Investment

A Private Investor Takes Over $3.5b Abuja City Project

The Nigerian government has given more than twenty one hectares of land to a private investor, Chicason Group for the development of the Abuja city centre project.

The Land for the three point five billion dollars ($3.5b) worth project was handed over to Chicason Group by the Executive Secretary, Federal Capital Development Authority, Alhaji Adamu Ismaila to enable it begin construction work on the site.

Ismaila who represented the FCT Minister at the occasion, said the Abuja city center project which is for a mixed-use development is expected to define the character of the new Federal Capital City.

"The project, which is to attract a private investment of N700 billion (about 3.5 US Dollars) will comprise of a National Mall, condominiums, shopping and office complexes, 5-Star hotels and recreational facilities".

He also said that the architectural philosophy of the project is in tandem with the contemporary design concept of Work, Live and Play.

Apart from providing critical infrastructure for Nigeria's Federal Capital Territory, the Minister noted that the Abuja city center project is also expected to generate over ten thousand (10,000) direct and indirect jobs.

The FCT Minister confirmed that since the declaration of interest by the investors, government had been able to execute a development agreement with the consortium and has also incorporated a special purpose company, 'City Centre Development Limited', to execute, operate and manage the Abuja city center project.

Senator Mohammed further confirmed that the consortium had obtained the approval of the Development Control Department, after it finalized the structural and other associated designs of the City Centre in addition to securing robust technical and financial partnerships for the effective execution of the project.

Senator Mohammed thus paid tribute to President Goodluck Jonathan for his commitment and transformational leadership in the development of the Federal Capital Territory.

In his remarks, the Chairman of Chicason Group, Chief Chika Okafor noted that the Abuja City Centre project is designed to be a premium mixed-use real estate development with multiple towers including Upscale Residential, First Class Developments for offices and retail spaces, 5-Star Hotels and a World Class National Park at the centre of the development.

"Our development partner in the project, Eagle Hills of Abu Dhabi is a world class premier developer and a related company to the EMMAR Group with signature developments in Dubai, Singapore, USA, UK, Malaysia, Turkey, Egypt, Belgrade etc", he added.

The Chicason Group Chairman assured Nigerians that, with the handover of the land to begin real construction work, the Abuja city center project launch work would be carried out later in the year when the sales centre and show room will be ready.

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