Just few months to his departure ,Gov Gabriel Suswam over the weekend laid foundation for the construction of a mini estate and an ultra-modern shopping mall in an outskirt adjoining the Federal Capital Territory (FCT). The shopping mall and the estate, THISDAY gathered, are to be built in phase1 and phase 2 strategic plans using the Public Private Partnership (PPP) strategy.
Suswam commended the management and staff of the state-owned investment outfit for their ingenious foray into property and real estate business especially in the face of depreciating global oil prices.
The Governor while speaking at the foundation laying ceremony, said the facility when completed, shall provide 79 shops of varying sizes, a restaurants, banking hall, while the mini estate would be made of a total of 52 modern housing units compromising 28 nos 2 bedroom and 24 nos 3 bedroom apartments expected to accommodate over 500 families. He called on the state indigenes to rise up to challenges of setting up businesses adding that there is there is need for the indigenes to assert themselves in business by engaging in legitimate businesses to make their stay in FCT here meaningful.
In a remark, the Chief Executive Officer (CEO) of BIPC, Mrs Brigid Shiedu, hinted that the company's strategic investment into real estate development was to ensure that it is not adversely affected by the global economic recession and therefore had to diversify her revenue generating windows by playing active role in the real sector with plans already in pipeline to also go into agriculture, mining and industrialization.
According to her, the shopping mall which will be executed by Messrs Design Stages ltd will be carried out on contract basis while developers are still being sought to partner with the company on its residential apartments on PPP basis. Shiedu added that the shopping mall is the first phase of the development while the mini estate will come as phase 2 when the development partners are sourced.
In his contribution, the Chairman of the company, Gen. Atom Kpera (rtd), noted that the plot on which the development will be built was initially allocated to Lobi Bank Nigeria ltd in 1992, which was initially called one man village as it was another remote location in the outskirt of the FCT.
He stated that that it was after its liquidation by the Nigerian Deposit Insurance Company (NDIC), that the state government acquired the plot and the titled transferred to BIPC.
He said: "BIPC has over the years acquired a strong reputation in real estate development, having evolved in a culture of real estate functionality and sustainability since the 1980s. This reputation will be brought to bear on the landmark project we are witnessing its foundation laying ceremony today.
