Composite Project Period

The total projected project period shall be 60 months from the date of project commencement. This is structured as follows:

Sand Filling:                                                    24 months

Infrastructure:                                                36 months

New Festac shall clear the site, demarcate, sand fill, compact and thereafter sell the land on a site and service basis. It shall therefore, supervise the development of the estate and subsequently manage the estate on a site and service basis.

Post Construction Management

Post construction management of the estate shall be structured as a Management Concession with New Festac Property Development Company Limited as the concessionaire. The post  construction management concession shall be for a concession period of thirty (30) years after which the ownership of the estate shall revert back to the Federal Housing Authority (FHA).

Parties to the concession

The following are expected to be parties to the Joint Agreement to be signed among the parties:

       I.        New Festac Property Development  Company Limited (FPDCL)              The Concessionaire

      II.        Federal Housing  Authority                                                                    The Grantor

     III.        Federal Housing Authority                                                                     The Owner

Parties to the Post Concession Management

The following are expected to be the parties to the post construction management concession agreement to be signed among the parties: