Barring any last-minute change, The New FESTAC Property Development Company Limited (NFPDCL), in conjunction with the Federal Housing Authority (FHA), Southwest Zone, have concluded plans to commence the development of the FESTAC Phase 2 Project in FESTAC Town, Lagos.
The project, upon completion is expected to develop 350,000 homes, a feat the Executive Vice Chairman of NFPDCL, Isaac Chuks said would be a fantastic help to Lagos in view of bridging the housing deficit gap in the state.
The city will be unique because of its proximity to the rail projects from Badagry, there will also be a road linking it from Ikeja airport, a kindergarten and secondary schools will be established, including a proposed university, which will afford children to start and complete their educational career within the city.
He assured that the firm has done all the necessary groundwork to kickstart the project, including taking care of the issue of the land grabbers (Omo onile),
Chuks revealed that the major off-takers are groups coming from South Africa, Egypt, United Kingdom and China, among other countries. These foreign investors, he explained, will buy and develop the land, just as a German and Swiss firm had also indicated interest in building Disney Island, on more than 40 hectares of land space within the city.
The company secretary, Mr. Odein Ajumogobia, of Ajumogobia & Okeke, a firm of legal practitioners, described the project as “a mixed development,” in a new city concept, which he said is comparable to EKO Atlantic City in Victoria Island axis of Lagos.
Ajumogobia, a former Minister of State for Petroleum Resources, said the timing for the project was perfect because of the new Badagry Express Way being built, that would further enhance the economic growth of the area and facilitate commerce with the neighbouring West African countries of Benin Republic, Togo and Ghana, for example.
The marketing consultant to the project, and founding partner, M.I. Okoro and Associates, an Estate management firm, Mr. Meckson Okoro, said: “The only way we can engage the Artisans is when the government encourages massive investment in housing development because housing development ensures that all kind of skilled and unskilled labours are fully engaged. He expressed optimism that by the time the project is completed, it will bring a good return on investment.
The president of BETONIQ JV Nigeria Ltd, one of the companies providing the technical support for the project, Air Vice Marshal Monday Morgan(retd) expressed optimism that the project would reduce the number of housing deficit in the country
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