THE MILLENNIUM CITY – AWKA CAPITAL TERRITORY

 

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The site measuring830 Ha is in the state capital Awka and lies along 2 major roads connecting Onitsha and Enugu.

 Located within a ‘virgin area,’ the site creates the opportunity for vibrant economic activity for the location. But it will need to be designed sensitively within its surroundings so as not to negatively impact on the current setting.

The development will need to relate well to this natural environment and reflect their layout and built form to ensure an environmentally friendly, socially cohesive, accessible and legible development that further enhances the area.

The Millennium City also known as the Billionaire City is an exclusive, high-end, district within the multi-nuclei city of the Awka Capital Territory. It is an exotic enclave of mixed use development.  In planning the Millennium City, the aim is to evolve practical innovative solutions – so as to prepare for the future – for long-term sustainability.

 

The layout of the Millennium City features three distinct development zones: the Three-Arms Capital Zone, the Millennium City Centre, and the (Low Density) Residential Neighborhoods. Each of the Zones has its own pattern, scale and importance within the overall City and varying mixes of uses.

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Millennium City Layout Aerial View

 

A wide range of uses including seats of government sectors, offices, educational facilities, low density and single family mansions  as well as parcels designated for resort and convention centre development are the proposed uses within the Millennium City. Parks and other community amenities will be adequately provided. However, a significant portion of the site is dedicated to open space that will serve the entire region as well as the residents, workers and visitors of Millennium City itself.

We at ACTDA intend to implore cutting-edge planning principles in the design of infrastructure network that explore the feasibility of underground plans integrated in complimentary form with the above-ground master plan to make the city more exciting and livable.

The circulation framework for the entire site entails connecting to the regional expressway and some existing roads, taking into account the initial mapping of additional circulation routes throughout the site. This circulation framework has been set up in a hierarchy of roads corresponding to major entry or ceremonial roads, internal connector roads, and neighborhood or district streets.

The Millennium City had been planned to be a modern comprehensively serviced urban area. It is self-sufficient in terms of utility with 24 hours electricity supply through use of Captive Power Source, a central utility plant that will contain reticulated water supply and water borne sewage system with treatment facilities, smart city concept featuring central distribution hub for voice, data and television transmission, warehousing, workshop facilities, Crime Prevention and Integrated Security system, administrative offices and rapid response buildings for security and fire related emergencies.

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Millennium City Layout Plan

 

Vision, Mission and Objectives

The vision of Millennium City is to contribute to the infrastructural, economic, social and environmental development of Anambra metropolis.

 

Value Chain Analysis

Internal Strengths and Core Competencies

  • The strategic location of the land area
  • Nearness to the Government House with the attendant perceived security in the area
  • Up-to-date engineering solutions available to mitigate environmental threats
  • Vast experience in infrastructural development available to Establishment through the seasoned professionals engaged
  • Corporate backing of a credible financial institution.

 

 Sustainable Competitive Advantage

  • The strategic location of the land serve as a high brow area within Independence Layout
  • The bespoke quality of the development will also serve as a benchmark for future development in the area
  • Thirty different and unique designs thereby avoiding the drab appearance of prototype developments

 

Value Drivers and Proposition

Millennium City will offer high-grade residential housing to medium and high-income earners and business organizations in Enugu metropolis. It is planned and developed strategically to create aesthetics in a generally innovative environment.

Well-planned and built neighbourhoods with adequate health and safety systems embedded, ensuring peace of mind of inhabitants.

A ‘One unit’ development plan, even in phased model, will ensure development is not left open-ended, enforcing the long-term strategic planning of the city.

Eliminating any possibility of epileptic power supply through an ecologically friendly power generation source generating 32KVA of electricity per unit via solar platform.
Benefit to the State through creation of jobs and revenue during and construction for both skilled and unskilled labour and post construction through management, sales and re-sales respectively. This will in turn increase government revenue via taxes. Opportunities and Threats

 

Opportunities

The opportunities that arise from the conception of THE KINGS COURT are numerous. However, the following are key to consider.

