LAGOS | Lagos Keys

[GAR3TH]

[GAR3TH]

[GAR3TH]

[Håkønljzberg]

Ceekay1, thanks for the update. I've merged an older thread with this one.

[Eman-07]

its like heaven! Creates such speechlessness!

[GAR3TH]

Pinnacle Point launches $676m Lagos Keys project

In the midst of the financial and economic crisis, a South African based Property and Leisure company listed on the Nigerian Stock Exchange (NSE) is set to commence construction activity on a N105bn (US$676m or R5.13bn) development that will include an 18- hole golf course, a 5-star hotel and 420 villas along Tarkwa Bay in Lagos.
The company hopes to convert some of its existing debt to equity through a US$33m Rights Issue in October 2009.

This Lagos Keys project is expected to compliment the Eko Atlantic City project – a N405bn project on a 8km2 reclaimed land along the Bar beach, Victoria Island ( a Public Private Partnership initiative).
The launching of this project at a time like this confirms the attractiveness of the Nigerian real estate market.

Alitheiaca Capital has advised the PPGL to ensure that the land rights issues are proactively resolved to avoid the kind of tussle on the Banana Island. “Critical areas of dispute such as development control and physical planning should also be resolved ahead of the commencement of sale.”added Alitheiaca.

Meanwhile, the company’s financial adviser, Goldbanc Management Associates (GMA)Limited had disclosed to newsmen in Lagos that Pinnacle is awaiting approval from the regulatory bodies in the Nigerian capital market to float a rights issue which will commence by October31, 2009.

Speaking at a press briefing, Chief Operating Officer, Goldbanc Management Associates Limited, Mr. Kayode Tijani said, “ Pinnacle Point Group Limited would be issuing a total of R250 million Rights (about N4.750bn) , out of which R150 million (N2.850bn) has been picked up by ABSA, a major investor in South Africa , while the remaining R100 million (about N1.9billion) is to be issued to both existing and new investors.
He explained that the rights issue being issued by Pinnacle is unique in the sense that both existing and new investors can partake in the offer.

Tijani, explained that the proceeds from the rights issue would be used to undertake the Lagos Mega City projects, in which Pinnacle Group has been appointed as the major property developer.

According to him, “ Because the company is listed in both Johannesburg Stock Exchange (JSE) and Nigerian Stock Exchange (NSE), both existing shareholders and prospective shareholders can participate in the offering. This is so because in JSE, the regulation allows for both existing and prospective investors to partake in rights issue. So we are using that leverage to allow our Nigerian investors who are not shareholders to buy into the company.”

He further noted that the rights issue can be bought on the floors of the NSE, adding, “ Where an investor could not buy from the floors of the Exchange. The investor could approach GMA to get the rights issue.

According to him, “ 10 per cent of the company’s shares are held by Nigerians and the rights are domiciled in South Africa for now. Because of the dual listing of the companies’ shares , both existing and new investor can still partake in the offering as Nigerians are free to buy from either of the Exchanges. We, the financial adviser will help Nigerians who are not yet shareholders to partake in the rights. Even the Lagos State Government has stake in the company as the owners of the areas to be used in building the estates would be provided with job employment and made to own shares in the company.”

Continuing , he noted , “ Existing voting pool agreement between major shareholders is to be cancelled, while existing loan from GMA of US$5 million must be converted to equity at same price as rights issue. Also, ABSA will furthermore convert existing debt of R70 million (about N1.330bn) to share capital at rights issue price.
In his own speech, Mr. Hennie Pretorius, Chief Executive Offer, Pinnacle Point Group Limited, said the company specialises in obtaining rights to develop vacant land and land development.

“ We focus on residential and leisure developments. Features of developments are family living, lifestyle, sports, golf, security and hotels. Our current business units comprise: Property development which is further subdivided into; leisure resort developments, Residential developments, Retirement developments, golf course ownership and management. All these are what we are going to provide in the Lagos mega city, including the building of Badagry Pyramid that will serve as a source of power” he stated.

source

[friendsofthecity]

It's totally green!Wow! I think I like that.

[kulani]

Pinacle Point have a good track record of doing this type of developments. So this project is likely to be realized as soon as they get the necessary development rights from the Lagos state govt.

[Artemis]

jeezez...stunning project....

[Eman-07]

So has the project begun?

