PROPERTY NEWS

The Lagos State Development and Property Corporation will be busy in the coming weeks as it put finishing touches to two major projects, preparatory to their inauguration by Governor Babatunde Fashola.

First is the 90-unit luxury flat project at the Lekki Peninsula Residential Scheme II, which is meant to open up the area and accelerate development there, as many allottees are yet to move to site to commence development.

The other is the redevelopment of the old Adeniran Ogunsanya Shopping Centre in Surulere area into an ultra modern shopping mall.

Plans are also on to build the Adeniran Ogunsanya Entertainment Centre on 1,800 square metres of land at a cost N600m in the Surulere neighbourhood.

The Lekki II development began in November 2008 and consists of 15 blocks, each comprising six flats. Each flat has three en-suite bedrooms with separate maid‘s apartment.

According to the General Manager, Technical, LSDPC, Mr. Dapo Akinsanya, the flats are finished with top of the range quality materials with the kitchen featuring exotic imported cabinet, while the rooms are fitted with vitrified tiles for the floor areas and high end wardrobes and sanitary wares for the toilet and bathroom areas.

Each block of flats can conveniently accommodate 18 cars at a time with provision of three car parking spaces for each flat.

Akinsanya, who conducted journalists round the development on Tuesday, said that the neighbourhood centre at the entrance of the estate had provision for commercial activities and recreation by the residents.

The centre consists of the gym, barbing and beauty saloons, pharmacy, police post and estate maintenance manager‘s office. There are also the water treatment plant, generator house and playground for kids.

A total of 10 contractors are working on the buildings, with one each working on the infrastructure like roads, water and electricity.

Work is gradually moving towards completion in the estate with the end of April set as the delivery date of the N1.5bn estate, which sits on 1.76 hectares of land.

Our correspondent gathered that about half of the units had been sold even before construction work advanced, while the remaining units would be sold for N29.5m each, a price that is inclusive of three years‘ maintenance fees, insurance premium for three years and the legal fee.

Roads to and within the estate are built with interlocking paving stone because of the swampy nature of the terrain, while the corporation is also financing the construction of an additional access road from the Lekki-Epe Expressway.

Our correspondent gathered that the governor ordered the corporation to move to the site and commence developments so as to serve as a motivation to other allottees, who had stayed away from the scheme.

The corporation in partnership with a private firm, Messrs Top Services Limited, is similarly redeveloping the Adeniran Ogunsanya Shopping complex into a modern mall to accommodate more people.

Built in 1972 during the regime of Brigadier Mobolaji Johnson as governor of Lagos State, the old shopping complex has been redesigned into a modern shopping edifice and construction work on it has reached an advance stage of completion.

The Company Secretary/Legal Adviser, LSDPC, Mr. Babajimi Benson, said the new complex would cost overN2bn, noting that work started on it late 2008 and would be completed in May 2010.

He said that arrangements had been put in place to accommodate about 80 per cent of the old tenants as shop owners in the new shopping mall for a period of 25 years.

Benson said that more than 125 shops of various sizes had been made available under the new arrangement for people to buy into, while space was currently selling for N650,000 per square metre in the new edifice.

He hinted that different people, firms, food vendors, corporate organisations and banks such Shoprite, Samsung, KFC, Mr. Biggs, Ruff ‘n‘ Tumble, First Bank, Oceanic Bank, Stanbic/IBTC and others had already signified interest in the new complex.

On regular maintenance of the complex‘s facilities, the LSDPC‘s company secretary stated that the services of a world class facilities manager would be sought, disclosing that more than 10 firms were already jostling to take the job.

On completion, the shopping centre will encompass shops of different sizes and food courts in a separate area as well as multi-storey car parks to accommodate 250 cars.

The complex boasts facilities such as steady electricity supply, generating plants, water supply, fire safety equipment, security, toilets, information centre, escalators and common area etc.

The corporation has also entered into an agreement with Integrated Property Company to develop a befitting entertainment centre in the same neighbourhood.

The Adeniran Ogunsanya Entertainment Centre will have three cinemas on the last floor, while the ground and first floosr are to accommodate eateries, 60 shops and Internet cafes.

The Project Architect ofIntergrated Property Company, Mr. Kayode Bamisile, promised to complete the construction of the centre before the end of 2010.The maintenance of the centre, he said would be handled by Integrated Facility Managers, while First Bank Plc was the major financier to the project.

Other facilities in the centre include constant power supply, ample car parking spaces and security.