The Developer of the popular Ile-Epo Market in Abule Egba area of Lagos, Total Value Integrated Limited, has been given 27 years period to maintain the market before handing it over to the council.
The development of the market, which has begun will gulp N2 billion being invested by the developer under the Public-Private Partnership, PPP, agreement.
Speaking at the flag-off of full construction of work at market on Wednesday, Chairman, Agbado Oke-Odo Local Council Development Area, LCDA, Dr. Augustine Arogundade said the ongoing work on the market was steadily progressing as the contractor was building to standard in a bid to deliver a modern market to complement the mega city status of Lagos.
According to him, the original allottees would be considered first in allocating shops before new allottees, saying that seeing the magnitude of work going on in the market, the council had given the developer the go ahead to start selling allocation forms for people to subscribe for the shops and K-Clamps.
Managing Director, Total Value Integrated Limited, Chris Onyekachi said the development of the market was for the benefit of traders in the area so that they could feel the taste of a modern facility, adding that old allottees would be considered first in allocating shops and K-Clamp at subsidised rates before new allottees.
According to him, the 27 years granted to the company was to carry out maintenance of the market before handing it over to the council, explaining that once one had purchased a shop in the market, nobody would tamper with such transaction.
On the mode of payment for shops and K-Clamps, Onyekachi said once an initial 70 percent payment had been made, the other 30 percent would be spread over a period of 12 months for payment, while the shops would be release to the allottees after paying 70 percent down payment.
He said K-Clamps with the size of seven by seven would cost N700,000 for old allottees and N900,000 for new allottees, while K-Clamp of the size of 10 by 10 would go for N1 million for old allottees and N1.3 million for new allottees.
On the cost of shops, Onyekachi disclosed that old allottees would pay N3.6 million for a shop while new allottees would purchase a shop for N4.5 million, adding that on completion, the market would be provided with modern facilities.
The Baba Oloja, Ile-Epo Market, Prince Abiodun Kosoko commended the developer and the council for the development of the market, saying that it would complement the mega city status of Lagos, as the market would enhance the aesthetic of the environment.
The Secretary of the Hausa Traders Association, Ile-Epo Market, Haladu Idris said the development of the market was in the best interest of traders, saying it would further enhance the beauty of Lagos.