Abuja Centenary City: Construction Work Begins on Phase I of $180.6bn




Construction works have begun on the first phase of the centenary city  in Abuja, a  project which would cost a whopping sum of $180.6 billion with a completion period of ten years or more.

Addressing journalists on Tuesday in Abuja, the Executive Director, Eagles Hill, Mr. Jaimal Shergill, said the first phase of the project  would be completed in four years.

According to him, the first phase named ‘The Address and Residence’ would offer a combination of residential and hotel spaces, spanning across 25 hectares of land with world class amenities, restaurants and more.

He added that ‘The Address’ would bring its five-star services to elevate the city’s standard of living with luxury villas featuring four to nine bedroom units.

Despite being a Public Private Partnership (PPP), Shergill explained, the centenary city, as a free trade zone, would be exempted from both federal and state taxes, pointing out that it would also be exempted from the Federal Capital Territory (FCT) property tax.

The executive director revealed that  87, 000  jobs would be created. “In addition to that, ‘ he said, we will have- 137, 000 residents-a bulk of the workers will be Nigerians, and in our estimate for every resident, two or three jobs would be created, which is close to about 300 to 400, 000 jobs.

“There will be two stages of job creation which include the construction phase and the services stage. The first phase which is the five star hotel and residence would be completed within four years.”
Shergill noted that centenary city is not for the rich alone as  it is an all inclusive project, adding that the first phase is a bit expensive but the housing phase is all encompassing.

He disclosed further that arrangements were on top gear with their partner to power the site, noting that compensation had been paid to all the inhabitants of the place.

Located near the Airport road, ‘The Address Abuja’ would be a few minutes from the Nnamdi Azikwe International Airport while it is 30 minutes drive from the city centre.

Source: ThisDay Online


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