New ultra-modern Tejuosho Market nears completion (pictures)

The new Tejuosho market, built to replace the old market that was gutted by fire about four years ago, is a Public Private Partnership (PPP) project of the Lagos State Government in partnership with Messrs Stormberg Engineering Limited, the developers and concessionaire. It is estimated to cost over N10 billion upon completion and the developer is offering 25 years leasehold to investors.

The financiers, First Bank Nigeria Plc launched a N6 billion mortgage bail out for returnee traders and prospective subscribers to the project. Other mortgage providing financial institutions participating in the scheme include Lagos Building Investment Corporation (LBIC); Union Homes, a subsidiary of Union Bank Plc; GT Homes, a subsidiary of GT Bank Plc; and FBN Mortgages, a subsidiary of First Bank.

The mortgage facility will be spread over 8-year period, subject to shop owners making 30 percent equity contribution and repayment of interest at the rate of 18 percent per annum while the balance will be spread over eight years. The process of purchasing the shop units in the complex has been carefully set and approved by the state government to ensure fair pricing. Nelson Thorpe Alonge, M.I. Okoro and Associates and Ladi Osikoya and Associates are sales and marketing agents for Tejuosho market.

more + pictures after the break

It comprises 4,040 shop units of various sizes and some spaces for banks and restaurants on four levels, and is expected to have facilities such as multilevel parking for over 720 cars, lifts and elevators for shoppers and cargos, fire service station, police station, eateries and food courts, central sewage system and banking halls.



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