Festac Phase II development Project is a project conceived by the Federal Ministry of Lands, Housing and Urban Development through its implementing agency, the Federal Housing Authority (FHA).
Learning from its experience in the Festac 77 Housing estate, which was directly constructed and administered through the Federal Housing Authority, the Federal Government decided to invite bid from the Private sector to develop the Festac phase II project and thereafter manage the estate on a build, operate and transfer (BOT) concession.
The federal Housing Authority in 2006 invited tenders from the private sector developers. The bidding advertisement require the clearing of land, sand filing, site demarcation of the estate. It also required the construction of mechanical sewerage water and electrical infrastructures after which the plots will be sold to prospective house owners on site an service basis. The idea has been upgraded to the development of a modern city based on the global village concept.
New Festac Property Development Company Limited won the bid as the preferred Concessionaire in 2006 and had put in a lot of effort in getting the project off the ground.
Following the approval of the Federal Executive Council (FEC), the Hon. Minister of Lands, Housing and Urban Development recently signed a record breaking Concession Agreement with New Festac Property Development Company Limited (NFPDCL), an indigenous Real Estate Company, to bring to fruition, a decade old dream of a world class city known as IMPERIAL CITY, complete with the best layout, planning, infrastructure and all the ultra-modern amenities on a 1,126 hectares of land in FESTAC TOWN Lagos State.
This development project is a private public partnership (PPP) arrangement initiated by the Federal Ministry of Lands, Housing and Urban Development (FMLHUD) through its executing agency the Federal Housing Authority (FHA) on a concession period of thirty years (30). This project was borne out of Federal government’s strong desire to structure a pragmatic approach towards addressing the lingering housing deficiency in Nigeria’s urban cities.
The development of this 1, 126 hectares of partial swampy land would be a seamless merge of commercial and residential developments. The concept is to create a carefully planned, top notch destination city in Lagos, which will include centralized standard business districts, residential areas, entertainment and recreational clusters with adequate supporting infrastructural services.
This major infrastructure and economic investment will also be a source of revenue for the Federal, State and Local governments, in addition to many job opportunities it will create for thousands of Nigerians.
Land Location and Size
The Festac Phase II project is to be located beside the present Festac Phase I on a land area of approximately 1,186 hectares in Ado Town. The land had been illegally encroached such that the number of hectares available may not be more than 1,000 hectares.
60% of these hectares are expected to be built up while 40% shall be used to accommodate green area park, road network/walkways, etc.
Facilities in Non Build-up Areas
Facilities to be provided using the un-build up areas shall include:
- Green Areas
- Service Areas
- Parking Lots
The Land Analysis is as follows
Size of Land (Hectares) : 1,126 Hectares