Developers begin Alaro City phase II
Promoters of the Alaro City located in the Lekki Free Zone, has unveiled the second phase of its “Buy and Build” residential scheme.
Alaro City was launched in January as a joint venture between the Lagos State Government and Rendeavour to boost foreign direct investment in Nigeria and create thousands of jobs.
The city is an integrated mixed-use, city-scale development with industrial and logistics locations, complemented by offices, homes, schools, healthcare facilities, hotels, entertainment and 150 hectares of parks and open spaces. Chief Executive Officer, Alaro City, Mr. Odunayo Ojo said the new phase followed the sell out of the serviced plots in the first phase.
“We expected high uptake of the plots, but the rate at which they sold out has been exceptional,” he said. He stressed that he location and exclusive benefits have undoubtedly been key selling points for buyers.
Also, the Chairman of Estate Links Limited, Mr Gbenga Olayinan , said the Lekki-axis has been a key driver in residential real estate over recent years. According to him, Alaro City offers a unique and valued investment proposition that the market clearly recognizes.
Located in the North West Quadrant of the Lekki Free Zone, Alaro City lies in the growth path of Lagos, one of Africa’s fastest-growing cities with a population of over 20 million. Alaro City is adjacent to the future international airport, the region’s largest deep-sea port, and major Nigerian and international companies.
Rendeavour is building seven new cities in Africa: in Nigeria, Kenya, Ghana, Zambia and Democratic Republic of the Congo. The company invests over $250 million in each project, creating the infrastructure and living and working spaces that will help sustain and accelerate Africa’s economic growth, meet the aspirations of Africa’s burgeoning middle classes, and serve as a catalyst for further urban development. Rendeavour and Lagos State Government, have planned Alaro City as a 2,000-hectare, market-led project.
Alaro City is authorised by both the Federal Government of Nigeria, through the Nigeria Export Processing Zones Authority, and the Lagos State Government as an entity to develop, operate, administer and manage the city.
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