I would like to see the followin in LAGOS:
• a holiday resort on one of lagos islands... like (or even better) than the carribean and south east asian leisure islands. I think the Lagos keys would be good although an almost "far away" island would be better as it will be more of a retreat.
• And...a nature reserve/nature park on one of the islands
• Water sports organisations
• Preserved and controlled beaches

[Tbite]

South African firm launches $330m Badagry golf course, estate project

By Chinedu Uwaegbulam

YET another grand scheme that will create a new town development and recreational facility on the Lagos coastline stretching from Ilado to Ilase in the Amuwo Odofin area is in the offing. The ambitious scheme, which will cover a distance of 10 kilometres along the peninsula towards Badagry, is coming on the heels of the multi-billion naira Eko Atlantic City development currently underway at the Lagos bar beach.

Tagged 'The Lagos Keys Project (LKP),' the new project is being anchored by a South Africa-based firm, Messrs Pinnacle Point West Africa. The concept is of a mixed-use development accommodating an 18-hole International Golf Course, an exclusive marina and waterfront, luxury five-star hotels, high-bow residences and beachfront villa homes as well as a 50,000-seat football stadium, which will be available sports and music festivals.

Already, development proposals for the scheme, along with reports on the Environmental Impact Assessment (EIA) survey on its potential pitfalls have gone on display at four centres located in Lagos and Abuja, under statutory regulations for such major projects. The inspection exercise, which opened on January 14, 2010, will end on February 11, 2010. The exercise is prescribed to offer the public an opportunity to air their views and concerns over the planned scheme.

The viewing centres are at Headquarters of Amuwo-Odofin Local government Area, Lagos, Lagos Ministry of Environment, Alausa, Lagos, Federal Ministry of Environment(FMENV) Office, Games Village, Surulere, Lagos and FMENV Office, Abuja.

The project, which will comprise six phases, will be financed essentially by private investors from South Africa.

The first phase of the project will cover 400 of the 610 hectares coastline area and feature an 18-hole golf course with 451 residential properties, the marina and waterfront as well as a 160-suite luxury hotel. This phase will commence early this year for completion by December 2012. About 450 palatial homes will surround the estate and have the view of the golf course.

According to the promoters "the unusual golf course is central to the overall theme, with 10 holes over water, four holes on a palm lined estate and four on the beach. The game will be a challenge for most players."

Besides, Pinnacle Point Lagos Keys Golf Estate is to feature a "palatial Club House," with a helipad for day visitors and a five star hotel offering 158 suites, two presidential suites, a spa and wellness centre. The scheme will be accessed by a waterfront marina with berthing for 100 vessels and ferry port as well as waterfront shops at the point of first entry into the keys. A 160 suite five star hotel with a 2000-person conference and banquet facility is positioned at the end of the Bright Boulevard, the central dual carriageway.

"The central services facility for all services has been designed to be first class and surrounds the 60 metres high glass Badagry pyramid, containing 40 million solar cells with power plant for the estate and a tropical garden inside the pyramid," the project brief states.

The Leisure Resort phase of the project, will occupy the rest of the land, a stretch of 201 hectares scheduled to be developed between January 2011 and December 2013. Facilities to be featured include a 150-rooms five-star hotel, two boutique hotels, comprising 60 to 100 suites each, 250 apartment condominiums, the Badagry pyramid, water theme park, casino and community staff village. The third and forth phases comprising beach resort and residential estate will commence in January 2011 and January 2014 and be completed in December 2013 and December 2016 respectively.

But among the impacts of the proposed project listed the Environment Impact Assessment (EIA) report prepared by the Consortium of Geo-ecostrategic technologies Nigeria Limited and Global Impact Environmental Consulting Limited, are that the scheme would lead to the relocation of communities that currently inhabit the area, the destruction of economic trees.

The study also envisaged that some farms would be destroyed in the bid to create the new tourist centre, which will have a negative effect on the populace and eventually affect their standard of living, while the clearing of vegetation for various construction activities will likely predispose to the soil erosion.

Guardian Nigeria

[oga_naija]

Why do projects always take so long in Nigeria

[JoblessBeggar]

Originally Posted by oga_naija

Why do projects always take so long in Nigeria

On the contrary, I actually think that the less-than-2-years schedule for completion of the first phase is rather aggressive (and might ultimately prove too optimistic).

[scholes0]

That project is WOW.
And would b a big plus to Lagos if it comes into reality........

[Tbite]

[megacity]

THE MOMENT

Innovative design - Iconic architecture - Opulent style - Pinnacle Point Lagos Keys will boast an impeccable balance of an 18-hole International Golf Course with an exclusive marina and waterfront, luxury 5-star hotels, beautiful mansions and beachfront villa homes.

