New Festac Property Development Company Ltd. (NFPDCL) is a real estate development Company, with a vision to build inclusive, dynamic and creative city that will benefit the people and society. Its mission is to incubate, promote and scale urban innovations through collaborative partnerships with government and other competent dynamic companies home and abroad.
New Festac Property Development Co. Ltd, a Consortium led by Fung tai Engineering Co. Ltd bided in response to the advertisement published in the punch News paper of Monday June 19, 2005 and was chosen after due consideration as the preferred concessionaire to reclaim, sand fill, develop and provide infrastructural facilities to Festac phase II. Since 2005, New Festac Property Development Co. Ltd and Fung Tai Eng. Co. Ltd have worked tirelessly in making all necessary arrangements geared towards the actualization of the project.
It is also important to mention that proper due diligence has been followed and certificate of no objection and letter of concurrence has all been issued by Bureau for public procurement and infrastructure concession regulatory commission respectively.
In May 2012, Mr. President and commander in Chief of the Federal Republic of Nigeria approved the concession of Festac phase II project to Messrs New Festac property Development Company Ltd led by Fungtai Engineering Co. Ltd and was finally ratified by the Federal Executive Council in March 2013.
Festac Phase II Project is located at Festac area of Lagos State, Nigeria with a population of about 20 Million people. The project involves the degrooving, reclamation/sand filling of Festac Phase II swampy land, provision of Infrastructures and to transform the 1,126 hectares of land into a Mega City. The total estimated cost of executing phase 1 and phase 2 of the project is about $1.5 billion dollars
The Federal Ministry of Lands, Housing and Urban Development issued a letter conveying approval of the concession to the concessionaire by the Federal Government of Nigeria on 8th April, 2013.
For the new Festac project, a total area of 1,126 hectares of land was concessioned to NFPDCL.
NFPDCL is expected to de-groove, dredge and reclaim, design and develop infrastructure, sale and manage Festac phase 2 for a concession period of 30 years with a 3 years moratorium.