Cosgrove Investment Limited has sealed a multibillion naira smart estate development deal with the Benue Investment and Property Company (BIPC) Limited for the development of 36-unit super smart homes that will consist of 10 units of five-bedroom detached duplexes and 26 units of four-bedroom terrace duplexes.
The estate, which ground-breaking ceremony was performed by the Governor of Benue State, Dr Samuel Ortom, at the construction site in Mabushi, Federal Capital Territory, Abuja, has a project completion timeline of 18 months.
Speaking at the ceremony, the governor, who was represented by the Deputy Governor of the state, Benson Abounu said the ground-breaking ceremony is “extremely important not only to Benue State government, but also to the economic development of Benue State and the country.”
The governor explained that the Benue State government had planned to sell off the land, but was advised to collaborate with a competent real estate developer, stating that the initiative promises to haul in greater revenue to the state.
“Some people offered some amount of money, but we rejected it and decided to collaborate with Cosgrove for better returns,” he explained.
“Recently, the BIPC Board made a fresh presentation to the Executive Council that they have found a reliable investor who desires to collaborate with the Benue State government in order to actualise the dream,” he said.
“The Benue State Executive Council carefully examined and scrutinised Cosgrove via a behind the scene investigation to find out the viability or otherwise of Cosgrove as a competent investor, and we came to the realisation that Cosgrove Investment Limited is a very reliable investment company.”
Governor Ortom said: “As a result of that, the Benue State Executive Council unanimously passed a resolution to collaborate with Cosgrove for the development of the land.”
He said the government has considered and approved the designs and that construction will start immediately.
the gratitude of Benue State government to Cosgrove Investment Limited,” he said, stating that the government of Benue State will do everything possible to support the company.
“We are confident that you will introduce the most recent technology,” the governor added.
The Chairman of Cosgrove, Mr Umar Abdullahi described the ceremony as a remarkable public private partnership between the Dr. Samuel Ortom-led government of Benue State and a wholly indigenous yet forward-looking construction company – Cosgrove Investment Limited through the aegis of the Benue Investment & Property Company.
While saying that Cosgrove is focused on pioneering the integration of technology and automation in real estate development in Nigeria, he assured that it resolved to be the investment partner of choice for institutional investors like BIPC to accomplish set goals, adding that the Public Private Partnership is the quintessential vehicle that captures the Benue State government’s goal through the BIPC to drive economic development in the state by promoting, managing and investing in projects which maximize stakeholders’ value.
Mr Abdullahi, who was represented by the chief technical officer, Cosgrove, Baba Kalli, said: “Cosgrove is the obvious choice for this as our strategic strength integrating technology and automation in construction enhances user experience in the built-up space and creates high yield assets by way of the homes constructed.”
He said the estate, which will sit on 1.29 hectares in Mabushi District of the FCT consist of 36 state-of-the-art smart luxury homes, adding that every real estate investor knows that location is key to the value of every asset.