By Yinka Kolawole
President Goodluck Jonathan has commended the Rivers State government on the ongoing N40 billion Rainbow Town Estate project in Port Harcourt, initiated by the state in partnership with First Bank of Nigeria Plc.
Speaking during his recent visit to the state, the President noted that the project is a model in urban renewal development, urging other states to take a cue from the Rivers State government.
The Rainbow Town project which was initiated by Governor Rotimi Amaechi to solve the housing shortage in the state capital and revitalise depressed neighbourhoods, is located near the Trans Amadi business and industrial district of Port Harcourt and is being developed by CityScape International Development Plc, WTF, JDP, Master Services and Costain.
Activities leading to the construction of the project was flagged off about two years ago when the Rivers State government entered into partnership with First Bank to finance the premium mixed-use development.
According to a statement, the highlight of the presidential tour, conducted by the Managing Director, Rainbow Town Development Limited, Mr. Chima Ucheya, was the inspection of a model three-bedroom unit showcasing the different construction systems and technologies, and brief narratives on the projectâ€˜s history, economic and shelter objectives.
The development comprises 1,117 units of housing of various types, including units of one bedroom penthouse to five bedrooms located in 25 residential towers, terraces and detached house types that offer a variety of lifestyles.