New ICT business park: Economic indices made us increase price of stalls – Developer

Bridgeways Global Project Ltd., says it has increased the price of stalls under construction in the new ICT Business Park in Lagos.

The company is the concessionaire for the proposed Computer Village, otherwise known as the Kantagowa Information and Communications Technology Business Park.

Its Chief Executive Officer, Mr Jimmy Onyemenam, told the News Agency of Nigeria (NAN) on Tuesday in Lagos, that the price was increased because the 2017 budget made to complete the stalls was no longer viable.

Lagos State Government had given out the Katangowa ICT Business Park, located along the Lagos-Abeokuta Expressway, as a concession to the firm as part of its plan to relocate the Computer Village from Ikeja to a more befitting and purpose-built location

Onyemenam said that in 2017, the budget for outright purchase of the stalls after completion was about N34.5 billion.

According to him, the budget is now N60 billion with the present state of the economy.

He said that the Bridgeways would not reduce the standard of the ongoing construction because the company offered people what they deserve and not what they want.

‘’I am using this medium to announce  that the price has changed. It is in response to the prevalent economy in 2017 that the cost of the project stand at N34.5 billion.

‘’Today, this project is in excess of N60 billion, in addition to the rise in dollar; and since we are not a manufacturing  country, there is no way we can deliver this project with a 2017 budget.

”We are forced to push it up.The increment is going to be gradual, we are going to build up until when we can break even, so, the earlier people key in, the better,” he said.

The chief executive officer noted that provision had been made for traditional traders as they could get a kicklam (smaller spaces) for N1.2 million, the previous price, for 36 years and with a title of ownership.

”Kicklam was about N34,000 annually and N1,500 monthly, which is next to nothing because it can be paid on instalmental.

”Even the lock-up stall was N6 million for 36 years, which was  about N170,000 annually.

”After the purchase, stall owners will not pay any other money until 36 years, except for service charges because the managers will provide regular power, water and security,” he explained.

Onyemenam further said that with the property, owners of the stalls could access loans from banks and after 36 years renew the contract with the government  if the person desired.

He said that it was an investment that could be handed over from generation to generation. 

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