- Elegushi Imperial Smart City’s $300 Million Project Broaches New Housing Deal in Lagos
A comprehensive new plan unveiled last week to reverse the growing decline in the nation’s housing stock in the Lagos area, is promising an ambitious new deal for a fresh town project within the Lekki -Epe corridor.
The scope of the scheme is massive and breathtaking, as it anticipates to utilise 200 hectares of sand filled land for a site and services scheme. Other major details are still sketchy, but the promoters disclosed that construction works would start in the second quarter of next year with land reclamation.
Dubbed as the first eco-friendly smart business city in Africa, the project known as Imperial International Business City (IIBC) is promoted through a joint-venture between the Elegushi Royal Family and a private developer, Channeldrill Resources Limited.
The proposed scheme could be accessed through three locations: Freedom road through Lekki Phase 1 (Lekki Third Roundabout); Kunsenla Road by fourth Roundabout of Lekki-Epe Highway and Oba Saheed Ademola Elegushi Road by spare supermarket before Jakande. Another access road is being planned through Femi Okunu by Jakande roundabout.
Specifically, IIBC will be bankrolled through British Foreign Direct Investment of about $300 Million and off plan sales. The city will be zoned into residential, mixed used and commercial areas. Each zone will have low, medium and high density area as well as lagoon/water view area.
About 60 plots are now in the market. The first sets of investors are buying 65,000 per square metres (sqm)plot at N42 million. The project offers different plot sizes. The minimum plot size is 650 sqm.
“The project is the vision of the royal father, Oba Saheed Elegushi to create an international business city which will incorporate the work, live and play theme. The IIBC will expand the Ikate kingdom and also extend Lekki Phase 1. We are making use of the best dredging and architectural companies in the world to accomplish this feat,” according to the managing director, Channeldrill Resources Limited, Mr. Femi Akioye.
The new city plans to integrate smart technologies and distinctive features, which will make it, first self-sustaining eco-friendly smart business district. For instance, real data of traffic flow within the city, the traffic light are connected to sensors that matched the surface traffic congestion (loads on surface transport) to free roads and the sensor also give active surveillance, monitoring and alerts at vantage points within the city (real time adaptive traffic management).
Similarly, smart emergency response, crime prevention (data centre) on demand clique of a bottom availability of emergency support; electricity – smart meters, smart grid and for energy optimization –meters is connected through the home area network (HAN) to advance metering infrastructure (AMI) with wired thermostats that’s connected to the grid.
The technology will help with adjusting electricity to buildings based on consumptions at different time of the day and it helps eradicate blackout or brownout. The conditions of utilities are monitored by sensors.
United Kingdom-based multi-disciplinary firm, Messrs Gensler Associates is executing the town and regional planning aspect of the job, while dredging will be handled by two Belgian companies – Jan De Nul, currently building Dangote Refinery and Dredging International Limited. The reclamation work will take about two years and on completion; the land will be two metres above sea level.
Other consultants are Royal HaskoningDHV (marine engineer and reclamation consultants) and Mott Macdonald (infrastructure engineering consultants) while BAUER Spezialtiefbau GmbH of Germany will build the Shoreline protection.
Proposed amenities include; roads with walk and bicycle way, waterways and lakes, underground drainage, sewage treatment, water and water treatment plant, 1-independent gas fired electricity and cooking gas piped to every house, fibre optics cable, cloud enabled Communication network and smart city/house infrastructure for willing subscribers, an mini golf course and shopping mall.
Meanwhile, the developers have launched Imperial City promo as part of its Corporate Social Responsibility (CSR) and awareness campaign, expected to produce seven land winners every week till December 29 and many other consolation prices in cash.
Akioye said: “We want those on minimum wage, the working class men and women, your hardworking social worker, civil servants, teachers and all other citizens who have been putting in their fair share into commonwealth to be part of this future we talk about.
“For the very affordable fee of N500, you can become a part of the future by buying a raffle ticket for our special draws, which has been approved by the Lagos State Lotteries Board,” he said.
