Gre­nadines, Cappa D’Al­berto sign N46bn At­lantic Tow­ers

Coy to re­vive Kano ground­nut pyra­mid mar­ket

Daily Trust - - PROPERTY - From Kay­ode Ekun­dayo, Lagos By Mu­likatu Mukaila

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.

Photo: Ikechukwu Ibe

A shop­ping plaza in Abuja.

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