The first phase of the ambitious N200 billion World Trade Centre (WTC) in Abuja, is billed for completion in December. It promises to be the tallest skyscraper in Africa, promoting and inspiring Abuja’s promising future. It also has enormous business growth potential, reports Assistant Editor MUYIWA LUCAS.
The skyline of the Federal Capital Territory is changing. This is because rising from the ashes of the former Bakassi market in the Central Business Area in the City, is a 37-storey WTC towers, a multi-use complex, comprising luxury, high rise office towers, luxury apartments, conference facilities, capital city shopping mall and entertainment facilities.
The market was demolished in 2003 by the Federal Capital Territory Administration (FCTA). The site was handed to the Abuja Investment Company Limited (AICL) to develop as a befitting world-class shopping mall.
The project, which started in 2011, is being promoted by First Continental Properties Limited, a subsidiary of Churchgate Group, for over N200 billion. The funding is being raised through private funds as well as local and foreign financial institutions’ support. Now, the first phase, which may become the reference point for distinct address for residential, commercial and office space, is billed for completion in December.
The project sits on 6,102 hectares on Constitution Avenue in the Central Business Area, making it strategically positioned in the heart of Abuja, and leads into the city from the airport. It is adjacent to the main Railway Station as well as the Central Business Transport Terminal.
A ring road is also being constructed at the site, giving it access to the centre of the city.
sConsultants to the project include Churchgate Construction Company Limited, as the main contractor, while the international consultants include Woods Bagot Limited (Concept Architect) and WSP Consultants (Structural Consultant and MEP Consultant). The local consultants include Messrs Hancock Ogundiya & Partners (MEP & C&S Consultant) and Space Designers Limited (local architectural).
The Group Managing Director, Churchgate Group, Mr. Vinay Mahtani, explained that the WTC Abuja is an eight-tower complex made up of luxury residences, offices, apartments, a five-star hotel and a 40,000 sq metres Capital City Mall.
Other are a leisure centre, cinema and convention facility. The project, he said, offers unparallelled luxury and comfort to those seeking a lifestyle above the rest, as each building within the WTC complex has been designed to appeal to global businesses that require premier services, such as meeting space, topnotch security and the highest standard of interior finishes.
The General Manager, Operations, Ibukun Adeogun, said the WTC master plan provides for public gatherings, services and amenities and will rank among landmark destinations of the world.
That is not all. On completion, Mahtani says immense benefits would accrue to the tenants and occupants of the complex. For instance, the WTC will become a member of the World Trade Centres Association (WTCA) with 330 locations worldwide, thereby, providing a platform for its occupants to connect to the largest global business network of over 750,000 entrepreneurs.
“As a tenant at World Trade Centre, Abuja, you will automatically become a member of the World Trade Centre Club and can draw on the credibility and brand of the organisation – which can open doors to new market of export. Also, organisations within the WTC network can enter new markets quickly and without excessive investment by making the WTC their ‘outsourced international business department, ” he said.
Mahtani added that businesses within the WTC network would avoid the pitfalls of country-specific tax and legal regulations through training, advice and business referrals delivered by WTC professionals and members, including providing opportunities of holding meetings abroad in one of the centres of the organisation and participating in WTC conferences, events, and fairs globally.
Although the WTC project is still developing, the promoters said many multinational businesses have signified interests in occupying both residential and commercial spaces in the complex. They include are oil firms, international and local blue chip companies. Rents are yet to be fixed, it was learnt.
Laudable as the project is, it has not been a smooth sail. Though the first phase was scheduled for completion in 2013, this was not to be. Due to ‘unforeseen circumstances’, it was shifted to its new date.
Mahtani said certain areas of the project had to be redesigned to achieve the desired level of quality and standard. Also, the contractors of the National and Light Railway project, while integrating the WTC project into their plan, allegedly could not meet the previous date.
Again, there was the issue of maintenance. Across the country, sights of a once magnificent edifice in decrepit states are common. Mahtani, however, allayed such fears. “Churchgate Group has the credibility of maintaining all its skyline buildings to international standard.The clientele base of Churchgate include numerous multinationals who expect a high level of quality and standard, which we have been able to successfully provide since the inception of our properties. We pride ourselves on the level of service we are able to offer to our customers,” he assured.
He added that his firm has built some of Nigeria’s architectural masterpieces, including the Churchgate Tower in Lagos, which is the first building to be constructed from steel and glass, and the Oceanview apartments, Lagos.
Yet, stakeholders are hopeful of the project. An Abuja resident, with huge interests in real estate, Alhaji Ibrahim Kareem, wants the project be used as a model to implement some upcoming private partnership project in the FCT.
A former Minister of the FCT, Senator Bala Mohammed, assured that because of the high profile and global scope of the WTC project, the Territory Authority requested the Federal Ministry of Foreign Affairs to process a diplomatic status for it.
True, the journey to find investors for the project was difficult. This was because attempts by the AICL to get partners failed before the selection of First Continental Properties Limited, a subsidiary of Churchgate Investment Company Limited in 2009.
“The Churchgate Group emerged as the preferred bidder through an open and keenly contested process. Our company was adjudged credible to develop the WTC project because of our longstanding track record. Already, the project has provided job opportunities for about 600 inhabitants of Abuja and the satellite towns with the figure expected to rise to 1,500 as work progresses,” Mahtani added.
