The Federal Ministry of Lands, Housing and Urban Development in a public-private partnership (PPP) with Messrs New FESTAC Property Development Company Limited (NFPDCL) plans to deliver 50,000 new housing units in the Phase II of the developing FESTAC Town in Lagos. This was disclosed by Mrs. Akon Eyakenyi- the Minister of Lands, Housing and Urban Development at the signing of the deal.
Construction of the units will also go hand –in-hand with the development of related infrastructure and land reclamation in the largely swampy area. About 1,126 hectares of land would be developed, complete with standard infrastructure and essential services. Ownership of the housing units will be transferred to the Federal Housing Authority after 30 years
Most residents who spoke on the matter expressed fear that the development will put further strain on the inadequate infrastructure in FESTAC town. They noted that currently, the road network in and out of the town are few leading to traffic build up during rush hours, adding that with the new development, the situation is bound to be worse if more outlets are not created. This, according to them, is in addition to lack of some basic infrastructural facilities.
Although some property development experts have termed it a good move, others claim it is not. One developer said it would be hijacked by money bags adding that the land should have been used for affordable housing project through the Nigeria Mortgage Refinance Company.
Government earnings from the project are estimated at N25.765 billion as premium for 30 years of concession and an additional N150 million ground rent annually. The minister has however allayed the fear of infrastructure breakdown, assuring that the money to be generated from the deal would be used in the rehabilitation of the first phase of the town.
culled form HERE