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Rivers solicits investors for Rainbow TownAs the first phase of the N100 billion new Port Harcourt Town project gets ready in 2015, the Rivers State Government has called on investors in the over 25-hectare Rainbow Town being bank-rolled by First Bank of Nigeria Plc to take advantage of the favourable investment climate to participate in the project.
Speaking at the weekend in Abuja, the Principal Consultant at the Rainbow Town, Mr. Pat Onukwuli, called for investors’ subscription in the massive estate, which used to be at the Trans-Amadi Industrial corridor.
The town, which is about 80 per cent completed, is an independent community with its hospitals, market, shopping arcade, club house, hotels and outdoor recreational facilities.
The Rainbow Township was developed as a medium income housing estate by the then Eastern Nigeria Housing Development Corporation (ENHDC) in 1964.
It went through various land use transformations as dynamic demography and urban growth dictated. This led to a very high-density community with the resultant degeneration, security breaches and blight. In reaction to the project, the Rivers State Government (RSG), in exercise of its powers and in the interest of the public, relocated the residents and reclaimed the town for a more beneficial re-use.
According to the consultant, Port Harcourt, being the flourishing capital of Rivers State in the heart of the oil-rich Niger Region of Nigeria is the bustling capital of Nigeria’s petroleum economy making it an ideal and viable investment destination for individuals and corporate bodies around the world.
The range of the town, according to the consultant, is 1,181 high quality residential housing choices, which are creatively distributed into terrace, detached and high-rise condos.
“The 15-storey iconic tower is the commercial hub of offices, conventional centre, movie theatres, shops, restaurants, short-stay inn and a helipad,” he said.
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