The Project Supervisor, Green City Estate, Mr. Felix Adeduro, said the investment in plural development of the city would generate employment as well as returns on investment.

The Green City Estate is a luxury development expected to have 406 buildings of four-bedroomed duplexes, three-bedroomed apartments and two-bedroomed units, with modern infrastructure estimated to cost N400m.

Adeduro said, “Calabar, the metropolitan host of the city, is one of the fastest emerging cities in the world. Key landmark facilities and tourist destinations in the host state include the Tinapa Business and Tourist Resort, the globally acclaimed Obudu Cattle Ranch, the first and only cable car facility in Nigeria, the Kwa Falls, the Agbokim Waterfalls and Reserves, Margaret Ekpo International Airport and the Mary Slessor Square, among others.

“More importantly, Calabar is projected to witness huge inflow of skilled people resulting from the change mantra of Nigeria’s new government. The bombardment of investments expected with the new administration in the state has opened up the metropolis’ development, attracting huge investments in infrastructure, tourism, hospitality, aviation, ports and sea transportation, tertiary education, oil and gas, and health facilities.”

He said Calabar had become a global investors’ destination, while the Green City Estate offered investors in real estate, commercial stores, events and entertainment centres, hospitality, staff housing scheme, student hostels and independent rental homes opportunities to reap financial returns from minimum investments.

“On completion, the Green City will be providing about 500 employment opportunities to skilled job seekers and over 1,000 openings for unskilled workers. Investors are now being listed for participation in the provision of various facilities as well as development of future houses in the city,” he said.

PUNCH.

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The Chief Executive Officer of 3Invest, Ms. Ruth Obih, said the move was coming on the heels of the success of the just concluded capital-raising partnership for the Marlowe residential project in Houston Texas, USA.

“This is the second project this year and the third project that we have been privileged to be working on as exclusive regional industry partner,” she said.

According to Obih, Arabella is a 33-storey, 99 residence contemporary tower with two, three and four bedroomed floor plans, positioned next to the highly anticipated River Oaks District.

She said, “Every architectural detail of Arabella is a reflection of the belief that a high-rise home begins with the art of superior exterior modelling, and concludes with customised interior finishes similar to the great new genre of high-rises ascending skyward in New York City.

“From the stunning entrance facade, to the spectacular lobby, Arabella aspires to move the design needle forward for Houston.”

Obih said the project partner, Houston EB5, is a Houston, Texas-based real estate investment company offering potential investors the opportunity of investing in real estate development in Houston Texas, the United States.

“In addition to the prospect of a good return on investment, investing in Arabella will make investors eligible for permanent residency in the United States through the EB-5 programme administered by the US Citizenship and Immigration Services under the Department of Homeland Security,” she added.

The Managing Director of Houston EB5 Regional Centre, Acho Azuike, said the majority of the investors, who subscribed to Houston EB5’s previous projects, were from Mexico and other Latin American countries with Nigeria close behind.

PUNCH.

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This is coming barely two week after the state governor, Prof. Ben Ayade, led a trade delegation to the Republic of Ireland.

The property developers from Ireland arrived in Calabar last week to seal the housing deal.

Already, modalities have been worked out between the Cross River State Government and an Irish building firm, Affordable Building Concept International, to build affordable houses across the state in an effort to develop new cities.

The state governor, while receiving the team, said that the meeting was a continuation of an earlier discussion held in Dublin on the plans by his administration to provide affordable and comfortable shelter for the poor in the state.

Ayade, who reiterated his passion for the scheme, said, “There is no amount of value you can give to mankind that will be enough if he is dehumanised by lack of shelter.

“The investors will come with their technology and expertise and set up a factory where low cost housing will be designed and the houses set up in less than three days.”

He further explained that the houses would be in three categories to cater for the needs and tastes of the people who would key into the ambition of the government to create a new city in each local government area, while that of Calabar would be called ‘Calas Vegas’.

Ayade said that the investors would be mindful of the natural endowment of the environment where the houses would be located.

Earlier, the leader and Chairman of Affordable Building Concept International, Mr. Desmond Cullinane, had said their visit was a continuation of an earlier one made by Governor Ayade to Dublin.

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Apapa GRA was once the pride of Lagos. Alongside Ikoyi and Ikeja GRA, it was home to the bourgeoisie that controlled a major chunk of the nation’s economy. With three of the nation’s biggest seaports within its precinct, it naturally became the residential area of choice for senior executives and top government officials. Even Nigeria’s military top brass found no other home than Apapa GRA. Till date, serving and former generals have made the area home.

But like a hibiscus left to scorch in the sun, Apapa GRA fast became a shadow of its past. Illegal squatters, street traders, illegal motor parks and the like besieged the once pristine neighborhood turning it into a shadow of its past. The menace of commercial motorcyclists, popularly called ‘okada’ soon overwhelmed the neighbourhood, leaving residents seemingly helpless.

But thanks to renewed efforts by the Lagos State Government to bring back its lost glory, Apapa GRA is fast shedding its inglorious skin. “Apapa GRA is a noble area which used to be the pride of Lagos State. We cannot fold our arms and allow some people to bring ruins to the area,” Tunji Bello, the state’s Commissioner for the Environment, stressed during his recent tour of the neighbourhood. “We shall work with the residents’ association to restore the glory of Apapa GRA.”

