Top emerging market infrastructure projects

Real Estate market is sprouting to be one of the world attractive area  for investment .As a result, leading to the country's robust economy outlook, creating more employment,attracting more investor and making more property valuable.

The number one property portal, Lamudi Nigeria looks at five key infrastructure projects now under development in the country and the emerging markets – and the flow-on effects for real estate.

Centenary City Nigeria

Location: Abuja, Nigeria

Cost: $18 billion

This 1300-hectare, master planned community, being developed by the Nigerian government, is the largest of its kind in Africa. Billed as a smart city along the lines of Dubai and Singapore, the plan for Abuja Centenary City includes a central business district, a financial center, a museum and cultural center, 13 hotels, and business and technology parks. The development will also be home to the highest tower in Africa, the 308m-tall Africa Tower. For residents, there will be ample housing, an 18-hole golf course, sports and leisure facilities, and community amenities. The impact for the local property market will be considerable, with about 60 percent of the development set aside for residential accommodation to help address Nigeria’s growing demand for housing. Once complete, Centenary City will house 137,850 residents. Moreover, the project is forecast to contribute about five per cent of Abuja’s gross domestic project.

King Abdullah Economic City (KAEC)

Location: Saudi Arabia

Cost: US$100 billion

This mega city built on unoccupied desert land is being constructed completely from scratch. It includes the King Abdullah Port and Industrial Valley, which will be home to more than 80 global and local manufacturing and logistics companies. The project aims to diversify the Kingdom’s economy away from oil and will also help address a considerable housing deficit. Seven residential communities will house more than two million residents once the development is complete in 2035, with 50,000 people set to move in within the next five years.

China-Pakistan Economic Corridor

Location: From Gwadar, Pakistan to Xinjiang, China

Cost: Over $46 billion

This 3000km project will connect Pakistan’s Gwadar Port with northwest China’s Xinjiang Uygur Autonomous Region. A network of highways, railways and energy projects will connect the two countries to transport oil and gas, and is expected to generate billions in revenue. The Pakistani government recently announced that the project has seen China become the top foreign investor in the South Asian nation.

Clark Green City

Location: Central Luzon, the Philippines

Cost: 200 billion Philippine pesos (about US$4.25 billion)
Billed as the country’s next big metropolis, this 288-hectare development will be the Philippines’ first technologically-integrated city. The development combines residential, commercial, industrial and information technology developments, while still offering a green and sustainable lifestyle for residents. The development will include about 2000 affordable housing units for employees of the city. According to Bases Conversion and Development Authority (BCDA) president and chief executive officer Arnel Casanova, Clark Green City is set to become “the center of economic development in the country”.

Bogota Urban Renewal

Location: Colombia

Cost: About $50 billion

Approved in 2007, Plan Centro aims to improve living conditions in Colombia’s capital city. The goal is to encourage Bogota’s residents to live downtown through improved safety, better housing and a boost to commercial activities. Projects such as the renewal and pedestrianisation of Séptima between Plaza de Bolívar and Calle 26 have already been completed. Other key projects, including the ambitious Estación Central on Calle 25 at Caracas, a multi-modal transit station that is expected to take 10 years to complete.

Culled from: Naija247news

Buhari Endorses $18.5b Centenary City Project

President Muhammadu Buhari (second left); Vice President Yemi Osinbajo (left); former head of state, Gen. Abdulsalami Abubakar; Chief of Staff to the President, Alhaji Abba Kyari; former Secretary to Government of the Federation (SGF), Chief Anyim Pius Anyim; and others at the meeting of members of the Board of Centenary City Project with the President at the Presidential Villa, Abuja … yesterday. PHOTO: SADIQ ALHAJI ALIYU

Company Says Original Inhabitants Have Been Compensated
PRESIDENT Muhammadu Buhari has endorsed the $18.5 billion Centenary City Project flagged off by former President Goodluck Jonathan last year. He noted that skills, expertise and vast experience that will be brought into Nigeria to build the Centenary City on the Dubai model, will also be of immense benefit to the country’s overall development.

The project which is 100 percent private sector driven has generated a lot of controversy in recent times and has of late been turned into a subject of litigation between the former Secretary to the Government of the Federation (SGF), Chief Anyim Pius Anyim, who spearheaded the initiative, and a chieftain of the People’s Democratic Party (PDP), Chief Cairo Ojuogboh.

Buhari had summoned the Governing Board of the Project, chaired by the former Head of State, Gen. Abdulsalami Abubakar and his members to offer explanations on the project.

A statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said the Presidency yesterday in Abuja welcomed an assurance from Centenary City Plc that all the original inhabitants of the site have been fully compensated.

Shehu noted that after being briefed by the Chairman of the company’s board of directors, Abubakar and members of its management team, Buhari praised the Centenary City’s main development partners from the United Arab Emirates for having enough confidence in Nigeria to agree to invest about $18.5 billion in the project.

According to him, the President also welcomed the assertion by Abubakar and his team that the project will create about 250,000 more direct jobs in the Federal Capital Territory and about half a million indirect jobs.

He said that he looked forward to regular updates on the Centenary City’s development.

Vice President Yemi Osinbajo, who was also present at the briefing, said that the issue of the rights of the original inhabitants of the site acquired for the Centenary City had been of concern to the present administration.

“We are glad that it is being handled,” he said while welcoming the assurance that compensation had been paid to those who will be displaced by the project and that the issue of their relocation was being addressed.