  • The amount of sunshine experienced in the region calls for solar-power generation
  • Unmet demand for high-end luxurious accommodation in South Eastern Nigeria

 Threats

Adverse Impact of Development on Environment. This refers to short and long-term effects of the proposed business operation (construction and economic) on physical and social condition of the site and its environs.

 

 

ECONOMIC AND INDUSTRY OVERVIEW

Economic Growth and Outlook

The Nigerian Real-estate/Housing sector is expected to achieve a steady growth in the short-to medium term future as the region (and the nation) attempts to diversify its economy and reduce over-dependence on crude-oil production. As at the year 2012, an 11% increase in the overall Nigerian real-estate sector. Additionally, due to the current housing deficit the country is experiencing, The Housing Thematic Area of Vision 2020 is an initiative by the Federal Government to increase the number of adequate housing units by 10 million by the year 2020. This initiative has so far brought about increase in Real-estate investments, with the trends forecasting a continuous growth in the next 10 years. This is because the Federal Government are implementing policies that encourage public-private partnerships (National Technical Working Group on Housing, 2009).

Industry Value Drivers

  1. Demographics – Metrics defining the target population in terms of age, culture, income and population growth.
  2. Interest Rates – affects an individual’s ability to purchase residential properties
  3. Local Economy – State of economy has different effects on the value of real-estate depending on the type.
  4. Government Policy – Laws and decrees in place that either restrict, control or maximize real estate activities depending on the type of investment.

 

Urban Housing

Refer to Master Plan of Millennium City

 

Emerging Opportunities

  1. Economic Diversification away from solely oil-production
  2. Current Housing deficit catalyses market
  3. Increase in Foreign-Direct Investments

 

Regulatory Framework/Building Codes

Building Adoptive Bye-Laws, a derivative of the Public Health Law No.24 of 1957 and the Local Government Law of Nigeria No.12 of 1957. However, the development will have to follow codes that are tailored to best suit the infrastructure and the environment.

 

Critical Success Factors for Real-Estate Industry

  • Sporadic Access to Fund
  • Community cooperation
  • Minimal land disputes
  • 50% change in property value relative to interest rate
  • High level of demand for property
  • Proper Entity Selection
  • Capitalization

 

Market Analysis

Direct Sales of Houses

A schematic market survey has shown that the type of housing stock available for development in this proposed estate can be sold ‘off plan’.

 

Participants in the Industry

  • Consultants in infrastructural development
  • Contractors
  • Government Authorities
  • Off-takers
  • Estate Surveyors and Valuers
  • Financial Institutions

 

OPERATIONAL PLAN

Location of Facilities and Estate

Three Arm Zone,  Awka Capital Territory, Anambra State.

Engineering and Mechanical Design of Facilities

Still in progress and will be updated in due course.

Construction Processes

  1. PRELIMINARIES                                                                
  1. Site Mobilization
  2. Site Preparation
  3. Establishment of Boundaries
  4. Topsoil Removal
  1. INFRASTRUCTURAL DEVELOPMENT
  1. Civil Works
    1. Roads and Drainages
  2. Services
    1. Electrical works
    2. Mechanical Works
  3. Building Works
    1. Recreational Development
    2. Residential Buildings
  4. Closing
    1. Testing
    2. General Post construction
  • Cleaning
  1. Facilities Management

Utilities, Lighting and Security

During construction, the following arrangements for utilities, lighting and safety will be made available:

  • Mobile toilets
  • Temporary boreholes
  • Mobile Artificial lighting
  • Wire gauze fencing of office areas and construction common user parts
  • Acquiring Generators
  • |Private security agents on standby patrol

 

Facilities Maintenance Arrangement

Professional facilities managers will be engaged, who will carry out this aspect of post-construction management such as

  • Waste Management (collection, separation and treatment)
  • Road maintenance
  • Water Supply
  • Information and communication technology.

