The promoters of Imperial City, a new work and live-in community, evolving on the shores of the Lagos Lagoon, are certain that investors will reap a hundred per cent returns on their investment. The city, conceived as a sustainable and green, is being built at a cost of over $300 million.
The first earthworks have started at the evolving Imperial International Business City on the shorelines of the Lagos Lagoon and will last for five years.
Dredging and shoreline protection works have started at the prime city being built on 200 hectares of land.
The city development is being promoted through a joint venture arrangement between HRM, Oba Saheed Ademola Elegushi and Channeldrill Resources Ltd.
At the end of the day, the cost of developing the city will come close to $300 million, said the Managing Director of Channeldrill Resources Ltd, Mr. Femi Akioye, at the presentation of the city project to the media in Victoria Island, Lagos, recently.
Imperial International Business City is situated in the neighbourhood of Lekki Phase I. There are three access roads to IIBC presently; Freedom road through Lekki Phase 1 (Lekki Third Roundabout); Kunsenla Road by 4th Roundabout of Lekki Epe high way; and Oba Saheed Ademola Elegushi Road by spare supermarket before Jakande. Another access road to be constructed will be through Femi Okunu by Jakande roundabout in the future.
The city is split into zones. The low density residential area has different plot sizes: 650sqms, 800sqms and 1000sqms; but commercial and mix-use zones have larger plot sizes. The low density residential plots were sold at N75,000 per square metres, Akioye said. “Right now, we do not have any left. But in March and April we may open some areas.”
The residential zone has low, medium and high density areas and all facilities are planned with an eye for the future, Akioye said. “The kind of infrastructure we are putting there will last for 40 to 50 years; underground drainage, waterways.
The will use the best technology to make the city flood-free. We are actually dredging at 2 metres to 2.5 metres above sea level. So, we are not going to have flooding problem. We are going to have shoreline protection.
The roads are going to be built to suitable for sport cars. It is conceived as the first self-sustaining eco-friendly smart business city that will be built in Africa.”
He said the reason they are building water ways was because “the city is on the Lagoon and we are building smart and for the future.
Waterway transportation is going to open up Lagos State and we are working very closely with the government on this such that within the city you can take your boat through the waterway and join the Lagoon. We are going to have sewage treatment and management plant.”
There will be central supply of gas for cooking and this would be piped to individual homes. Also, electricity in the city would be gas-powered and would be complemented by solar-powered electricity.
He said the city’s development officially began in August last year and that the promoters are hinging the success of the project on the position of Lagos as the commercial hub of Nigeria and West Africa and on the increasing investments on the Lekki-Epe axis of the state.
The Elegushi Royal family, he said have “permission from the Lagos State Government to extend their Kingdom to the Lagoon waterfront by 200 hectares.
“We have started building but it is going to take until 2031. The advantage that we have is that we are building a city from the scratch and this gives us an opportunity to build for the future. To do this, you have to build smart, you have to build green to keep people healthy,” he said.
There would be central security in the city and a big shopping mall, and the first 6-Star hotel in Africa, which would be built by foreign investors.
The city will have roads with walk and bicycle way; waterways and lakes within the city; underground drainage; sewage treatment; water and water treatment plant; independent gas fired electricity and cooking gas piped to every house; fibre optics cable; cloud enabled Communication network and smart city/house infrastructure for willing subscribers; Mini marina and water park; Mini Gulf course; Perimeter Fencing; First Smart Shopping Mall in Africa; cloud-enabled 24 hours spy-eyed security connected to a central security center; Private Data center; and world class hospital & recovery resort within a dedicated Healthcare Zone.
The project Consultants and contractors are: Dredging Company- Dredging International Limited- Belgium; Marine engineer and reclamation consultants- Royal HaskoningDHV- Netherlands; Infrastructure engineering consultants – Mott Macdonald- United Kingdom; and Master and town Planner- Gensler associates – United Kingdom.
At the presentation last week were, a representative of the Elegushi Royal family, Mr. Benson Evboren; the contractors, Mr. Ronald Stive, Director, Marine Projects, Royal Haskoning DHV; Mr. Geert Hendriks, Associate Director, Marine Dept, Royal Haskoning DHV; Group Chief Executive Officer, Kedari Capital Limited, Mrs. Ife Fashola; and Mr. Stefaan Van Velthoven of DEME.