Makinde has handed over Agbowo Complex for Remodelling Project.
News Rain reports that the Oyo State Government under the leadership of Engr. Seyi Makinde has handed over the moribund Agbowo Shopping Complex for investors that will remodel it for better usuage of the State.
Why Makinde Handed Over Agbowo Shopping Complex To Investors.
Governor Makinde who also flagged off the construction of 360 Housing Units at the Ajoda New Town Estate, on New Ibadan – Ife Expressway, said the remodeling of the Shopping Complex will be completed in the next 104 weeks.
Governor Makinde, while speaking at the flag-off of the renovation and remodelling of Agbowo Shopping Complex, stated that the state will work in collaboration with Messrs Whitestone Global Ltd to convert the moribund facility into a premium commercial real estate and a 4-star hotel.
He said, ” the collaboration will be in the form of a long lease concession for 50 years, with a capital injection of N4.9Billion, saying: “Our administration understands that the only business that the government should have in business is to create a conducive environment and the needed support for private enterprises to thrive. And this is what we are doing.
“You will readily agree that the injection of N4.9 Billion into the Oyo State economy is an economic stimulus in the short term which will translate to broader benefits in the long run.
“The process of selecting the concessionaires was also transparent.
As everyone knows, the days of getting contracts from the government solely because a person knows the governor is in the past. I make bold to say that the PPP mechanism of the state has been re-engineered for effectiveness.”
The governor assured that shop owners in the complex would have the right of first refusal when the complex is finally remodeled.
He also promised to put up a revolving fund scheme to assist those who may not have the money to pay for the shops by the time the project is completed.
Also speaking, the Managing Director, Remax realtors Limited, Adefunke Adesoji, said it was an honour to work with the Oyo State governor on the project, which was conceived as a public-private partnership.
Also speaking at the handing over of Agbowo Shopping Complex, the Managing Director of Whitestone Global Ltd., Mr. Woleola Oluwole, said: “Today is indeed a great day and another landmark in the trending capacity of Oyo State.
This is not surprising because we have a governor that is an honour to follow; we have a governor who is a father to watch. Here we are today marking another trend for others to follow.
“This facility, when completed, will have a time level car park that will double as a drive-in Cinema in the evening; a 10-floor first class hotel; 600 capacity 3D Cinema in the evening, an underground gaming arcade; what I call the 22nd-Century E-shopping Mall. All of these will be inside 25,000 square metres.” Oluwole said.
Also in similar situations Governor Makinde while speaking at the flagg off of the Ajoda Estate said that the estate is estimated to cost about Two Billion, Five Hundred Million Naira (N2.5 billion), according to the governor, will enhance affordable housing to all and sundry in the state.
Makinde also in statement by his Chief Press Secretary, Mr. Taiwo Adisa, quoted governor to have said that the strategic location of the new estate will ensure that the investors make quick returns on their investments.