Development Of N700bn Abuja City Centre To Begin Soon
Minister of the Federal Capital Territory (FCT), Senator Bala Mohammed has disclosed that the development of the Abuja City Centre will be executed at the cost of which will cost $3.5 billion (about N700 billion) and that the project would begin before May 29, 2015.
The minister, who gave the assurance when investors in the project made an in-depth presentation to the FCT administration’s team at the Banquet Hall of the minister’s residence in Abuja, emphasised that the project is one of the milestone achievements of the transformation agenda of President Goodluck Jonathan in the FCT.
He said that the Federal Government under President Jonathan is determined to make Abuja a tourist destination of Africa and that is why the development of the 17 hectares of the prime land was on the front burner of the government, adding that Chicason Group will execute the multi-billion naira project in partnership with renowned international developer, Eagle Hills.
Mohammed revealed that the Abuja City Centre would be a mixed-use development that has the capacity to generate about 10,000 jobs with its multiplier effect on the economy of the entire country and that the FCT administration would enjoy 5 per cent equity shareholding in the Abuja City Centre Development Company Limited being a special purpose company incorporated to own and operate the centre; whilst the Abuja Investment Company Limited would hold such shares in trust for the administration.
“The land premium as well as the development control charges accruable to the FCT administration would be used as its equity contribution to the project. In addition, the investors would construct a National Mall at the cost of $40million at no cost to the FCT administration,” he emphasised.
Also speaking during the presentation, which was also witnessed by the FCT Permanent Secretary, Engr. John Chukwu and the FCDA Executive Secretary, Engr. Adamu Ismaila, the Executive Director-Africa, Eagle Hills, Abu Dhabi, Jaimal Shergill, disclosed that Abuja City Centre project comprises of four international hotels, residential houses, offices, shops as well as condominium which, would further stimulate economic activities not only in Abuja but in the entire West Africa sub region.
He assured that the ground breaking of the Centre would be undertaken before May 29, 2015, adding that the entire project would be executed in two phases.
