- March 19, 2021
- Posted by: admin
- Category: Real Estate
The developer of Eko Atlantic City, South Energx Nigeria Limited, has said that 70 per cent of land in phases one and two of the project is sold out.
The Managing Director of the firm, Mr. David Frame, who disclosed this during a media tour of the project in Lagos, said 50 per cent of the reclaimed areas in phase 1, II and II have infrastructure such as road, bridges, streetlights, wastewater treatment plants, sewage, and canals.
Specifically, he said 15 bridges had been completed and designed to ensure free flow of traffic, while 52 towers were to be erected at the initial stages of the project.
The Eko Atlantic project is located on a 10 million square meters of land, adjacent to Victoria Island and Lekki. The city is protected by the great Wall of Lagos with a height of nine metres above the sea level, length of 85 kilometres, and width of 46 kilometres.
Frame noted that the city would serve as the first green and smart city in Nigeria given the huge investment in technology and green components, adding that 250, 000 trees are being raised for its tree planting programme.
The city, he said, would also be the hub of information technology services in Nigeria as well as transform the property market with the standard and infrastructure for the expected 300,000 residents.
Mr. Frame disclosed that the exact date for completion of the project had not been determined because “we rely on loan funding from local and international bank as well as from local sales. “A lot of the materials such as rocks for the wall, cement and others used for the project are procured locally, but the foreign exchange rate has some influenced the project.
“The phase four, five and six are the remaining schemes. We are looking at how to bring back the dredging company to sandfill the remaining phases.”
According to him, COVID-19 pandemic had a huge impact on the sales, however, he said the situation was changing as more people were beginning to recognise that the project is for the future and would become one of the major cities in the world.
Speaking on the city’s public transportation system, he said with over 100 kilometres of roads, visitors and commuters could access the city through waterways, internal canal and existing public transport system.
The completed facilities include underground storm water drainage, and streetlights. Among the completed and ongoing developments are Azuri Peninsula, Arkland A&A Towers, Alpha One, Eko Energy Estate, Eko Pearl, Eko Pearl Corporate Tower, Lagos Sky Tower Residences, and Anglican Church for All Nation.
Credit: The Guardian (19/03/2021)