Giant business tourism resort for Nigeria

Posted On Thursday, 19 February 2004 02:00 Published by eProp Commercial Property News
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Opportunity for South African investors, developers Property Reporter.

Property-Housing-Residential

South African investors are likely to benefit from a multimillion-dollar mixed-use retail and resort development in Nigeria.

The development, which is called the Sacred City of Tinapa, will be situated on a peninsula within Calabar, the state capital of the Cross River state.

A market and financial feasibility study was undertaken by Atos KPMG Consulting in SA and by KPMG Nigeria in March last year.

Ion Hadjihambi of Atos KPMG says Tinapa will be "one of the biggest retail-entertainment developments in Nigeria and the whole of the western African region".

"It will be a revolutionary tourism development in Nigeria. The concept of the whole resort is built on business tourism and from there will move into leisure tourism," says Hadjihambi.

A presidential forum is taking place on March 4 in Abuja where the development will be presented and marketed to various stakeholders, including South African retailers, financial institutions and developers.

South African and Nigerian companies will work together on the project. It will be financed partly by South African and Nigerian banks, while 60% of the financing will be raised in the form of equity being taken up by the Nigerian private sector.

The first phase, which should be completed by September 2006 for about $120m, will include a warehouse cluster with five warehouses located in the Calabar free-trade zone. The location within the free-trade zone will allow the development to capitalise on the wholesale and retail and import and export opportunities presented by the duty-free area.

Phase one will also include a shopping complex of four wholesale stores, 20 retail outlets, a cinema complex, five fast-food outlets, a games arcade, a 10-pin bowling alley, an internet cafe, a children's play area, an administrative centre and parking for cars and coaches.

There will be an entertainment strip or pedestrian walkway from the shopping complex that includes five restaurants, three themed bars and a themed nightclub. Accommodation includes a 150-room two-star hotel and a 200-unit self-catering apartment hotel.

Also planned for phase one are indoor and outdoor leisure facilities with a water park, landscaped gardens and an outdoor go-cart track, as well as an arts and craft village.

Subsequent phases include plans for a crocodile farm, as well as a visitor centre, veterinary clinic, leather- and meat-processing plant, support services and amenities such as a sick bay and management offices.

Later phases will see the development of a hotel and conference complex including a 200-room four-star hotel, a multifunctional and subdivisible conference centre seating up to 1000 delegates, three boutique stores, a business centre and a fitness centre.

The cultural and education components will be expanded to include 10 additional arts and craft stalls, and a fisherman's wharf.

The Old Residency Museum in Calabar will also be expanded, restored and upgraded. More accommodation facilities are in the offing, with a 150-room four-star hotel, luxury beach lodge with 30 letting units and a luxury bush lodge with 30 letting units being touted. There will be a focus on agritourism and ecotourism in the form of a tropical fish farm and an exotic bird aviary.

A primate rehabilitation centre will be set up, and will be linked to wildlife sanctuaries elsewhere in the Cross River state.

Last modified on Tuesday, 15 April 2014 13:18

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