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   Market Date: 27-01-2015   
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Pinnacle plans N30b real estate in Nigeria

Category: Capital Market

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Pinnacle plans N30b real estate in Nigeria

South African real estate firm, Pinnacle Point Group Limited, has indicated readiness to inject about N30 billion into the development of a world-class golf estate m Badagry, Lagos State.The company, which is the largest golf and leisure estate developer in South Africa and on the African continent, intends to position itself as a major global player in both the golf and residential estate development markets in the next five years.

Actual and projected turnover of all projects being executed by the Pinnacle group across Africa currently under management exceeds $6.6 billion.The group already has nine other developments in South Africa and recently announced that it is in negotiation to develop and construct a multi-million dollar luxury golf estate in Lagos State.

The Lagos Keys development will comprise 300 luxury homes, an international golf course, a marina; with boutique shops, a six star hotel and conference facility and all iconic Badagry Pyramid, which will be a tower 18 storeys.The pyramid will comprise of 45 million solar panels and will supplement electrical power to the project. The group is also to build one of the world s most exclusive golf and casino resorts on an island f in the Indian Ocean off Mahe, Seychelles.

Pinnacle Point won the tender from the Seychelles government against tough international competition. The project will be the largest investment in the Seychelles leisure industry.The group's flag ship development Pinnacle Point Beach and Golf Resort, on the east coast of South Africa, comprises luxury residential homes, golf lodges, villas, additional exclusive properties situated on the 9Yster Bay beach front enclave, and an 18 hole international championship golf course.

The resort has received numerous awards and accolades, and the golf course has been voted one of the Top Ten Best New Golf Courses in the World. The Pinnacle Point Group is committed to the development and management of all its properties to the highest standards possible, in accordance with a global trend towards luxury lifestyle living. It is equally committed to maintaining the highest environmental standards across all properties and to a policy of responsible corporate social Investment.

The company came about as a result of the merger of the businesses of the Pinnacle Point Holdings group of companies and Acc-Ross Holdings Limited. The merger was achieved through the reverse take- over of Acc-Rossby Pinnacle Point Holdings in November 2008. The Pinnacle Point Group is listed on the Johannesburg Stock Exchange. Major shareholders of the Company include South Africa's leading bank ABSA and a Nigerian consortium led by GMA.

Other key shareholders include a major international property development company in the UAE, who have indicated their intention to partner with the Pinnacle Point Group in expanding the Group's footprint in Africa and exploring the opportunities for global expansion beyond the African continent.

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