(Business in Cameroon) - The French firm MG Constructions, of which one of the seniors partners is none other than French-Cameroonian tennisman YannicK Noah (photo), has just launched the marketing operation of the Cité des cinquantenaires according to the Vefa principle (sale of property for future completion).

This is a real estate project which will be set up as a block of over 500 high-standing accommodations, with "roof top swimming pool, split level apartments, sprawling patios, underground car packs, shopping centre, fitness centres and banquet halls, a majestic vista over a magnificent park, etc.", according to the description given by MG Constructions.

The project, which blueprints were designed by the architecture firm Bisseck, explains Guillaume-Edima Atangana, Public Relations Manager at MG Constructions, is carried out in partnership with the Communauté urbaine de Yaoundé, the office of the Mayor of the Cameroonian capital.

The construction of the Cité des cinquantenaires according to the same source, will also profit from the support of the Cameroon government authorities, particularly the Ministry of Housing and Urban Development and the Office of the Prime Minister.

The Cité des cinquantenaires will be built on a land for public purpose in the Djoungolo area of the Cameroonian capital. This is according to sources close to the project a global investment of FCfa 60 billion, which will be financed by the contributions of partners as well as bank loans.

The first buyers would also contribute to the financing of the initial works. Indeed, though the Vefa marketing recommends that the building contractor only be paid after completion of the works, the potential buyer still pays 5% of the selling price at the signing of the booking contract witnessed by the notary, then 5% during the signing of the sale contract in the presence of same notary.

Brice R. Mbodiam