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Projects that will shape real estate sector in 2012
Despite the downturn in the real estate sector, due to global financial crisis and lack of funds, practitioners in the sector are hopeful that if the government continues with some of the projects lined up for completion in 2012, there will be growth in the sector. DAYO AYEYEMI beams light on some of the projects. FMBN Informal Sector Co-operative Housing Loan The Federal Mortgage Bank of Nigeria (FMBN), had last December launched an Informal Sector Co-operative Housing Loan Scheme to harness the potentialities of the low-income earners in the informal sector towards promoting a virile mortgage market in support of mass housing delivery.
The scheme was developed in recognition of the immerse benefits and the need to unleash the potentialities of the informal sector towards promoting a virile mortgage market in support of mass housing delivery in Nigeria. Under the Cooperative Housing Development Loan (CHDL), cooperative societies that have acquired parcels of land to develop houses for their members will be given mortgage loans at 10 per cent interest over a 24-month tenor with a moratorium period of 12 months.
The Cooperative National Housing Fund Loan (CNL) offers individual cooperative members mortgage loans to buy houses developed through the CHDL or renovate existing ones at an interest rate of six per cent for a tenor of 25 years. But experts while applauding the new initiative , had suggested the need to remove some of the factors such as lack of access to land, lack of finance, bottleneck procedures associated with granting of Certificate of Occupancy and building plan approvals in order to make the new scheme works Eko Atlantic City project Eko Atlantic City, according to its promoters, is expected to change the face of Africa and transform Lagos into a successful mega city-state. The brochure distributed by the project managers claims that, Eko Atlantic is already helping to reverse the environmental damage at Victoria Island caused by a century of coastal erosion. The imposing new sea wall will shield the city of Lagos, as well as Eko Atlantic city. The project has converted an impending disaster into a valuable asset for the future.
The planned residential and commercial property development in the city , on completion is expected to ease the current pressure on the exhausted infrastructure and overpopulation on adjacent Victoria Island. Lagos and Eko Atlantic are expected to become the new financial epicentre of West Africa by the year 2020. The first phase of building will create a business district that will stimulate commerce in Nigeria. The proposed designs for Eko Atlantic received international acclaim in 2009 when the Clinton Global Initiative (CGI) recognised Eko Atlantic as: An environmentally conscious city, built with nature to restore an original coastline and to protect Victoria Island, Lagos, from the severe risk of ocean surge and flooding.
Eko Atlantic is a city to live and work in. With its tree-lined boulevards, waterways, manicured gardens, elegant plazas, three marinas and a stunning ocean front promenade, the new city will be a complete contrast to the congested, traffic-filled streets of Lagos. Already, plots of land are being subscribed to by the public. 10-lane Lagos-Badagry Expressway The expansion of the Lagos-Badagry Expressway is seen as a strategic development that will open the West African market to Nigerian business and also ensure the take off the axis designed as the state's tourism corridor. It also expected to reflect the change in the population density of the area. The Lagos- Badagry Expressway project is conceived as a Public-Private Partnership (PPP), and is seen as potentially proffering solution to Lagos State's massive infrastructural challenges.
The proposed road expansion has attracted the interest of giant construction firms from the onset. The 60.3 kilometres stretch of road upon completion is expected to become a 10-lane carriageway with a light rail and Bus Rapid Transit (BRT) corridor that will further enhance tourism and economic activities along the axis. Already, said construction has commenced from Eric Moore in Surulere and is expected to terminate at Badagry. The contract for the Lot 1 of the project was awarded in March 2009 to Messrs Julius Berger Nigeria Plc who originally constructed the road. Government said it has rescheduled the tranches to have Lot 2A and 2B covering Mazamaza to Okokomaiko and from Okokomaiko to Agbara respectively.
Just last December, five engineering and construction companies indicated interest in bidding for the second phase of the ongoing expansion of the expressway. The companies included Messrs Julius Berger Nigeria Plc; Moreno- Marina Lagoon Plc; Chinese Civil Engineering Construction Company Nigeria Ltd; Salini Nigeria Ltd; and CGGC Global Projects Nigeria Ltd. The road project passes several Local Government and Development Areas which include: Amuwo Odofin, Ojo, Okoko etc. It is expected to ease the link between Nigeria and neighbouring West African states, a major trade corridor as well as improves intra city transportation, generate massive employment and impact significantly on businesses and make life more enjoyable for citizens. Lagos light rail project Lagos Light Rail is a light rail system being developed in Lagos, State.
