carried out, such as resident verification, confirming with the host before allowing visitors into the estate, car check, and of course, they have armed security personnel at the gate too.
Roads, Drainage, Water supply
The roads in the estate are excellently well constructed, with a well-managed underground drainage system. However, Orchid Road has been a nightmare for the majority of the resident around its environs. But thanks to the Lagos state government for looking into the road and making it more commutable for people patronizing the environment.
Unlike some other estates where residents are allowed to have a personal borehole and all, water supply is managed by the Estate Management, making sure clean treated water is provided, and of course, it comes at a fee of over ₦108,000 per anum.
Electricity, Service Charge & waste Management
One of the good things about Ocean Bay Estate being a service-charged estate is 24 hours daily electricity is guaranteed for the resident independent of EKDC. The estate provides electricity for its residents. The average amount spent on electricity per resident is based on the electricity consumption usage at a per kilowatt rate with a minimum purchase of ₦25,000 monthly and every house is equipped with a pre-paid meter.
For an estate to make sure everything keeps running smoothly, the resident also has to be a part of it by contributing their quota called Service Charge. Residents pay an annual service charge fee of about ₦456,000 for estate maintenance which covers waste management, security and lot’s more.
Neighborhood, Schools, Malls & Hotels
An estate will be overtly boring without quick access and easy access to major facilities. Ocean Bay Estate is a well-known estate with so many public amenities around.
Schools in the Neighborhood
- St Mary College Ikota villa
- New hall international school
Hotels, bars, and lounges around the estates
- Orchid hotel
- Novetal Hotel – budget N25,000
- Emmy Hotel and suites- budget N23,000
- Atlantic Palm suite – budget N20,000
- Lekki Miami Beach resort limited – budget N 35,000
- Le Real hotel -budget N 25,000
Shopping malls
- Palm shopping Mall Lekki
- Ocean Bay Arcade
- Circle Mall
Banks located at chevron roundabout
- First bank
- Eco bank
- GTBank
- UBA
The nearest hospital in the area is Princess Zechariah specialist hospital, located opposite Dreamworld Africana, just after Orchid hotel.
Typical Property Type
- Land- ₦90,000 – 100,000 per sqm
- 2 bedrooms serviced apartment – ₦35 million (sale); 2 million (rent)
- 3bedrooms terraced duplex – ₦40 million – 55 million (sale) ;
- 3bedroom/4 bedroom – 2 million – 3 million (rent)
- 4bedrooms semi-detached & fully detached duplexes: ₦65 million – 120Million (Sale);
- 4 bedroom duplex ₦2.5 million – 3.5 million (Rent)
Who should live here
It’s advisable for middle & high-income earners to consider living in this environment and also for families looking to raise their children in a good and secure environment.
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