By Kingsley Adegboye
The first set of residential buildings at Eko Atlantic City would be occupied in the next 20 months. Eko Atlantic City is a 10 million square meters self sustaining city located beside the popular Lagos Bar Beach along Ahmadu Bello Way, Victoria Island.
Already, some investors in the multi-billion dollar city which was reclaimed from the Atlantic Ocean and officially flagged off last month by President Goodluck Jonathan, have completed piling works awaiting the actual construction which is expected to commence in the next two months.
The Managing Director, South Energy X Nigeria Limited, Mr. David Frame told the visiting President of Republic of Lebanon, Mr. Michel Suleiman, that the company has sand-filled over 50 per cent of the entire city. Similarly, out of a total of eight and half kilometres of sea walls, company has done three and half kilometres’’.
On funding, Mr. Frame said: ‘’All I can say in terms of funding of the project is that we have spent a substantial amount of money. We have paid back the money which was sourced from local banks in Nigeria while investors have purchased almost all the plots of land in phases one and two’’.
According to him, the total number of plots in phase one is 2, 400,000 square metres, while the total number of plots in phase two is about two million square metres. He pointed out that there are only seven plots unsold in phases one. ‘’In terms of infrastructure in the city, we are generating and distributing power with all the cables underground. We are putting in place water supply and sewage as well as water treatment plant schemes.
‘’ We will have an extension of network of fabroitic cables for active services. Construction of buildings has already started with the piling before foundations almost completed by some investors. The construction of super structures will start in a month or two from now. It is eighteen months project. In other words, in a question of two years from now, the first set of houses would have been completed and occupied’’. South Energyx boss noted.
Explaining that the city would be developed in six phases, Mr. Frame said phases one to five will comprise mostly residential and commercial areas, the sixth phase will be dedicated to all the utilities in the city such as power generating house, sewage and treatment plant house.
One of the investors who has commenced work at the site is Eko Pearl Nig. Ltd. The company is constructing Eko Pearl which is a 24-storey residential tower located on the habour front of the city.
According to the investor, residents of the luxury tower will enjoy uninterrupted views of the water as they take in the endless breeze from the ocean. In addition to living in the newest prime area of Lagos, residents, he said, will enjoy first class infrastructure facilities.
The Lebanese President was on tour of Africa with focus on West Africa. According to Frame: “He is here to see what we are doing with regard to the construction of Eko Atlantic City. He is here to celebrate with us for embarking on a project of this magnitude. Basically, he is very happy to visit Africa because to him, Africa is head of operations for Lebanon.
‘As you are aware, there are many Lebanese expatriates working in Nigeria. So, it is an opportunity for the president to visit Nigeria to see the multi-billion dollars project being developed by South Energyx Nigeria Limited, a company owned by the Chagouri brothers who are citizens of Lebanon. He is very impressed about what he has seen. He said he is looking forward to when the project will be executed.”