Kingsley Adegboye
29 December 2008
The list of highbrow residential estates springing up on Lekki corridor has swelled with the unveiling of a 75-hectare Beach Resorts Estate recently by First Spring Realtors Nigeria Limited, a subsidiary of Spring Bank Plc.
The estate which is a mixed development project, is a premium residential estate tastefully designed to give apartment owners an unrestricted view of the beautiful and calming waves of the Lagos lagoon, is estimated to cost between N25 and N30 billion. It comprises 305 luxury apartments and commercial area.
In his address, the Group Managing Director and Chief Executive Officer of Spring Bank Plc, Dr. Suleyman Ndanusa, said housing is a basic need in any society, pointing out that a vigorous and buoyant housing sector is the foundation for economic growth and social development.
The chief executive officer who said home ownership in Nigeria is estimated at 10 percent, added that this figure is a far cry compared to what obtains in most advanced countries. Explaining that the country's housing sector is still evolving, while awareness of the huge opportunities in the sub-sector is growing by the day, pointed out that banks remain the catalyst for its development through the provision of credit facilities to both the developers and the final consumer.
According to the Managing Director/Chief Executive Officer of First Spring Realtors Nigeria Limited, Mr. Abdel-Nasser Quadri their vision is "to be a continental leader by providing world class real estate services that will effectively create and harness real estate opportunities that deliver superior value to stake holders", while affirming that "total quality management has all along been our main corporate objective. We will strive continually to put this into practice in all we do.
"First Spring Realtors is mindful of the enormous challenges and responsibilities the Beach Resorts Project bestow upon the company. So, it is determined not to rest on its modest achievement but rather, to strive for excellence in all our future projects believing that the true test of quality is measured by the degree of satisfaction clients receive from our services. We will continually exceed our valued customers' expectations" Quadri noted.
The construction of the estate is buffered by first class infrastructure which includes an asphalt/geo textile finished road network, water treatment plant, underground electrical cables, fire hydrant network, converged telecoms system, adequate drainage system and an eight hectare functional utility recreational park for total recreation with the gardens.
The housing units consist of cubic row houses, iconic row houses, deluxe semi-detached duplexes, classic semi-detached duplex, angular block of flats / linear block of flats. Their interior features include vitrified tiles in living, dinning and kitchen, ceramic tiles and mosaic in toilets (floors and walls), complete electrical fittings / features, cabinet fitted kitchens, French stoves, security door for main entrance and rear, cornices, skin coating and suspended ceilings for living and bedroom areas, powder coated aluminum window frames, high quality paints for the interior, PVC roof finishing, non slip quarry tiles and high quality bathtubs and shower cubicles.
Beach Resort Estate which is located between the second and the third round about of Lekki, has 24 hour security patrol, facility management boat club and jetty, lush greenery and landscaped gardens, pedestrian walkways and joggers tracks, structured road network, telephone cable distribution network, TV/ Cable distribution network and luxury park condominiums.
Nigerian Investor Seals $250m Pact with Zambia
A Nigerian investor is billed to set up a $250 million sub-urban centre, dubbed OneLusaka, in Palabana area in Lusaka district of Zambia with all modern facilities.
Speaking during the Memorandum of understanding (MoU) signing ceremony, Managing Director, DUZ, Mr. Anthony Aihie, said the firm had already acquired a 110-acre piece of land for the development of the project which would take about four years to complete.
Aihie said the venture would include the city centre, which would be a meeting point for entertainment and other recreational activities as well as other facilities like a hotel.
The other facilities would be a commercial centre, a school, a housing complex and various public utilities like a power line to service the area.
"The company is partnering with the Ministry of Commerce in the Zambian government which has pledged to facilitate the provision of electricity, water rights and suitable access roads to the estate as well as all statutory and legal approvals," he said.
He said that the same company was currently developing Access Bank main office and branches across Zambia and it would come up with the state-of the art structures for the bank.
Aihie signed the agreement for his company while Commerce, Trade and Industry Permanent Secretary, Davidson Chilipamushi signed for the Zambian government.
Chilipamushi said the project would act as a model for foreign investments within Africa in the face of massive Foreign Direct Investment (FDI) from outside the continent.
He said the Zambia Development Agency (ZDA) would facilitate the investment and assured the developers that the government would protect any investment, whether local and foreign to ensure sustainable development.
Acting Nigerian High Commissioner to Zambia, Nze Nnamdi, said that all the provisions of the agreement should be fully implemented and he was confident that the project would help foster relations between the two countries.
Chairman of DUZ, Yemi Osinbajo, said that Zambia had a conducive environment for investments because of continued peace and stability.
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