Dip into a lifestyle of luxury


THE GOLF ESTATE


•Pinnacle Point Lagos Keys "Golf Estate" will be a private residential estate featuring a full 18-hole golf course of world-class standard, together with a 300 metre driving range.
•A palatial Club House, with a helipad for day visitors, will set the benchmark for unrivalled convenience and indulgence.
•The private residential dwellings will comprise 430 freestanding villas along the diligently manicured lawns of the course.
•All this will be accessed by a private enclosed waterfront marina with berthing for 100 vessels


THE LEISURERESORT


Encompassing a 200ha leisure development, phase two of the Pinnacle Point Lagos Keys development will begin in January 2014.




•Marina and waterfront with a 150 vessel mooring capacity
•Five Star Hotel offering 158 suites, 2 Presidential Suites a spa and wellness centre. The hotel will be able to accommodate conferencing and banqueting for up to 2000 guests.
•A yacht club and Waterfront designer boutique shops will offer the ultimate extravagance at the worlds most exclusive shopping address
•Ferry terminal
•A staff village and full amenities

Phase 1 Golf Estate Start: Early 2011 Completion: Dec 2013

Phase 2 Leisure Resort Start: Jan 2014 Completion: Dec 2015

http://www.lagoskeys.com/

[Naijaborn]

it would be just north of the Eko Atlantic, by the North Boulevard...... What about road networks to the Golf Estate, the place looks pretty far from the Lagoc city center
hope we get to see construction updates though.

[Brik n Mortar]

More ....

Golf Inc Magazine - January 9, 2011

South Africa Another One Bites the Dust


One of South Africa's most prolific golf developers is also leaving the golf business.

Although it believes that the nation's housing market is “showing early signs of recovery,” Pinnacle Point Group has decided to stop building golf communities and aims to sell at least two of its best-known golf clubs. In a recent financial statement, it said that “ownership of golf courses will no longer be part of its future strategy.”

We've heard this story before, haven't we? Like so many other companies, PPG has concluded that golf development isn't what it used to be.

Available at the right price, whatever it may be, are two of PPG's premier properties, Pinnacle Point Golf Club in Mossel Bay and Clarens Golf & Trout Estate in the Free State Highlands.

These days PPG also owns Wedgewood Village Golf & Country Estate outside Port Elizabeth, which I suppose could also be on the market. Last year, the company agreed to sell Gardener Ross Golf & Country Estate in suburban Pretoria, which features an Ernie Els-designed course, but I can't determine if the sale was ever completed.

PPG has also left some to-be-built golf communities on the table. It had planned to build Romansbaai Beach & Fynbos Estate on South Africa's Western Cape, a 3,000-acre coastal community in Nigeria called Lagos Keys, and the Ile Aurore Nouvelle golf community in the Seychelles, an island chain in the Indian Ocean. Ile Aurore Nouvelle’s golf course was to be co-designed by Darren Clarke, the PGA pro, and Peter Matkovich, an architect based in Kwazula Natal, South Africa.

Various news reports say that PPG has lined up a buyer for Pinnacle Point Golf Club, which has a Matkovich-designed course.

http://www.golfincmagazine.com/blog/...january-9-2011

[Twistaz]

Pinnacle Point Group cannot raise funds to develop its Lagos Keys project in Nigeria, whose value is estimated to be R398m.

Image: Business Day
No CaptionThe financially troubled property company will have its Lagos Keys project in Nigeria, whose value is estimated to be R398m, terminated as it cannot raise funds to develop the venture, lawyers representing its liquidators said on Sunday.

The Lagos state government earlier in the month sent a letter to the property group stating it intended to terminate the company's land ownership and development agreement due to an alleged breach of terms. It gave the group 30 days to remedy the breach, failing which the agreement would be terminated.

In 2009, the company's unit, Pinnacle Point West Africa, signed an agreement with the state government to develop a luxury leisure destination. But since the agreement was signed, not a single sod of soil has been turned.

Instead, Pinnacle Point Group is now under liquidation in SA and the subject of an inquiry into its business affairs.

The liquidators' representatives said as the company did not have any money it would be impossible to complete the deal.

"There's no prospect whatsoever of resuscitating the Lagos Keys project," said Edward Nathan Sonnenbergs director Leonard Katz.

He said liquidators would investigate the nature of the alleged breach, to understand but not rescue the deal.

The Lagos Keys project was seen as a key asset with the potential to rescue Pinnacle Point from its financial woes. It had been forecast the project could generate about R500m in three years if it were developed.

Investors who stand to lose substantially from the demise of Pinnacle Point include workers aligned to the Southern African Clothing and Textile Workers Union. They had R260m of their pension money invested in the company’s shares, which are now worth 1c.

Banks have lent the group's units more than R200m, and have admitted that the likelihood of total recovery is minimal.

Pinnacle Point shares are suspended from trading on the JSE and the company faces being delisted from the exchange.

[Jim856796]

Originally Posted by qymekkam

So, did the islands (marked in red) really have to be developed?