The Elegushi Royal Family has revealed its plan for the establishment of a $300 million new Imperial International Business City (IIBC). The new 200 hectare city will be built on reclaimed Lagoon extension of the kingdom and will also be the first eco-friendly smart business city in Africa.
The Elegushi of Ikate Kingdom, Oba Saheed Ademola Elegushi laid out his vision about the city in his palace while receiving some American investors interested in the project. He said the idea of a smart business city will address the perennial housing deficit in Lagos state and also change the landscape of real estate in Africa.
The project which is a Joint-Venture between the Royal Family and Channeldrill Resources Limited will commence in April 2016 with land reclamation. According to the Chief Executive Officer (CEO) of Channeldrill, Mr. Femi Akioye, the project will be executed by some of the best drilling and architectural companies in the world.
“The Elegushi Royal Family has received approval for the expansion of the Ikate Kingdom by 200 hectares. It is the vision of the royal father, Oba Saheed Elegushi to create an international business city which will incorporate the work, live and play theme. The IIBC will expand the Ikate kingdom and also extend Lekki Phase 1. We are making use of the best dredging and architectural companies in the world to accomplish this feat,” Akioye said.
He said the Town and Regional Planning are being executed by Gensler Architectural Company, an American firm with global presence and United Kingdom based Grimshaw Associates. The dredging has also been contracted to two of the biggest dredging companies in the world, Jan De Nul –which is currently building Dangote Refinery- and Dredging International Limited, both Belgian companies.
According to Akioye, the imperial city when completed will boost of world class infrastructures and novel innovations. It will also consist of Residential Area (30 %), Commercial, Residential Area (10%), Business District ( 30%), Leisure & Entertainment (10%), Infrastructure ,road, recreation & green park (20%) and fibre optics telecommunications, sewage and fire service station.
Akioye: “Investors are already buying the off-plan allocation released by the Joint Venture and we are already at advance stage of the project. Our infrastructural plan will include, Lakes and water ways which will be used for internal water transportation within the city, it is also required for the city’s drainage system to prevent flooding. There will be office park which will include a shopping Mall with farmers’ fish & meat market, cinema and entertainment complex.
Two Hospital Buildings and a school other commercial areas will be sold to private investors. The office park will also have a Sports Complex. All these buildings we have a vegetated green roof to mitigate the urban heat island effect and all land owners will be encourage to use the same technology; there will also be a mini marina which can take at least 40 yachts.”