Real estate firm secures $9bn, invests N6bn in Abuja, Adamawa housing projects

 
Tue Sep 3rd, 2019 - Abuja (FCT)
 

By Michael Eboh

A Nigerian real estate firm, Wisdom Kwati City, said it has set aside N6 billion for the commencement of its pilot housing projects in Abuja and Adamawa state.

File: Estate

In a statement in Abuja, the company said it has entered into a partnership with five foreign firms and secured the full corporate offer of about $9 billion for the construction of smart city estates across the 36 states of Nigeria and Abuja.

The Chief Executive Officer of the Karabow Group, Mr. Wisdom Kwati, disclosed that some indigenous companies had also invested N2 billion into the project so far, adding that the company is set to disburse about $500 million directly to begin work on its sites.

Kwati noted that the firm has secured materials worth N6 billion for the commencement of the pilot projects in Abuja and Adamawa, stressing that the firm has concluded plans to commence construction as soon as the rains cease, hopefully, from September this year.

He said, “Currently, for Wisdom Kwati City, we are in partnership with five global firms. We have secured the full corporate offer for the project worth about $9 billion. Apart from the fact that we have spent N10 billion in securing our land in Lagos, Abuja, Adamawa , Akwa-Ibom, Calabar, and Kaduna, we have most of our engineering drawings on ground also.

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“Most of them are ready for approval in some of the states where we have secured lands. But currently, we are beginning from Abuja and Adamawa state simultaneously. These are pilot projects.

In Abuja, we are delivering about 15,000 housing units. We have about 105 hectares of land in Lugbe 1 Extension, just beside River Park and behind Dunamis church. It is just two minutes drive from the airport road. In Adamawa state, we have our land on 50 hectares at Namtari, Numan Road, just after welcome to Yola.

“We have secured materials worth N4 billion for about 100 units of mixed apartments in Abuja. We have also secured about N2 billion worth of materials for bungalows in Adamawa state.”

Vanguard

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source: Vanguard