Sociedade Baia de Luanda has unveiled a new $6.3bn real estate project at the seafront of Luanda in Angola.
The company said the development will change Luanda’s seafront into a modern urban area with housing areas, offices, service areas and shops.
Under the project, 78 new buildings will be developed in a total construction area of 1.7 million m², with car parks and service areas as well as general improvements of the area.
According to the developer, the urban sea front will be developed on three plots of land spanning about 39ha and the development will be on reclaimed land from sea.
The project will be carried out in private partnership between the national corporate sector and the Angolan State.
Private firms such as Sonangol, Banco Atlântico, GENI, Millennium BCP and Finicapital will be bear the cost of the project, without requiring any public investment from the Government of Angola.
Sociedade Baia de Luanda said in exchange for the investment made in the redevelopment, the Angolan State ceded surface and construction rights on the land reclaimed from the sea, together with other concessions.
Image: Baia de Luanda receives a real estate project. Photo courtesy of PR Newswire.