Oba of Ikate Land set to begin $300 million real estate project in April

Premium Times reports that the monarch is set to begin construction on a $300 million real estate project in April.

While addressing a group of American investors interested in the project, he gave details of the new 200 hectares Imperial International Business City (IIBC), which is an expansion of the Ikate Elegushi kingdom.

He also announced that the project is Joint-Venture between the Royal Family and Channeldrill Resources Limited.

Femi Akioye, Chief Executive Officer, Channeldrill, went on to shed light on the IIBC.

“The Elegushi Royal Family has received approval for the expansion of the Ikate Kingdom by 200 hectares.

It 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."

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The completed project will have lakes, water ways, an office park, a shopping Mall, cinema and entertainment complex, two hospital buildings, a school, more.

“Our infrastructural plan will include lakes and water ways which will be used for internal water transportation within the city, it is also required for the city’s drainage system to prevent flooding.

There will be office park which will include a shopping Mall with farmers’ fish and meat market, cinema and entertainment complex, two hospital buildings and a school. The office park will also have a Sports Complex.

All these buildings we have a vegetated green roof to mitigate the urban heat island effect and all land owners will be encourage to use the same technology; there will also be a mini marina which can take at least 40 yachts.”