The ongoing “La Plage” Lekki Business District project in Lagos State has received a N5.5 billion credit facility from Unity Bank Plc.

The project developers, Uren Stirling Civil Engineering Ltd, disclosed this in Lagos on Monday. Briefing newsmen at the project site, the company”s head of marketing services, Mrs. Temitope Opeaye, said that the bank was the major financier of the project with a total cost of N10 billion.

She said that other financiers of the project were Standard Chartered Bank, GTHomes and FBN Mortgages. Opeaye said that with the new credit facility, construction work at the site would be completed within 20 months.

She said that the project, located within the Lekki Maiyegun tourism zone of Lagos, would comprise 4,007 shops and 320 offices. The marketing executive said that individuals, cooperatives and businesses were welcome to be part of shop owners in the new business district.

She said that mortgages were available for qualified purchasers through Standard Chartered Bank, GTHomes and FBN Morgages. Opeaye disclosed that 10 hectares of land had been acquired by the company for the project which, according to her, is also being supported by the Lagos Water Front Development Authority.

She said that the company would provide a multi-storey car park, a loading bay, refuse and waste treatment plant, entertainment lounge, restaurant, a games arcade and high-tech security system in the district.

The district would have 24-hour electricity supply from the company”s proposed 32 million-dollar independent gas power plant which would generate 20 megawatts of electricity. Opeaye said that the power project would be financed by the company’s overseas partners. She described the response of prospective buyers of the project as “amazing”, adding that the project would totally change the landscape of the Lekki coastal zone.

The marketing executive said said the company planned to build a five-star hotel, a residential estate and recreation park with the district under the second phase. Opeaye said that the project was in line with the Lagos State Government’s drive to develop world-class infrastructure along the Lekki corridor to promote greater economic activities among its citizenry.

She said that the business district would help to reduce the enormous traffic problems on the Lekki road as residents in the area would be able to do their businesses without necessarily going to Lagos and Victoria Islands.

Opeaye further said that Uren Stirling Construction company had more than 40 years experience in construction and property development in Nigeria. “We are a tested and trusted property developer with adequate capacity to deliver on promise and we are ready and empowered to transform the face of the Lekki axis,” she said.