An independent real estate business club leveraging on the power of numbers in expanding wealth creation possibilities among members through real estate investment has move to seal a deal with the promoters of FESTAC Phase II project.
Discussion has already begun among the two parties, which will see Perfection Real Estate Investors Cooperative taking a chunk of the plots in the 1,126 hectares of land in Egolima District beside 7th Avenue, Festac Phase 1, promoted by New Festac Property Development Company Limited, (NFPDCL). Also the Federal Government approved the concession of the Phase II of the Festac scheme to NFPDCL under a 30-year build-operate-and-transfer, BOT, lease agreement.
Based on this agreement, NFPDCL is undertaking land reclamation, sand-filling, infrastructural development, marketing and sale of the over 7,000 plots of land to be created from the reclaimed land.
The Federal Government is expected to reap N25.765 billion from the project as premium and an additional N150 million ground rent yearly for the 30 years of the concession.
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