✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Second Festac Town coming after 37 years

But at the time Festac Town was conceived, it was to have a second phase that would see a massive town comprising huge estates that…

But at the time Festac Town was conceived, it was to have a second phase that would see a massive town comprising huge estates that would sit on over 2000 hectares of land stretching from the current Festac Town at Mile 2, extending down towards Iyan Oba.  
The concept of New Festac phase II districts is unique in terms of appropriate land uses zonings and regulatory arrangements as it will be a Public Private Partnership (PPP).
 The entire districts have been zoned into high class, middle cum lower classes residential scheme while zoning arrangement has been made for commercial, residential, recreational, industrial, institutional and other complimentary uses which is in tandem with town planning regulatory laws. Developers say the entire districts will be heavily decorated with ornamental plants, trees, shrubs and adequate green areas.
 The New Festac phase II concession agreement was handed to the Vice Chairman of New Festac Property Development Company Limited, Sir, Isaac Chuks Friday, September 12 , 2014 by the Minister, Lands, Housing and Urban Development, Mrs Akon Eyakinyi.
The concessionaire in turn appointed a consortium of reputable property developers to exclusively market the town.
The consortium comprised M.I.Okoro & Asssociates, J.Ajayi Patunola & Co, Osas & Oseji, Herbert Onodingene & Partners, Godwin Iteghete & Co, and Sola Badmus & Co.
Dr. Mekson I. Okoro, on behalf of the consortium, who briefed the press in Lagos on the property, said Festac Phase II would comprised two estates – Egolima District of Festac Phase II and Imperial City measuring  about 240 hectares of land  comprising over 800 plots  of land of various sizes and uses which lies within the 1,126 hectares of Festac Phase II land.
He said the concession done in 2013 is for 30 years with 3 years moratorium.  
“The concessioning contract includes but not limited to land reclamation, sand filling, infrastructural development, marketing /sale of over 7000 plots of land to be created from the reclaimed land, and facility management for the 30 years period of the concession before the whole estate would revert to the Federal Housing Authority.
“New Festac Phase II Company has already  secured the co-operation of investors from UK, Ukraine, China, Israel etc. as well as the international and Nigerian banking cum financial groups for the timely and effective execution of this project which all of us believed would spring up a mega estate with the  accompaniment of all necessary infrastructures and modern amenities including road networks that will provide linkages to the Murtala Mohammed International  Airport Ikeja, Lagos and other areas while both railways and water channels would also be created to compliment road movement and other transportation potentials.”
According to Okoro, it is through PPP concessioning arrangement like this that Nigerian Westlands would be developed while the highest and best uses of such lands will be attained.
 He said: “if it is possible for the Arab Emirates to create Dubai from heavily sandy deserts, Westlands which has turned to the world’s best business destinations, then it is further possible for New Festac Phase II Company to create for Nigerians a new Dubai in Festac corridor.
“Again considering the present massive world class road and rail networks linking Benin Republic with Nigeria up to Iddo in Lagos, the potential values of the present Festac lands and immediate environ would automatically be released, in other words, once these new roads and rail are fully commissioned by the Lagos State government, all the lands within this corridor will appreciate immediately as there will be no more traffic jams.
“The Consortium has been mandated by the management of New Festac Phase II property Development Company to immediately commence off plan sales with an introductory price of 25 million (Twenty Five Million Naira Only)  per plot size of 850m2 for the first hundred(100) plots as an incentive to encourage buyers but price of sale value would move to between N35million to N40million immediately after the first 100 plots while  physical possession would be handed over to the purchasers within 24 hours when sand filling and other  infrastructural facilities are fully put in place. The general public therefore has nothing to fear as the plots will be fully serviced and handed over to them within the two years stipulated.
  “The beauty of the New Festac  Phase II district is that any buyer or investors will get a Registered Deed of Assignment /Lease with 99 years term which will be granted by the Federal Housing Authority (FHA) once the buyer has certified all the  purchase requirements and fully recommended by the New Festac Phase II Property Development Company Limited whose tenure of contractual relationship with federal government for the development of infrastructural facilities  and management of same is 30 years with 3 years of moratorium period.”
He noted there will be mortgage facilities for any buyer or investors who may need financial assistance for the purchase of land.
The New Festac Phase II property development company limited has assembled some Nigerian banks, led by Sterling Bank Plc, for the purpose of providing mortgage facilities for the buyers cum investors.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.

UPDATE: Nigerians in Nigeria and those in diaspora can now be paid in US Dollars. Premium domains can earn you as much as $17,000 (₦27 million).

Click here to start earning.