Sunday, May 4, 2008

Lagos to Build ($3.5 billion) Eko Atlantic City. New Haven for the Super Rich

820 hectares Lagos ‘Atlantic City’ rises from reclaimed Bar Beach01 April, 2008 12:00:00
Succor may be coming the way of investors and business organisations faced with the shortage of land on Victoria Island as Lagos plans to reclaim over 820 hectares from the Atlantic Ocean.The land is for the development of what is proposed the next generation of property in Africa.The multi-billion naira development to be known as “ Eko Atlantic City” will combine residential, commercial, financial and tourist accommodation in a location to be serviced by a state-of-art, high-tech infrastructure.Business Day learnt last night that the nation’s leading financial institutions are jostling for a share of the pie via project financing.And the growing band of the rich in the city are hoping to be the landlords of what will easily become Africa’s most attractive pieces of property.The project, which will be bigger than the current size of Victoria Island, is to be developed by the Chagoury Group, one of West Africa’s leading construction firms under the public-private-partnership (PPP), an initiative that is fast gaining ground in this part of the world.The development would incorporate central waterway of 30- metre wide to provide water transport facilities connecting the marinas.Other facilities will include an international standard road network, surface drainage, dedicated electrical power generation plant with underground distribution, water supply, treatment and distribution mains, sewage collection mains with a modern treatment plant, a network of service ducts to provide IT services as well as post- construction maintenance and management facilities.

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