The expansion of the ancient Ikate Elegushi kingdom into the new 200 hectares Imperial International Business City (IIBC), which will cost about $300 million, will commence in April this year.
Saheed Elegushi, the Oba of Ikate Land, disclosed this while receiving a group of American investors interested in the project.
Mr. Elegushi said the new IIBC would be built on reclaimed Lagoon extension of the kingdom and would be the first eco-friendly smart business city in Africa.
He also said the new city would address the perennial housing deficit in Lagos and provide an investment opportunity for businesses and individuals in real estate.
The project, which is a Joint-Venture between the Royal Family and Channeldrill Resources Limited, will commence with land reclamation.
“The Elegushi Royal Family has received approval for the expansion of the Ikate Kingdom by 200 hectares,” said Femi Akioye, Chief Executive Officer, Channeldrill.
“It is the vision of the royal father, Oba Saheed Elegushi to create an international business city which will incorporate the work, live and play theme.
“The IIBC will expand the Ikate kingdom and also extend Lekki Phase 1. We are making use of the best dredging and architectural companies in the world to accomplish this feat,” Mr. Akioye said.
Mr. Akioye also said the Town and Regional Planning of the project are being executed by Gensler Architectural Company, an American firm with global presence, and United Kingdom based Grimshaw Associates.
“The dredging has also been contracted to two of the biggest dredging companies in the world, Jan De Nul – which is currently building Dangote Refinery – and Dredging International Limited, both Belgian companies.
“Also, Kedari Capital and Cordros Capital, both world class financial institutions are financial advisers to the project.”
According to Mr. Akioye, the imperial city when completed would boast world class infrastructures and novel innovations.
It will also consist of Residential Area (30 %), Commercial, Residential Area (10%), Business District ( 30%), Leisure & Entertainment (10%), Infrastructure, road, recreation and green park (20%) and fibre optics telecommunications, sewage and fire service station.
“Investors are already buying the off-plan allocation released by the Joint Venture and we are already at advance stage of the project,” Mr. Akioye said.
“Our infrastructural plan will include lakes and water ways which will be used for internal water transportation within the city, it is also required for the city’s drainage system to prevent flooding,” he said.
“There will be office park which will include a shopping Mall with farmers’ fish and meat market, cinema and entertainment complex, two hospital buildings and a school.”
Other commercial areas would be sold to private investors, according to Mr. Akioye.
“The office park will also have a Sports Complex,” he said.
“All these buildings we have a vegetated green roof to mitigate the urban heat island effect and all land owners will be encourage to use the same technology; there will also be a mini marina which can take at least 40 yachts.”