Construction works of a new modern city in the North West Quadrant of the Lekki Free Zone in Lagos, dubbed Alaro City in Nigeria is progressing on well.
Tim Beighton, Head of Communications, Rendeavour, announced the reports and said Investors and prospective homeowners have continued to express strong interest in the new development.
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Alaro City sits on a 2000 acre piece of land and will include a mixed-income, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 370 acres of parks and open spaces. The project was carefully designed by Rendezvous, Africa’s largest new city developers and Lagos State Government to redefine state and is being constructed at a cost of US $249m.
Prospective residents in Alaro City, which cover a mixed-income group, will benefit from 3.2 million square metres of residential developments providing homes for 150,000 people while Corporate organisations and entrepreneurs located in Alaro City will benefit from 130,000 sqm of business district space; 225,000 sqm of technology park space; and 650,000 sqm of light industrial, logistics and business parks.
The city will be adjacent to the future international airport, the region’s largest deep-sea port and major Nigerian and international companies. Satellite cities like Alaro City have emerged as one of the best ways to accommodate population growth while maintaining urban plans and preserving green spaces. It also serves as a rather welcome addition to the efforts to decongest an already overcrowded Lagos.
According to Tim Beighton phase one of its residential plots had already been sold out while the phase two sales were ongoing.
“We expected high uptake of the plots, but the rate at which they sold out has been exceptional. Businesses are also taking advantage of the mixed-use characteristics of the new city going by the several facilities under construction at the site. More than ten businesses, spanning across national and multinational firms, are currently investing in the city,” said Mr. Beighton.