Specific details regarding actual parties will be determined in due course during the contractual Process.

 

Trends in Real Estate

High-end, upscale housing is a potential market not given much attention or investment in the region. However, recent policies implemented by the Nigerian Government have an intended purpose of encouraging private developers to provide infrastructural development on land made available. This is partly due to the housing deficit currently and also due to rise in the population. This strategy has brought about an increase in public-private housing partnerships in the country. Less developed countries such as Nigeria are offering more competitive options to the global real-estate market. Consequently, reports indicate an annual 23.4% (Lamudi, 2014) hike in Foreign-direct investments made in the country in the last 6 years, with this figure expected to rise due to the need of a less solely oil-dependent economy. This need arises due to the recent drop in oil price in the global market (BBC, 2014). Reports show continual rises in Nigerian house prices. Cumulative income earned across the entire Nigerian Real-Estate industry increased from ₦743,745.54 million in 2010 to ₦1.15094676 trillion, showing a 55% increase approx. in two years (National Bureau Of Statistics, 2015).

Trends in Target Market

  1. The prime location of the development.
  2. A Nigerian south easterner stores 85% of his wealth in real estate.
  3. Exponential growth in local population.
  4. An increase in willingness of South-easterners living in diaspora to invest in quality real estate in the past decade.
  5. The bespoke designs and subsequent facilities management ensures property value in MILLENNIUM CITY will continue to appreciate, this is favourable to both investors and owner-occupiers.

Target Market Needs

  • Steady increase in the demand for housing to accommodate the increasing population (National Bureau Of Statistics, 2015)
  • A sustainable ecological harmonious development creating a generally conducive living environment
  • An environment where inhabitants can have peace of mind due to appropriate safety measures applied.
  • Constant, cost-efficient and ecologically friendly power supply for all inhabitants.
  • Exotic locations that add variation to increasing movie production in the state.

 

Market Analysis Situation

Is Millennium City Cost Effective?

This is affirmative due to the engagement of a project cost-consulting firm managed by a group of Chartered Quantity Surveyors who have appraised the cost implications vis-a-vi the project sales value, to make sure that expected returns remain 20% (twenty percent) higher than break-even.

Pricing Strategy     

The pricing strategy utilized is COST PLUS pricing, where production costs and profit margins are summed to determine final pricing decisions. The following factors were taken into consideration while pricing the produced land:

Fixed cost of investment (plus land), target market, competition, loan source tolerance levels, stakeholder profit margins and willingness to pay.

Socio- Economic and Legal Analyses Situations

Important Considerations

  • Creation of employment
  • Improvement on Landscape
  • Concerning Legal analysis,

Competition Analysis Situation

The Strategic objectives of the Development of THE KINGS COURT can be competitively compared across the following spectrums.

  1. NICON Town, Lekki, Lagos
  2. Cable Metal Estate, Lagos
  3. Zoo Estate, Enugu

 

Market Differentiation and Segmentation

Target Market Segment

The intended market comprises of several groups of individuals as well as medium-to-large scale enterprises.

  • Local Indigenes who are Medium/high income earners with annual wages in an average range of ₦30M (and upwards), due to their desire to own and live in a safe and luxurious environment. They comprise mainly of successful local and International Businessmen in Nigeria.
  • Nigerians Living in Diaspora, by offering them an opportunity to own high-end housing stock for accommodation during visits to their motherland
  • International and local organizations executing business operations in the Southeast region of Nigeria, by offering their expatriate or national professionals a conducive environments
  • Real-estate Firms desiring to resell or lease developed property for profit.
  • Wealthy businessmen and figures looking for means to diversify attained wealth

It is important to note that all above-mentioned segments are in desperate need for a location with constant, cost and environmentally efficient means of power supply