Grenadines, Cappa D’Alberto sign N46bn Atlantic Towers
Coy to revive Kano groundnut pyramid market
Grenadines, an indigenous estate construction company and Cappa D’Alberto at the weekend signed a N46 billion 20-storey, four wing towers Atlantic Resort in Lagos.
The resort is located on Water Corporation Drive, off Ligali Ayorinde Street, Victoria Island, Lagos overlooking the Atlantic Ocean.
Speaking at the signing ceremony in Lagos, Mr Adeyinka Adesope, Managing Director and Chief Executive Officer of Palton Morgan Real Estate Investment Limited said apart from the fact that the new Atlantic Resort is a stunning beachfront development set in a tranquil area of Victoria Island, Lagos, comprising four towers and offering the best infrastructure, it would boost the nation’s economy as over 25,000 direct and indirect jobs opportunities would be on offer.
Adesope said work on the first phase of the project would commence in November this year through both onshore and offshore financing and international investors, adding that once completed, the sprawling estate would be tourist attraction. The project is expected to be delivered in 16 months, he said.
Adesope explained that after payment of 30 per cent of purchase price, the subscribers would deposit 10 per cent after three months of payment and another 10 per cent after six months of first deposit while balance is spread over 24 months.
The company’s chairman, Femi Olubanwo said that one of the visions of the company is to build an icon world project that Nigerians can be proud of, adding that the four wing 20-storey building is designed to deliver exceptional value to home owners, investors, tourists, and corporate institutions in search of suitable residences, or retail spaces within the financial nerve centre of Nigeria-Victoria Island.
Cappa D’Alberto Managing Director, Giovanni Mello Grand said that his company agreed to be part of the project because it is good and viable. An Abuja based real estate development company is set to revive the old groundnut pyramid market in Kano as work would soon start on the construction of 4,500 shops at the same site.
Rabi’u Sa’id, Director, M. N. Ataj Construction Ltd., the company handling the project, said his company, in partnership with Aventus Nig. Ltd recently purchased the land for the groundnut pyramid in Kano.
“We call it the Dalar Gyada land, and we purchased the land at a very good price from the Dantata family. We are designing about 4,500 shops in that market. That market is bounded by the entire business activities in Kano; you have the Kwari Market, the Sabon Gari Market, Kofar Ruwa Market etc.
“Our hope and dream is that most of these business activities that are being done in a very haphazard manner would eventually relocate to this place. The project is about to commence, we are working with the approving authorities, it is the actual site of the Old Dalar Gyada so we are calling it the Dalar Gyada Market, it will revive the pride of the north because that is where it all started,” Rabi’u said.
He added that M. N. Ataj will also remodel the Sabon Gari Market in Zaria, Kaduna State.
“It is the major market in Zaria. The government, desirous of remodeling about 13 markets in the state, invited for bids and we won for the redevelopment of the market. That project is at the design stage, we expect to have about 2,000 shops in that market. We are looking at about N2 billion for the construction of the market but we don’t have a selling cost right now,” he said.
A shopping plaza in Abuja.