LUANDA, Angola, December 10, 2013 /PRNewswire/ --
Project will change Luanda's seafront into a unique, urban and social challenging project, combining modernism, urbanism and quality of life
The international presentation of Luanda's Bay project took place during the 1st Luanda Bay Business Forum, in the city capital of Angola.
"Sociedade Baia de Luanda" redeveloped the whole Luanda's Bay seafront area and is now working on the real estate project that will occupy three different plots, in a total area of 39 hectares that will change the face of Luanda, combining modernism, urbanism and quality of life.
The project involves a total investment in construction of around 6,300 million dollars, through 20 years. This investment contemplates the general improvement of the area and the development of a real estate project comprising 78 buildings, in a total construction area of 1.7 million square metres, with car parks and service areas.
These three plots of land reclaimed from the sea will include spaces for housing, offices, services and shops that will make Luanda more modern, functional and cosmopolitan.
To publicise how this project is progressing, Sociedade Baia de Luanda organized the first Business Forum in Luanda, evolving the investors already committed, as well as the main players in the national community of investors. International investment companies and funds, banks, real estate companies, construction companies, hotel chains, engineering and architecture firms also took part so that they could discover the advantages of investing in this project which promises conditions of return on a par with other fast developing parts of the world, namely in Asia.
This project stems from a private partnership between the national corporate sector and the Angolan State, in which the private companies, namely Sonangol, Banco Atlântico, GENI, Millennium BCP and Finicapital, took on all of the economic risk of the initiative, meaning that the Government of the Republic of Angola did not have to resort to public investment.
In exchange for the investment made in the redevelopment, the Angolan State ceded the surface and construction rights on the land reclaimed from the sea, together with other concessions as the new car parks on the redeveloped seafront.
The project has already won awards in Angola, in South Africa and in Portugal. And in October of 2013 it was distinguished in the United States of America by the International Waterfront Association, a non-profit institution which awards prizes to the best waterfront redevelopment projects in the world. Luanda Bay won the award for the best environmental redevelopment and public space project from among 40 projects entered from around the world.
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SOURCE Sociedade Baia de Luanda