FHA and NFPDCL to develop FESTAC Phase II


The New FESTAC Property Development Company Limited (NFPDCL), in conjunction with the Federal Housing Authority (FHA), Southwest Zone, have partnered to develop the FASTAC Phase 2 Project in FESTAC Town, Lagos.

The firm’s Executive Vice Chairman, Sir Isaac Chuks, said the FESTAC Phase 2 project has a land mass of 1,126 hectares. Sir Chuks further explained that the project will house about 350,000 people. This, according to him, will help Lagos in view to bridging the housing gap in the state.

Mr. Odein Ajumogobia, a former Minister of State for Petroleum Resources, said the project could not have come at a better time. This is because of the new Badagry Express Way being built. According to him it will open up the area.

Also read: Affordable housing in Nigeria receives major boost

Creation of job opportunities

The marketing consultant, and founding partner M.I. Okoro and Associates, Mr. Meckson Okoro, said massive government investment in housing development is also key to creating job opportunities. He further expressed optimism that by the time the project is completed, it has have a good return on investment.

BETONIQ JV Nigeria Ltd is one of the companies providing the technical support for the project. The president Air vice Marshal (retrd) Monday Morgan, is of the opinion that this is a way of making their own contribution to the development of Nigeria. In addition, he said any technology used to give houses to Nigerians should attract employment for the youth.

This, he said, is a reason to support the project as it will also tackle the menace of youth unemployment in the country. Morgan explained that the firm’s German partners in Germany will support the project by injecting 80% of required funding.

BETONIQ JV Nigeria Ltd Chief Technical Officer, Mr. Teun van Sambeek, said his company was bringing to Africa for the first time, a technology used in Asia, Russia and Thailand. Mr. Sambeek also added that the company will provide materials for the building and infrastructure.



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