6 firms unveil Festac phase 2 project
The agents, mostly professional member firms of Nigerian Institution of Estate Surveyors and Valuers (NIESV) consisting of M. I. Okoro & Asssociates, J. Ajayi Patunola & Company, Osas & Oseji, Herbert Onodingene & Partners, Godwin Iteghete and Company and Sola Badmus & Company that form the consortium are marketing agents.
The consortium has been mandated to immediately commence sales with an introductory price of N25 million per plot size of 850 square metres for the first 100 plots as an incentive to encourage buyers but sale value would move to between N35 million and N40 million immediately after the first 100 plots are sold.
According to Dr. Okoro who spoke at the official presentation of the agents to the media, fully serviced plots would be handed over to prospective buyers within the two years stipulated while physical possession would be given to the purchasers within 24 hours after the completion of sand filling and other infrastructural facilities.
Okoro said the concept of New Festac Phase 2 districts is first of its kind in Nigeria in terms of appropriate land uses, zonings and regulatory arrangements.
“The entire districts have been zoned into high class, middle cum lower class residential scheme while adequate zoning arrangement has been made for commercial, residential, recreational, industrial, institutional and other complimentary uses, which is in tandem with town planning regulatory laws. The entire districts will be heavily decorated with ornamental plants, trees, shrubs and adequate green areas.
“The beauty of the New Festac Phase 2 district is that any buyer or investor will get a registered Deed of Assignment/Lease with 99 years term, which will be granted by the Federal Housing Authority (FHA) once the buyer has satisfied all the purchase requirements and fully recommended by the New Festac Phase 2 Property Development Company Limited whose tenure of contractual relationship with the Federal Government for the development of infrastructural facilities and management of same is 30 years with three years moratorium.
“There will be mortgage facilities for any buyer or investor who may need financial assistance for the purchase of land. The New Festac Phase 2 Property Development Company Limited has assembled some Nigerian banks led by Sterling Bank Plc for the purpose of providing mortgage facilities for buyers cum investors. So all buyers need is to approach the agents for them to be introduced to the banks. Meanwhile, Sterling Bank Plc is presently collaborating with the sales agents for possible referral of prospective buyers for financial assistance,” he noted.
According to Herbert Onodingene of Herbert Onodingene & Partners, what we have today is mere quarter of what the Federal Government mapped out for Festac Town development.
Onodingene stated that the Festac Phase 2 would be demarcated into Imperial City and Egolima District, adding that the Imperial City would be developed to be like the Banana Island in Ikoyi while the Egolima District was carved to cover those who are already in the land prior to this development model.
“There is provision for a gas turbine to supply electricity to the people in the area. There will also be a befitting drainage system for the nature of the city to be built as the drainage system in Festac Phase I has collapsed.
“Under the project, six prominent Nigerian-based estate surveying and valuation firms were appointed to handle the sales of Egolima District of Festac Phase 2 Imperial City measuring about 240 hectares of land comprising over 800 plots of land of various sizes and uses, which lies within the 1,126 hectares of Festac Phase 2 land concessioned to NFPDC in 2013 for 30 years with three years moratorium by the Federal Government,” Onodingene said.