The system is being sponsored by the Lagos Metropolitan Area Transport Authority (LAMATA) and is envisioned to consist eventually of seven lanes. The railway equipment including electric power, signalling, rolling stock and fare collection equipment will be provided by the private sector under a Concession Contract. LAMATA is responsible for policy direction, regulation and infrastructure for the network. The concessionaire is expected to generate a dedicated electricity. The Lagos light rail project is expected to take off in 2012. The first phase of the project commences from Orile to Mile 2. Recently, Lagos State Governor, Mr Babatunde Fashola, disclosed that the first eight kilometres of the blue line light rail project will be completed this year. The governor expressed optimism that the state will deliver on the blue rail line within the stipulated time as 90 per cent of the structural work on the project is already completed.
The idea of developing a light rail network for Lagos was revived by Governor Bola Tinubu in the early 2000s with a formal announcement of its construction in December 2003. The initial $135 million proposal was part of the greater Lagos Urban Transportation Project to be implemented by the newly formed Lagos Metropolitan Area Transport Authority (LAMATA).
LAMATA initially concentrated on developing a Bus Rapid Transit system, running from Mile 12 to Lagos Island. In 2008, LAMATA began also to make progress with the rail project, focussing initially on the Blue Line and the Red Line. Lagos Home Ownership Scheme (Lagos Homs) It has been noted that the greatest obstacle to achieving the goal of housing for all is the absence of enduring mortgage system. Harped with this information and having realised that provision of accommodation is by nature capital intensive and affordability implies that for low and medium income earners to be able to buy houses, there must be in place a mortgage finance system, the Lagos State Government is concluding plans any time from now to unveil a mortgage loan scheme tagged, Lagos Home Ownership Scheme, to assist the citizenry in meeting their shelter aspiration as well as facilitate the creation of long term and sustainable wealth.
The Lagos HOMS is a mortgage scheme that is completely funded by the Lagos State Government. Apart from providing the pool of houses, government also provide the funds for the mortgage facility being granted. The scheme affords first time home buyers who are resident in Lagos State the opportunity to own their homes. Features of the scheme include minimum of 10 years and maximum of 20 years tenor; facility amount which is subject to the 70 per cent balance of the cost of the type of houses purchased; 30 per cent minimum equity contribution; and low interest rates among others.
Alfa Beach Restoration As the issue of climate change continues to attract global attention, Lagos State is suffering its effect as the Alfa Beach once known as a tourist haven and other communities on the shoreline are gradually being washed away by ocean surge, which has been attributed to rise in sea level as a result of a large piece of ice from freshwater being broken from a snow-formed glacier or ice shelf and is floating in open water; and abandoned shipwreck.
As a result of this, Alfa Beach is fast eroding, putting the lives of millions of people and real estate developments in the corridor in danger. People living at Alpha Beach in the Eti-Osa Local Government Area of Lagos State have called on both the state and Federal Government to come to their aid over the continuous surge from the Atlantic Ocean, which has washed away part of the community. Although the Federal Government has promised to partner the Lagos State Government to find permanent solution to the surge and restore the beach, stakeholders are awaiting government to make its promise a reality. If restored as planned, people believe that the scheme will bring about a turnaround in the economy of the state in terms of tourism attractions and development of hospitality industry.
Trinity Mall, Ikeja The N359 million Trinity Mall is strategically located on the popular Obafemi Awolowo Way in Ikeja, one of the most accessible parts of the Lagos Mainland to provide shoppers and shop owners with a fresh experience in shopping. Initiated by Messrs OMAIS Investment Nigeria Limited, the construction of the mall commenced in July 2011 and it is expected to be completed by July 2012. The shopping plaza is being built to be owned by interested people who want to be part owners of the project. The mall is built with world-class facilities in addition with benefits that will attract the right people to what promises to be the ultimate shopping experience. The shops come in different types and space; and shop space ranges between 20 and 69 square metres, while the rate per square meter goes for N550,000.
Facilities put in place by the developer of the mall include transformer, 24 hours power supply, ample parking space to take about 400 vehicles at once; borehole and mini water treatment plant, security and CCTV/24 hour surveillance. To be a partaker of the modern shopping mall, a would-be shop owner is required to pay 20 per cent of the price as down payment while spreading the balance over a period of six months to one year.
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