Rainbow Housing Estate unveiled in Lagos
The fast developing urban renewal project and largest construction site in sub-Saharan Africa sprawling in the heart of Port Harcourt, Rainbow Town Housing Estate has been unveiled in Lagos under the umbrella of a consortium of Bode Adediji Partnership a firm of estate surveyors & valuers.
Mr. Bode Adediji who is also a former president of the Nigeria Institution of Estate Surveyors & Valuers, spoke at the presentation of the project in Lagos.
In his presentation, he explained that the project is the biggest integrated luxury real estate development in Africa currently built on a 23.24 hectares of land designed to accommodate residential, commercial, recreational and educational property development of various types and sizes.
The objective he said is to create an exceptional environment where the upper class can live, work and play adding that the master plan reflected some of the ideals of new urban communities worldwide and is gaining international recognition. He said the project is largely a private enterprise with participation of the Rivers State government by way of land contribution and sponsored by the FirstBank of Nigeria.
On the composition of the team, he said it is composed of very outstanding and successful Nigerians with enviable track record with the Special Purpose Vehicle (SPV) -the Rainbow Town Development Limited offering impeccable leadership to drive the project.
He explained that the state governor took the initiative to revamp the previous slum into a much better housing scheme in 2000.
Located with strategic proximity to the robust and vibrant Trans-Amadi business-industrial area of Port Harcourt, the ambitious program was conceived with a range of good quality 1,181 residential units creatively located in terraces, detached houses and 25 high-rise condominium towers. These units, he revealed, will address various lifestyles and family sizes with 2 and 3 bedroom condos, 4-bedroom terraces and 5-bedroom detached duplexes, all en-suite with domestic aid quarters.
On the return on investment, he urged investors to invest and take advantage of the urban renewal programme of the current administration in the garden city and expect huge returns.
He however, was silent on the pricing, noting that they will come up with it on request.