Buoyed by this tough stance by the state government, the private sector is now playing a central role in engendering a new lease of life for area. Recently, the Odu’a Group commissioned the Apapa Mall housing stores with diverse interests like telecoms, electronics, fashion, fast food, financial services, entertainment, and so on. The new mall also boasts of a cinema and the popular Shoprite department store.

Interestingly, a stone’s throw from the Apapa Mall is the new row of luxury terrace apartments, known as Fort Johnson. Christened after Lagos’s first military governor, General Mobolaji Johnson and tucked away in a serene corner of the GRA, this new development is poised to offer residents a privileged lifestyle. According to its developer, Terraworks Limited, the property is unique in several respects. Its contemporary design is tastefully lavished across three superb floors. The master suite (penthouse) boasts of two expansive bedrooms, spacious walk-in closet, superb bathroom, study and two balconies – one overlooking an outdoor bar, swimming pool and gym for recreation and relaxation. There are three en-suite bedrooms on the second floor and two large living rooms, one on the ground floor and the other on the second floor. The kitchen, which fully fitted with the finest Italian stainless steel appliances, sits beside the maid’s room.
The property is fully serviced with standby generators, dedicated transformer, intercom, CCTV, cable TV, a swimming pool and water fountain, fully functional gym, and an outdoor bar. With regards to security, Engr. Ifeanyi Okonkwo, Terrawork’s Director of Projects, says not only is Fort Johnson’s serviced with CCTV cameras, its proximity to the headquarters of the Nigerian Army Signals Corps allows it enjoy top-notch round-the-clock security for its residents.

Disclosing that his company has brought its wide-ranging experience in property development and management to bear in the development of this new property, Okonkwo guarantees a steady rise in Fort Johnson’s value in the coming years. “We only play in selected markets – those that guarantee sustainable value now and in the future,” he says. Stressing that Terrawork’s broad experience cuts across real estate development, construction logistics and investment advisory services, Okonkwo points out that his company has continued to deliver significant value in the real estate market to its institutional, corporate and private clients across the country.

Speaking about Terrawork’s operational strategy, Okonkwo discloses that his company deliberately promotes a sustainable relationship with it clients over time. His words: “We appreciate the importance of long-term relationships in our target markets. As such, we operate with a long-term outlook that focuses more on the sustained growth of the business than quarterly results.”

Apapa is Nigeria’s main seaport, located to the west of Lagos Island. Its numerous creeks, islands and waterfronts make it a veritable tourists’ delight and there is a high concentration of expats in this area.

Apapa is close to Lagos Island and people get around in all sizes of boats. That axis of the city has popular shops, good restaurants.

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The Chinese businessmen, who are currently in the country, are in talks with their Nigerian counterparts to explore some areas of opportunities that include construction activities, building materials, especially, lightings, and alternative power supply.

The firms, Sinafri-Hongye Group of China and Niger-Sino Nigeria Limited, in conjunction with the Hemaded Logistics Group, have pledged to boost growth in the real estate sector.

The Chinese investors, led by the Sinafri-Hongye’s Marketing and International Relations Manager, Mr. Sebbs Azubuike; Director, Mr. David Yang; Managing Director, Energy Unit, Mr. Xu Jacky Ronchang; and Managing Director, Electronic/Electrical of Sinafri-Hongye, Mr. Pan Bing Kui, highlighted their findings and desire to commence business in Nigeria immediately they formalised agreements with their partners in the different areas.

Yang identified real estate and construction as their major areas of interest, but at the ancillary level, lightings, alternative energy supply, especially solar, and by extension, agriculture, would be included in their operations.

According to Yang, Sinafri-Hongye has more than 100 branches globally, with a capital base worth $10bn in real estate, furniture industry and construction sectors.

“Housing provision and power supply are congruous in this age and time when fighting against weather changes that pose threat to the environment is intensifying. Apart from the fact that solar energy is environmental friendly, it is also cost-effective compared to conventional energy supply,” he said.

According to him, when the business takes off in the country, schools, hospitals residential and industrial estates will be targeted for provision of solar energy.

The Chief Executive Officer, Hemadeb Group, Mr. Tunde Akinboun, said the cooperation with the Chinese group in real estate would be concentrated in Ondo, Osun and Ogun states.

According to him, the market potential for real estate in the country calls for investment in solar energy.

“It is economically wise to explore more of solar use, especially for streetlights and other domestic usages,” he said.

The Managing Director, Polons Engineering Nigeria Limited, a real estate firm, Mr. Akin Abiola, said the desire of Sinafri-Hongye to do business in the country was commendable.

He, however, noted that some areas might make or mar the goal, including funding, building materials and cost of production in general.

“Nigeria’s business potential in real estate sector is enormous no doubt, but the truth of the matter is that the climate makes it difficult to achieve the desired goal of making housing available for the low income earners,” he said.

Abiola told the investors that the house types required in the country presently were not for the elites, but rather for the middle class and low income earners.

He also lamented the lack of mortgage facilities in the country, blaming the commercial banks for high lending rates and absence of long-term funding.

“For the success of your business ambition in Nigeria, I will implore you to put these three factors into consideration so that all the stakeholders will be better off at the end of the day,” he told the investors.

The Chairman, Niger-Sino Nigeria Limited, Mr. Olanrewaju Saka-Shenayon, said he was confident that the outcome of the collaboration between the two parties would be successful.

He said his optimism was based on the landmarks that Chinese firms had made in construction works in Africa, especially in Nigeria.

“We have confidence in our new partners and we believe that at the end of the day, we will sign a Memorandum of Understanding and activities will commence,” he said.

PUNCH.

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