A NEW initiative unveiled last week to boost new urban development scheme and transform Delta State into a business hub, is promising an ambitious new deal for Nigeria's popular oil rich state in efforts to open gates for the development of a strong commercial real estate sector.Promoted by investors under the name of Asaba Mega Market Limited, Asaba International Trade Centre (AITC) project is conceived by Kanma Properties Development Company Limited in collaboration with Delta Association of Chambers of Commerce and Industry, Mines and Agriculture. Kanma Properties doubles as a consortium and contractor to the project.Located along the Benin-Onitsha Expressway, just one kilometer from the Asaba International Airport, the project is expected to provide a conducive environment and modern destination for commerce and entertainment as well as adequate space for future expansion.Funding of the centre, estimated to gulp N1billion would be garnered from off -plan sales, and active support of four banks, namely Diamond Band Plc, Zenith International Bank Plc, Delta Trust Mortgage Finance Limited and Abbey Building Society Plc. The banks would also be providing prospective buyers with mortgage facility.Specifically, the centre plans to throw up about 5,000 shops, banking halls, office suites and warehouses of various sizes in 40 acres of land. It will be developed in four phases over a period of three years. Construction of phase one is scheduled to begin in December with 300 shops and will be ready for occupation by December 2013, while all the phases will be concluded before December 31, 2015.Already, actual construction activities have begun with site clearing and building of administrative structure in preparation for formal ground breaking, expected to take place in few weeks time. The principal objective of the centre is to boost trade for those who owns shops in it, provide a good atmosphere for business and a landmark destination brand for the region.The Managing Director, Kanma Associates Limited, a subsidiary of Kanma group, Mr. Kennedy Kanma said that the centre is planned to provide a phenomenal shopping experience for both buyers and sellers who do business there. 'It has provision for large warehouse for manufacturers, distributors and wholesalers who want a depot or distribution point close to buyers of their goods. It also has lots of smaller shops for retailers where samples cans also be displayed,' he said.He said: 'AITC is also a place where trade fairs and exhibitions can be organized on a regular basis because of the vast and expansive areas of land reserved to make regular exhibitions and trade fairs possible.'Kanma stressed that the project is an architectural masterpiece, designed to create landmark and a new world order in the design of modern markets in Africa. ' Its splendour and location have been carefully selected to leave a lasting impression on the personality of shop or business owners and investors, which will act as a veritable ingredient for business patronage.'Prospective owners are expected to get full ownership of their different categories of shop while payments can be made by four installments, outright payment and mortgage.Each of the shops goes between N2 million and N3.75 million and the price of warehouses will be sold between N6.1 million and N25 million. Kanma advised interested buyers to buy into the project now to take advantage of the rebate available for early buyers as the prices will likely change during the construction phase.He noted that the market has all the potentials of creating enduring businesses, and will complements Onitsha market as the centre boosts of adequate parking spaces for over 500 cars. Amenities expected include waste disposal base, water treatment plant and electricity as well as spaces for eateries and fire station.
Click here to read full news..
