N82bn New Rainbow Town Project Ready, 2015 -CEO

The Managing Director and Chief Executive Officer (CEO) of Rainbow Town Development Limited, developers of the new Rainbow Town in Port Harcourt, the Rivers State capital, Arch Chima Ucheya has stated that the first phase of the project would be completed in the second quarter of 2015.
The Managing Director, who disclosed this yesterday during the formal unveiling of the project and media visit to the project site, said the construction of the first phase commenced in 2009, with an estimated budget of N82 billion.
He said the project is already approaching substantial completion with construction progress at about 60 per cent in the three distinct residential building types, adding that properties around the neighbourhood are already witnessing rebound and upsurge in value.
Ucheya explained that the project comprises of 1,181 residential units located in terraces, detached houses and 25 high-rise condominium, with recreational, business, educational, security, healthcare and retail facilities.
He pointed out that the project was anchored on public private partnership aimed at achieving substainable urban renewal, housing and economic development, and stated that First Bank Plc, which is a partner in the project, has provided mortgage facilities for access by investors and purchasers.
In his remarks, the Special Adviser to the Rivers State Governor on Investment, Hon. Abiye Amachree, described the Rainbow project as a flagship project, which demonstrates the importance the Rivers State Government attaches to housing development for residents and businesses in the state.
Amachree, who commended the management of Rainbow World Project, over the success recorded in the execution of the project, assured the commitment of the Rivers State Government in providing the enabling environment for the smooth delivery of the project, adding that Rivers State was conducive and strategically attractive for investors.
Also speaking, a lead partner, Bode Adediji, described the Rainbow World Project as another landmark initiative of the Rivers State Government, and commended the Rivers State Governor, Rt. Hon. Chibuike Amaechi for his visionary leadership and developmental strides in the state.

Taneh Beemene