World Trade Centre Abuja that was billed for opening since 2015 is still under construction.
When our reporter visited the place on recently, heavy equipment were still sputtering even as construction workers wearing industrial jackets, hard hats and boots were still at work. The centre has so far, the commercial and residential towers developed. The commercial tower is 70 percent while the residential tower is 60 percent completed.
The railway and train station projects that were started long after the World Trade Centre’s have been completed.
Mr Franklin Nwokolo, Sales and Marketing Manager of the centre told Viewpoint Housing News that a finishing team joined the company onJan. 15and will enable the delivery of the project by end of this year. The finishing team is to give report on how things will go with regards to completion of the work.
It was gathered that works on the project nosedived upon coming of the Muhammadu Buhari administration in 2015 with its policies. The economic downturn and high cost of foreign exchange that greeted that administration did not help financiers of the structures.
Nwokolo who identified some of the setbacks said works on the train station caused redrawing to suit new settings on the site. According to him, unforeseen factors contributed but more importantly, “the chairman of the company being a perfectionist is meticulous – he wants everything perfectly done”.
According to Nwokolo, another setback is “The project was projected in dollars and off-takers paid in dollars. This badly affected the project because at a point, a dollar was N500, making our products very expensive – most expensive in Africa.” He said despite rise in cost of the dollar, “We’re still selling on the old price. We may review price in due course.”
Viewpoint Housing News could report that a crane once buckled atop one of the towers causing delays for several months.
Nearby train station
Management of the trade centre is hopeful that the nearby train station with prospect of a large footprint will positively impact on the centre. With thousands of people coming through the station daily, there will be easy flow and boom for business. The railway which links the Abuja international airport will give easy access to clients and customers.
Nwokolo said multinational corporations’ presence and world class shopping malls will offer all that is needed, reiterating that the centre is a one-stop shop. He maintained that everything is available in this one location. It will contain the best malls, financial houses and pharmaceuticals. There is also a clinic on the ground floor of the commercial tower.
Tackling investor agitation
Those who put in stakes in the project have started lamenting calling for quick opening of the centre so they can open doors for business.
As a way of pacifying them, “We reach out to investors. We send them newsletters. We call clients and give them update,” the Sales and Marketing Manager explained.
It was gathered that though many units have been sold in both commercial and residential towers, there are still a number to be sold.
Sales started since 2013
The World Trade Centre started selling since 2013.
-One-bedroom unit of 130sqm sells for $768,226.68
-Two-bedroom unit goes for $1,483,271.73
-Three-bedroom house costs $1,536,453.36
-Three-bedroom duplex for $1,542,366.09
-Office space of 301.52sqm costs $1,785,058.71
The World Trade Centre Abuja built by Churchgate is strategically located on the airport return road, in the Central Business District, Abuja. It is mainly for luxury and sophistication. The commercial tower is 23 floors and the residential tower 24 floors. They are so far the tallest in the capital city. Between the two towers are a two-floor parking space, recreational facilities like swimming pool and tennis court.
Centenary City located in Gosa, airport road is in the class of the World Trade Centre but due to political shenanigans, the project cannot progress.
Those who put stakes in Centenary City are now in dire straits as works were suspended.