In what signposts the future of Nigeria’s high-end property market, real estate developers and investors (local and foreign) are in bullish outing with the development of mixed use facilities where clients can live, work and play under one secure roof.
This trend, already seen in some exclusive locations in Lagos, is driven by an increasing demand from both international tenants and members of the upwardly mobile middle class in search of a one-stop-convenient address where they can reside, work and play in an enclosed community.
Market watchers predict that with stable demand for such developments in the next few years, the trend would spread to other organised markets such as Abuja and Port Harcourt in the near future.
On a larger scale, the Rivers State government together with the Rainbow Town Development Limited (RTDL) is only 20 percent away from delivering Rainbow Town, a premium mixed-use community.
The town comprises 1,181 upscale residential apartments and a 15 floor Iconic tower which will host the commercial hub of offices, convention centre, movie theatres, shops, restaurants all within 23.24 hectares of land, located in Trans-Amadi business and industrial corridor of Port Harcourt.
Similarly, the Delta State government has commenced construction of the first phase of the Warri Industrial Business Park sitting on a large expanse of land measuring 329 hectares.
According to its promoters, the park will host a cluster of heavy industries, warehouses, office complexes, commercial retail outlets, hotel, high-end residential apartments, light industries, factories, and recreational developments on delivery.
(Culled from http://businessdayonline.com)