The A seven-member Presidential project monitoring team led by its director, Mrs. Sandra Fadeyi, has visited FESTAC Phase 2 project located in Amuwo-Odofin Local Government area of Lagos State.
The visit was a boost for the concessionaire, the New Festac Property Development Company Limited (NFPDCL).
Also on the inspection tour were some officials of Federal Housing Authority (FHA), led by its General Manager, David Kpue, the concessionaire with their consultants led by its Managing Director, Mr. Goody Egbuji. The FESTAC Phase 2 estate sits on 1, 126 hectares of land.
Before the commencement of the tour, officials of the NFPDCL, had at a meeting with the government team, made a visual presentation of the project, detailing all aspects of the project, including already completed site investigation studies and preliminary works, the status of ongoing reclamation work and some legal challenges that were standing as impediments to the advancement of the project. Several structures, mainly said to be illegal since they were built without the necessary approval from the FHA, were noticed by the team, especially a massive building erected directly on the main road and on a drainage channel, thus blocking some access routes, and causing disruption to the original master plan of the area.
At one of the sites, a member of the team, who declined to be mentioned because he is a civil servant, said the concessionaire has an up hill task ahead. Presently, the NFPDCL has commenced development works on the land, especially the sand filling and land reclamation aspects of the land. This is the second phase of development in the bigger land mass of Festac Town, whose entirety sits on a total land area of measuring 2, 024 hectares.
The first phase was developed in 1977 and served as home for visitors to the second World Black Festival of Arts and Culture (FESTAC) hosted by Nigeria in 1977.
Consequently, the concessionaire has assured the investing public of good return of investment (RoI) as the development would make the estate an investment haven. Already, the concessionaire explained that the estate would be second to none and for the discerning investor, FESTAC Phase 2 would be an unprecedented estate because of the planned facilities to be put in place. For instance, the serviced plots to be realised through the concession will be complemented with green areas, off street parking, power supply, petrol stations, shopping malls, hospitals, hospitality centres, well laid roads, water works, street lights, sewage disposal systems, and all necessary support infrastructure.READ ALSO – Is ‘FESTAC’ a lost cause?
“FESTAC Phase 2 has attracted strong interest from savvy investors who see beyond today in their investment decisions; this is why it is an investors’ and investment destination. There is an excellent location in here; the large population of Festac Phase 1 also makes for a ready market for any form of investment including schools, shopping malls, banks, eateries, and small and medium enterprises,” Egbuji explained.
Real estate operators have also expressed optimism that the development of the FESTAC Phase 2 will transform the entire axis into a modern city and yield great benefits both in the infrastructural and socio economic development of Lagos.
In September 2014, the federal government approved the concession of the Phase 2 of the FESTAC scheme to NFPDCL under a 30-year build-operate-and-transfer (BOT) lease agreement. Based on this agreement, NFPDCL, is undertaking land reclamation, sand filling, infrastructural development, marketing and sale of the over 7, 000 plots of land to be created from the reclaimed land.
Also, from the project, the Federal Government is estimated to earn N25.765 billion as premium and an additional N150 million ground rent annually for the 30 years of the concession.