$3.5 billion earmarked for Abuja City Center development

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Artist perspective of Abuja City Center expansion project to include four hotels, residential houses, offices and retail centres. Artist perspective of Abuja City Center expansion project to include four hotels, residential houses, offices and retail centres.

According to Nigeria's Minister of Federal Capital Territory (FCT), Senator Bala Abdulkadir Mohammed, construction work on the Abuja City Center expansion project is set to start in May this year at a cost up to $3.5 billion.

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It was announced last week during the investor’s presentation to the Federal Capital Territory administration’s team at the Banquet Hall of the minister’s residence in Abuja.

The development is expected to boost economic growth in Abuja and West Africa sub region.

The project will be executed by an international developer, Chicason Group in collaboration with the Eagle Hills.

Eagle Hills Executive Director-Africa, Jaimal Shergill said the two phased construction project will be laid on a 17hectares of land, which will include four international hotels, residential houses, offices, shops as well as condominium.

According to the Senator Mohammed, Abuja City Centre construction project will be of a mixed-use development and is set to generate about 10,000 jobs, and impact positively, the country’s economy and that of FCT administration.

“The land premium as well as the development control charges accruable to the FCT administration would be used as its equity contribution to the project. In addition, the investors would construct a National Mall at the cost of $40 million at no cost to the FCT administration,” he said.

Read more on:

Property Investment in Africa  |  Eagle Hills  |  Nigeria Property Market  |  Abuja Property Market  |  Bala Abdulkadir Mohammed  |  Chicason Group  |  Jaimal Shergill

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