Construction works have begun on the first phase of the centenary cityÂ in Abuja, aÂ 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 projectÂ would be completed in four years.
According to him, the first phase named â€˜The Address and Residenceâ€™ 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 â€˜The Addressâ€™ would bring its five-star services to elevate the cityâ€™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 thatÂ 87, 000Â jobs would be created. â€œIn addition to that, â€˜ 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.
â€œThere 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.â€
Shergill noted that centenary city is not for the rich alone asÂ 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, â€˜The Address Abujaâ€™ would be a few minutes from the Nnamdi Azikwe International Airport while it is 30 minutes drive from the city centre.
Source: ThisDay Online