Determined to reduce the housing deficit in Lagos, a $300 million Smart City will soon berth in Lagos.
The Smart City promoted by the Eleushi Royal Family and a private developer is coming to quench the appetite of having one’s home within his business area.
Explaining the project expected to cost a whopping $300 million, Mr. Femi Akioye, Managing Director and Chief Executive Officer, Channeldrill Resources Ltd, developers and promoters of the city in Lagos at the weekend said it would afford low income earners in Lagos to live in the city even when they cannot ordinarily afford the cost. He said the project is the product of the vision of HRM, Oba Saheed Ademola Elegushi and Channeldrill Resources Ltd who are the joint developers of IIBC.
The IIBC by projection is gaining traction as a new residential and investment destination that holds compelling opportunities for savvy and patient investors with long term view of the property market.
According to the promoters of the ambitious project, it would be developed into a world class state-of-the art reclamation design that can boast of flood resilient platform level, stable and sustainable water edges with settlement control.
By the projections of the promoters, barring any unforeseen circumstances, the developers of the new $300 million Lagos smart city, Imperial International Business City (IIBC) have promised to deliver the completed project in 2021.
Touted to be the first eco-friendly smart business city in Africa, the 200 hectare city, which is a Joint Venture between the Elegushi Royal Family and Channeldrill Resources Limited commenced in April 2016 with land reclamation, involving dredging between two and 2.5 metres above sea level.
Speaking on the progress made so far, Akioye said the future developments of the Lekki Free Trade Zone, would only increase the demand for comfortable homes within the axis.
“Our infrastructural plan include lakes and water ways which will be used for internal water transportation within the city, it is also required for the city’s drainage system to prevent flooding.”
Also speaking, Director Maritime Projects, Royal Kaskoning DV, Mr. Roland Stive, said the company is adopting a state of the art reclamation design without silt, coarse and angular quartz as well as flood resilient platform level, stable and sustainable waters edges and settlement control in the project.
Being the first eco-friendly smart business city in sub-Saharan Africa, the project tagged Imperial International Business City (IIBC) and promoted through a joint-venture between the Elegushi Royal Family and a private developer, Channeldrill Resources Limited will be the pride of the country at completion.
According to the promoters, proposed scheme could be accessed through three locations: Freedom road through Lekki Phase 1 (Lekki Third Roundabout); Kunsenla Road by fourth Roundabout of Lekki-Epe Highway and Oba Saheed Ademola Elegushi Road by spare supermarket before Jakande. Another access road is being planned through Femi Okunu by Jakande roundabout.
Specifically, IIBC will be bankrolled through British Foreign Direct Investment of about $300 Million and off plan sales. The city will be zoned into residential, mixed used and commercial areas. Each zone will have low, medium and high density area as well as lagoon/water view area.
About 60 plots are now in the market. The first sets of investors are buying 65,000 per square metres (sqm)plot at N42 million. The project offers different plot sizes. The minimum plot size is 650 sqm.
“The project is the vision of the royal father, Oba Saheed Elegushi to create an international business city which will incorporate the work, live and play theme. The IIBC will expand the Ikate kingdom and also extend Lekki Phase 1. We are making use of the best dredging and architectural companies in the world to accomplish this feat,” said Akioye.
The new city plans to integrate smart techn