Abubakar and the management of the Centenary City also told President Buhari and Vice President Osinbajo that the project would be totally private sector driven.

In a joint briefing of State House Correspondents after the meeting, the Permanent Secretary, Ministry of Federal Capital Territory Administration (MFCTA), John Chukwu, said there was no truth in the report that the financiers have backed out. “All members are available and they can explain later”.

On reports of short changing Nigerians by former government officials, especially as it concerns reported N1.2billion waiver, he said: “I am not aware of any short changing”.

On allegations that the former SGF appropriated plots without following due process, Chukwu said: “ The company is here, they can answer such questions.”

Also speaking, the Managing Director, Centenary City Plc, Dr Odenigwe Ike Michaels said that the project is owned by 40 local and international investors.

His words: “Under our agreement with FCTA and other stakeholders, we have paid all the compensation on the Centenary City site, and we are going ahead with the relocation which is being supervised by the Federal Capital Development Authority (FCDA).

Concerning allegations that Anyim owns the project, Odenigwe said: “We do not respond to rumours, we only respond to facts”.

The immediate past SGF, Anyim Pius Anyim, was also part of the delegation.

SOURCE: THE GUARDIAN

The Abuja Centenary City ‘Address’ Set to Elevate Nigeria

 Nigeria’s long term vision of becoming a world class business destination and put the country in the global property map, has received a huge boost with the launch and rapid development of “The Address Hotels + Resorts” in Abuja, by Eagle Hills.
A city within a city, this project is a truly multifunctional development that offers a complete cosmopolitan lifestyle to its residents, as well as serves as a hub for the wider community. Centenary City, a smart, inter-connected urban centre that draws on the innovative technologies, will have a central business district, a financial centre, a museum and cultural centre to promote African and global arts, world-class hotels, business and technology parks, residential districts, an 18-hole golf course, industry centres, sports and leisure facilities and community amenities.
Eagle Hills, a UAE-based private real estate investment and development company, has reconfirmed The Address Resorts as a core element of the Abuja Centenary City, its premier lifestyle free trade zone development in Abuja. The Address Abuja, which is already under rapid construction, promises to introduce a new concept in Nigeria for hospitality and residential living with serviced villas and apartments.
The Abuja Centenary City will be an interconnected, smart and intelligent city that will create several thousand new jobs and promote other sectors such as retail, hospitality and leisure, and also serve as a significant attraction in securing further direct foreign investment to Nigeria
The Address Abuja in Centenary City is designed to work in harmony with nature: an exclusive community becoming part of the natural landscape and offering both an impressive downtown skyline and peaceful suburban living. Conceptualised by one of the world's finest hospitality labels, The Address Residence serviced apartments, will be the city's most exclusive uptown address, offering the pinnacle of urban life, ultra-modern towers and a breathtaking view of Centenary City. Residents will be able to enjoy a host of world-class amenities both inside and around their homes from fully equipped gyms, swimming pools and premier wellness facilities to closely located convenience stores and services.
It is set in a spectacular position, offering breathtaking views of Centenary City and the surrounding landscape. The podium deck is the front door of the project, featuring a carefully detailed complex of private decks, infinity pools, concierge services, and the ultimate in club facilities, all within a resort atmosphere. The development aims to boost the Nigerian hospitality sector, bringing it in par with international standards across the globe.

Mohamed Alabbar, an Executive board member of Eagle Hills said: “Centenary City Abuja is a fitting tribute to the Nigerian nation. The 1,300-hectare master-planned community, is envisaged as a spectacular city hub and the largest of its kind in Africa. The Address Residence Abuja will be the latest premier property embodying the company’s progressive spirit. The project features a residential community consisting of four- to ten-bedroom luxury villas and one- to three-bedroom apartments.”
Philippe Zuber, Chief Operating Officer of The Address Hotels + Resorts said “The Address Abuja, the five star premium brand brings a new identity to the hospitality and service offering in Nigeria and the region. The Address chooses central locations to offer its customers the best in entertainment, leisure and overall convenience, guaranteeing a first-class hospitality experience for every resident and guest. The Address Hotels + Resorts group philosophy is to offer a more personal and approachable experience to guests in a lifestyle environment, whether it be business, leisure or group travelers.  Its motto ‘Where life happens’ demonstrates the versatile approach of The Address to servicing every customer, guaranteeing a first-class hospitality experience for every guest; making it the perfect addition to Centenary City.
With excellent connectivity to the main highway, 30 minutes from the city centre and less than 10 minutes from the airport, The Address Abuja in Centenary City is located in the heart of this spectacular development.
The arrival of The Address Hotel in Nigeria at Centenary City Abuja is symbolic of Eagle Hills’ approach to developing flagship mixed-use master-planned communities in high growth cities of the future. The urban expansion and renewal projects positively impact business and tourism while also ensuring sustainable economic growth. When completed, Centenary City will be an interconnected, smart and intelligent city that will create several thousand new jobs and promote other sectors such as retail, hospitality and leisure.
Eagle Hills is a global developer of iconic real estate assets and a provider of premium lifestyles that helps countries raise their global profiles to new heights. Their properties aim to become flagship city destinations that invigorate nations. Backed by unprecedented credentials in creating mixed-use master planned communities, Eagle Hills Company builds residential projects that captures the very best the city has to offer, and is a catalyst to urban expansion and sustainable economic growth

For more information, visit:
http://www.eaglehills.com/centenary_city
http://www.centenarycity.com/residential.html
http://www.centenarycity.com/about-us.html
http://www.eaglehills.com/