BIPC begins mall, estate projects in Nasarawa
DETERMINED to spice up the retail end of the real estate market, the Benue Investment and Property Company Limited (BIPC) has kicked off the construction of a state-of the art shopping mall and a mini housing estate in Karu, Nasarawa state.
The shopping mall when completed would provide 79 shops of various sizes, a restaurant, banking hall, toilets and well-paved parking lots. The mini estate would have 52 modern housing units comprising of 28 two-bedroom and 24 three-bedroom apartments, which are expected to accommodate a total of 370 people.
While laying the foundation for the project, Benue State Governor, Gabriel Suswan, who noted that the real estate is a viable sector for investment, added that the project was part of his administration’s efforts to key into the opportunities in the built industry, which has the prospect to generate employment and provide shelter for Nigerians.
According to Suswan, BIPC is constructing an ultra modern housing estate in Mabushi, Abuja, another housing estate both in Benue and Nasarawa as well as an ultra modern shopping mall in Nasarawa.
He said, “ BIPC would bring change and add more premium to government in Benue. The company is expected to trade and do business and warehouse any shares by government. The company has the mandate to trade in Benue shares on behalf of government”.
The governor commended the management of BIPC for its giant strides and admonished Benue people to engage in meaningful investments in the FCT.
Earlier, Chairman, BIPC’s Board of Directors, Brig-Gen. John Atom said that the project is a demonstration of the board’s commitment to leverage on the windows in the national economy, especially in the real estate sector and impact positively in the provision of affordable accommodation to the ever growing Nigerian business environment and the population.
He explained that the land, which used to be a remote location in the outskirts of Abuja was allocated to Lobi Bank Nigeria Limited in 1992 adding that when the bank was liquidated, the Benue state government acquired the plot and transferred the title to BIPC.
Atom noted that previous attempts to develop the plot were not successful due to several challenges including lack of political will by past governments and absence of infrastructure.
According to him, the estate provides a perimeter fence, comprehensive water and power facilities. He added that the construction phase of the project would provide jobs while permanent jobs would also be provided after completion.
He observed that BIPC over the years acquired a strong reputation in real estate development having evolved in a culture of real estate functionality and sustainability since 1980.
Atom called on the contractor to ensure speedy completion of the project and quality performance.
Also speaking, the Managing Director of the company, Mrs. Brigid Shiedu said that BIPC is striving hard to diversify her revenue generating windows by playing active role in the real estate with plans to go into mining, agriculture and industrialization to ensure that the company is not adversely affected by the global economic recession.
She revealed that, Messrs. Design Stages Ltd is executing the shopping mall on contract basis while developers are being sought to partner with BIPC on the residential apartments on Public Private Partnership (PPP) basis.
According to her, the shops are for build and lease while the residential apartments are for outright sale on completion.
She stated that, the BIPC Allview Estate in Mabuchi would be completed before the end of 2015 adding that the construction of an ultra modern 27-room Guest House/Event Centre in Markurdi, Benue State would soon be completed.