The project will be done in partnership with the Lagos State
Development and Property Corporation (LSDPC) and Afriland Properties Plc, a
private developer.
Afriland Properties Plc is a subsidiary of Heir Holdings,
owned by entrepreneur and banker, Tony Elumelu.
The former Falomo Shopping Complex will be turned into
premium sky-high real estate that would enhance the socio-economic outlook of
the neighbourhood.
The project is being developed on 11,950 square metres of
land, with a blend of green amenities to promote quality living.
Sanwo-Olu, on Friday, said the sod-turning ended a
decade-long discussion with the developer to revive the project and build
iconic towers that would turn around the fallow land for the benefit of the
public.
He described the project as another milestone achievement of
his administration to renew urban amenities, stressing that the strategic
implementation of the Lagos Masterplan had been dependent on the government’s
ability to forge a workable partnership between the public and private sectors.
“This is a phenomenal project that will bring back the lost
ambiance of Ikoyi. When this partnership was initiated 10 years ago, I was the
Managing Director of LSDPC. It is interesting to note that we’ve all gone
through arbitration but we didn’t throw a wrong punch. We agreed this project
must not be thrown away. Today we are making a transaction that is bigger and
better than what was initially proposed 10 years ago.
“This testifies to the uniqueness of public and private
sectors in ensuring things can be made a lot better when we sit and agree. This
is a clear example of what the Public-Private Partnership (PPP) model is out to
achieve when partnerships and collaborations are pursued and implemented with
seriousness. “When we put our minds of possibilities to ideas, great things
happen. This aptly describes the story of today’s flag-off of the construction
of Falomo Towers,” he said.
Elemelu said the partnership was another testimony to the
government’s belief in the private sector as a key development driver in the
state.
He said: “I commend Governor Sanwo-Olu and the state’s
political leaders for believing in the private sector. What we are witnessing
today attests to their beliefs in the private sector as the driver of
development.
“For the private sector to do well, the political leadership
must create the right environment. Lagos has set the pace in this direction.
This partnership is a celebration of dialogue and this makes Lagos remain the
most hospitable environment for investors.”
LSDPC’s Chief Executive Officer, Ayodeji Joseph noted that
the project site evoked memories of a glorious past for Island residents in the
1970s, noting that the Corporation took an informed decision to turn around the
site by building residential apartments to provide additional accommodation to
the growing middle class, business professionals and the swelling rank of young
citizens.
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| Group Chairman, Heirs Holdings, Mr Tony Elumelu and Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu during the Sod Turning Ceremony of Falomo Towers, a joint venture project of Afriland Properties Plc(An investee company of Heirs Holdings) and Lagos State Development & Property Corporation, held at the site in Falomo on Friday |
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| L-R: Managing Director/CEO, Afriland Properties Plc, Mrs Uzo Oshogwe; Group Chairman, Heirs Holdings, Mr Tony Elumelu; Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu; Vice-Chairperson, Transcorp Plc, Mrs Foluke Abdulrasaq; and Managing Director, Lagos State Development and Property Corporation, Hon. Ayodeji Joseph during the Sod Turning Ceremony of Falomo Towers, a joint venture project of Afriland Properties Plc( Investee company of Heirs Holdings) and Lagos State Development & Property Corporation, held at the site in Falomo on Friday |
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| L-R: Managing Director, Lagos State Development and Property Corporation(LSDPC), Hon. Ayodeji Joseph; Group Chairman, Heirs Holdings, Mr Tony Elumelu; Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu; Managing Director/CEO, Afriland Properties Plc, Mrs Uzo Oshogwe, during the Sod Turning Ceremony of Falomo Towers, a joint venture project of Afriland Properties Plc(Investee company of Heirs Holdings Group) and LSDPC, held at the site in Falomo on Friday |
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| L-R: Managing Director, Lagos State Development and Property Corporation(LSDPC), Hon. Ayodeji Joseph; Group Chairman, Heirs Holdings, Mr Tony Elumelu; Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu; Managing Director/CEO, Afriland Properties Plc, Mrs Uzo Oshogwe, during the Sod Turning Ceremony of Falomo Towers, a joint venture project of Afriland Properties Plc(Investee company of Heirs Holdings Group) and LSDPC, held at the site in Falomo on Friday |
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| Group Chairman, Heirs Holdings, Mr Tony Elumelu and Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu during the Sod Turning Ceremony of Falomo Towers, a joint venture project of Afriland Properties Plc( Investee company Company of Heirs Holdings Group) and Lagos State Development & Property Corporation(LSDPC), held at the site in Falomo on Friday |