Barclays Tell High Net Worth Investors to Shun Africa and Other Emerging Economies
Barclays to High Net Worth Clients, Stay Off Africa and Other Emerging Economies
Barclays, one of the world’s largest investment banks, has started advising high net worth clients to stay off Africa and other emerging economies.
According to Barclays, despite the recent recovery noticed in emerging-market stocks, investors are better off avoiding the risks that still abound in emerging nations. Barclays Plc, however, advised high net worth clients to focus on U.S equities despite the S&P’s breakneck rally.
The investment bank said emerging economies do not have enough fiscal buffers to spend their way out of the COVID-19 pandemic and will likely continue to struggle in the near-time compared to the US with 12 percent of gross domestic product fiscal-support.
It said the huge US stimulus may halt rebound in emerging-markets stocks as more money is expected to flow into the world’s largest economy and its European counterparts.
“Compared to the U.S., emerging-market economies appear more vulnerable,” said Haider, the London-based managing director and head of global growth markets. “Their central banks have less room to maneuver, their governments may not be able to provide unlimited support and equity markets, given their sector mix, can be more challenged by an economic slowdown.”
Barclays added that even after 33 percent rebound in stocks of emerging markets since the panic selloff subsided in March, stocks are still down by 9 percent from year-to-date while the US S&P 500 stocks are up by 45 percent. Presently, their stocks trading at a 36 percent discount to US stocks, up from 25 percent three months ago.
Crude Oil Rises to $43.1 Per Barrel on Production Cuts Extension
Crude Oil Hits $43.1 Per Barrel Following OPEC’s Production Cuts Extension
Brent crude oil, against which Nigerian oil price is measured, rose by 1.25 percent on Monday during the Asian trading session following OPEC and allies’ agreement to extend crude oil cuts to the end of July.
OPEC and allies, known as OPEC plus, agreed to extend production cuts of 9.7 million barrels per day reached in April to July on Saturday.
In the virtual conference, delegates agreed that members, including Nigeria and Iraq presently struggling to attain a 100 percent compliance level must keep to the agreement or be forced to do so in subsequent months.
Nigeria, Iraq and others failed to keep to the cartel’s agreement in May after reports show that Nigeria only managed to attain a 19 percent compliance level during the month while Iraq struggled to attain just 38 percent in the same month.
Russia and Saudi Arabia, the two largest producers of the group, warned members to stick to the agreed quota if they want to rebalance the global oil market.
“While the errant producers such as Iraq and Nigeria have vowed to reach 100% conformity and compensate for prior underperformance, we still think they will likely continue to have some commitment issues over the course of the summer,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.
“The potential return of Libyan output could also cause considerable challenges for the OPEC leadership.”
Earlier on Monday, Brent crude oil hits $43.1 per barrel, more than a month record-high, before pulling back slightly to $42.83 per barrel.
Gold Dips by 2 Percent on Better Than Expected Job Report
- Gold Dips by 2 Percent on Better Than Expected Job Report
Gold prices declined by 2 percent on Friday following a better than expected US non-farm payroll report.
The report showed an increase of 2.5 million payroll numbers against a decline of 7.5 million predicted by many experts.
The surprise number boosted investors’ confidence in US recovery as many dumped their haven investment (gold) for the stock market.
“We had significantly stronger-than-expected U.S. payroll numbers – an increase of 2.5 million versus an expectation of a decline of 7.5 million – that 10-million swing has brought forward expectations of the economic recovery in the United States,” said Bart Melek, head of commodity strategies at TD Securities.
Spot gold immediately declined by 1.9 percent per ounce to $1,678.81 while the U.S. gold futures slid 2.6 percent to settle at $1,683.
Gold was also being pressured by stronger yields and a slightly firmer dollar, “meaning the opportunity cost to hold gold in the portfolio has gone up,” Melek added.
The surprise didn’t stop there, US Dow Jones was up 614 points despite the protest going on the US and US-China tension.
Also, NASDAQ rose by 29 points while the S&P index added 50 points increase.
Note: Investors generally increase their investments in gold and other haven assets during a crisis to avert risk exposure and do the opposite once they sense a better economy.
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