Home / ABUJA METRO / First co-development project launched at $18b Abuja Centenary City

First co-development project launched at $18b Abuja Centenary City

By JACOB KUBEKA, Abuja

The first co-development opportunity – The Grove, was formally launched on Tuesday by the major stakeholders in the $18billion Centenary City in Nigeria’s capital Abuja.

The launch also marked the beginning of the physical development of the Centenary City, located in the Wawa District, along Airport Road, Abuja.

A joint venture between Front Range Developers of the UAE and Centenary City Plc, the project is spread over a total construction area of 91,000 square meters and will have a total of 236units,comprising 5 bedroom terrace houses.

The objective of Tuesday’s launch was to bring in local investors who are interested in participating in the project, according to the lead partner for local investors on the project, Alhaji Alhassan Dantata.

Answering questions from journalists during the launch, Dantata disclosed that one of the landmarks in the Centenary City is the Buhari Tower which, when completed, will be the tallest building in Africa.

Alhaji Dantata (in white attire) addressing journalists. On his left is one of the consultants to Centenary City Plc, Dr. Okey Ikechukwu mni

Dantata said the edifice, standing at 326 feet, among other things, will host a five star hotel, offices, as well as recreational facilities

He added that each former and future leader of Nigeria will have a floor in the building dedicated to his (or her) tenure, for use as archives and presidential libraries.

The Grove is designed to feature a stylish and contemporary design, as well as landscaped gardens and a Club House with a gymnasium and swimming pool.

It offers direct access to Kuje Road and is within close proximity to Nnamdi Azikiwe International Airport and Downtown Centenary City proper where residents will have access to the retail, food & beverage and entertainment options at the Nigeria Mall to explore.

The project will be a prized investment for those seeking a premium residential lifestyle experience in a dynamic, multi-cultural community.

Dantata told journalists that the Centenary City, which was designed at the cost of $30m, is entirely private sector driven. It will have the capacity to provide residential accommodation for 140,000 people, and will create 250,000 daily jobs.

He said the city would have a central business district, a museum and cultural centre, to promote African arts. It will equally have forty world-class hotels, an 18-hole golf course, polo and country club, an international conference center, sports and leisure facilities, a safari park, educational institutions, healthcare and community amenities.

He assured that Nigerians on both high and low income levels will be able to own houses in the city through mortgage programs.

Executive Director of Front Range Properties of the UAE, Mr. Jaimal Shergill, explained during the occasion that the The Grove was being launched“after a thorough due diligence process and confirming all the approvals are in place in Centenary City.”

“This location is one of the most promising in Centenary City for its access to Centenary City’s lifestyle and entertainment hotspots, making it an excellent investment for buyers and investors. It is also near the Range Safari Park, the First Urban Safari Park, which is coming to Abuja soon,” Shergill added.

On his part, Dr. Odenigwe Ike Michaels, Jr., Managing Director of Centenary City Plc., stated: “we are pleased that our strategic partners from the UAE are acting on their convictions on Nigeria while others wait. This is because Centenary City has all the approvals to go ahead with the development of the project, the support of the Federal Government and the investment from UAE”.

He disclosed that “Front Range Developers, supported by Image Investments LLC, an Investment Company in the UAE, will soon demonstrate a faster pace of project development, with all phases of the Centenary City Project developing rapidly.”

It would be recalled that on August 8, 2018, the Managing Director of the Nigerian Export Processing Zones Authority (NEPZA), Mr. Emmanuel Jime, stated that all obstacles hindering the take-off of the Abuja Centenary Economic City Free Zone in Abuja had been cleared thus paving the way for its implementation.

Jime who noted that the Centenary City Abuja was conceptualized and initiated at the same time with Eko Atlantic City, assured stakeholders during his visit to the Sales Centre: “Most of the grey areas that have hindered the take-off have been cleared through the involvement of NEPZA with the FCTA, NIPC and other relevant agencies.”

Front Range Developers is a young dynamic real estate investment company based in the UAE. Established in 2017, the company’s diverse experience in the property market has enabled it to expand to include a portfolio of over 4.9 million square meters, with more than 10 productsunder various stages of development.

Front Range Developers is supported by Image Investments, LLC, a long-established UAE-based fund management and investment company, with  about US$500 million of discretionary assets under management, and an investor in several business sectors.

 

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