The Lagos State Government has concluded plans to rebuild the popular Sangrouse Market in Lagos Central Business District into an ultra mod...
The Lagos State Government has concluded plans to rebuild the popular Sangrouse Market in Lagos Central Business District into an ultra modern facility.
The project expected to be done under a public private-partnership arrangement is located between Simpson and Louis streets and could be approached from the Third Mainland Bridge through the Sura
Shopping Complex Mandillas Building area.
The market which would be upgraded into a mix-use ultra modern affairs is expected to gulp N1.5bn private sector funds in a 25-year period in partnership with D.H.B Construction Limited.
The market is one of the first markets in Lagos central business district that serves high profile patrons from Ikoyi, Victoria Island, Dolphin and its environ.
The Chief Executive Officer of D.H.B Construction Ltd, Chief Alabo Bakare said this was the main reason the project was important to the economy of Lagos. He said his company was venturing into the project to enable it key into the desire of Governor Babatunde Fashola, who wants to make Lagos a model city and the mega city that it presently represents.
“To have such an edifice will complement the effort of the state government ,” he said. He further explained that the present makeshift market would be transformed into an ultra-modern market and would be the first of its kind in the state.
The development arrangement, he added, was among D.H.B Construction, Lagos Island Local Government and Lagos State Government which has a build-operate and transfer arrangement for a period of 25 years after which the project would be handed over to the government. He said the role of the LGA in the PPP arrangement was the administration of the market and that was why the local government was signing it off on behalf of the state government. Bakare urged the existing tenants in the market not to be afraid of being displaced as they would be given the right of first choice as was done at Gbaja Mall.
Source: The Tide Online
