The Elegushi Royal Family has revealed plan for the establishment of a $300 million new Imperial International Business City (IIBC). The new 200 hectare city will be built on reclaimed Lagoon extension of the kingdom and will also be the first eco-friendly smart business city in Africa.
The Elegushi of Ikate Kingdom, Oba Saheed Ademola Elegushi laid out his vision about the city in his palace while receiving some American investors interested in the project. He said the idea of a smart business city will address the perennial housing deficit in Lagos state and also change the landscape of real estate in Africa.
The project which is a Joint-Venture between the Royal Family and Channeldrill Resources Limited will commence in April 2016 with land reclamation. According to the Chief Executive Officer (CEO) of Channeldrill, Mr. Femi Akioye, the project will be executed by some of the best dredging, town planning and architectural companies in the world.
“The Elegushi Royal Family has received approval for the expansion of the Ikate Kingdom by 200 hectares. It 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,” Akioye said.
He said the Town and Regional Planning are being executed by Gensler Architectural Company, the second biggest town planning and architectural company in the world and an over 120 global award winning United Kingdom based Grimshaw Associates. The dredging has also been contracted to two of the biggest dredging companies in the world, Jan De Nul –which is currently building Dangote Refinery- and Dredging International Limited, both Belgian companies.
According to Akioye, the imperial city when completed will boost of world class infrastructures and novel innovations. world class hospitals to be managed by global hospital brands with air ambulance, golf course, a cloud enabled security monitoring center, 24/7 electricity so residents won’t have to buy generators. It will also consist of Residential Area (30 %), Commercial, Residential Area (10%), Business District ( 30%), Leisure & Entertainment (10%), Infrastructure ,road, recreation & green park (20%) and fibre optics telecommunications, sewage and fire service station.
Akioye: “Investors are already buying the off-plan allocation released by the Joint Venture and we are already at advance stage of mobilizing to site. He also said that the off-plan sales will end at the end of the month. Our infrastructural plan will 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. There will be office park which will include first smart shopping Mall in Africa, cinema and entertainment complex.
Speaking further on the project, the king told the American investors that IIBC shall be a structured city where the zoning regulations will be strictly followed, He said religious buildings and schools and hotels will only be allowed within the commercial zone of the city. The office park will also have a Sports Complex. All these buildings will have a vegetated green roof to mitigate the urban heat island effect and all land owners will be encourage using the same technology; there will also be a mini marina which can take at least 40 yachts.”