One of the leading real estate developers in Sub-Sahara Africa, Rendeavour, said it has committed $250 million into building infrastructure at Alaro City being built within the Lekki Free Zone area of Lagos, while an additional $1.5 billion will be invested in building structures.
The real estate firm, which is developing seven cities in Nigeria, Kenya, Ghana and Zambia, says Alaro City, a partnership project with the Lagos State Government, would address housing deficit, provide hundreds of thousands of jobs and also tackle flooding which is a major nightmare for people living in Lekki, Lagos.
Recall that the immediate past governor of Lagos State, Akinwunmi Ambode, flagged off the city project in January.
Speaking at a media parley in Lagos on Wednesday, Rendeavour’s Head of Communications, Tim Beighton, revealed that the Alaro City would provide direct and indirect employment for 200,000 workers, he also stated that 60,000 residences will be built in the city.
Beighton added that the issue of flooding which has become a major concern for the residence of Victoria Island, Lekki, Ajah and other adjourning areas would not surface in the smart city.
He revealed that the company is devising modern technology to tackle flooding assuring residents and investors that the city is safe from being submerged by flood.
“One of the measures we are taking against flooding is that we will not allow people to build on drainage, and we are also laying underground perforated pipes that take away the water and leaves the dirt on the surface.
“The underground pipes take the water away to a larger channel. What we are doing is that we are encouraging our water flow to go in a more aggressive direction out of the development.”
Beighton further noted that one of the unique features of the project is its citing within the Free Zone areas which makes business activities inside the city free from government taxes and levies.
“Businesses in the LFZ are exempt from all federal, state and local government taxes, levies and rates while operating in the zone. Some of these taxes include: Value Added Tax (VAT), Withholding Tax (WHT), Company Income Tax and Custom/Import Duties. This has also been identified as a magnet for investors in Alaro City,” he added.
The Alaro City is an inclusive mixed-use, city-scale development with master-planned areas for offices, logistics and warehousing, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces.
Rendeavour and Lagos State Government, through their subsidiary, North West Quadrant Development Company (NWQDC), have planned Alaro City as a 2,000-hectare, market-led project.