The Octagon: Offices, Hotel Space, Commercial Space and Parking Space in Central Accra

Karim Jamil Ibrahim, Managing Director of Dream Realty, presents the Octagon, a 130,000 m² development consisting of offices, hotel space, commercial space and parking space in Central Accra.

“The Octagon project, as I mentioned in earlier interviews, is a 130,000 m² development. It is really a massive project. The Octagon consists of offices, hotel space, and commercial space. And of course, to service all of that, and one of the biggest costs of the Octagon, is the parking. The latest study done by AMA showed that the total amount of parking in all of Accra, indoor parking specifically, is about 3,300, of which 1,500 are in the Octagon building. For now, we have two office blocks and the hotel. We were developing the hotel ourselves as a serviced apartment hotel, but last year, we got the opportunity to sell it to a local group and they have just started the finishing works. It is not actually going to be a serviced apartment building anymore, it will now be a five-star hotel with a big name to manage it. This is great for the Octagon. Having a 200 room, five-star hotel in the project is a very big plus for everybody. As for the offices, one of the blocks is sold out and we are starting now to fill the other block. Some have been sold, some have been rented. Sales consist of about 70% of that block of our tenants and the rest are rentals. As for the showrooms on the ground floor, about 60% have been sold or rented out already. We are concentrating our efforts now to try to fill up the building. Hopefully, by next year, the hotel will be done, and the rest of the office space will be occupied. Then, we will have time to move into developing a new project. We are, at the end of the day, a family business. Dream Realty is a merger between Jamil Ibrahim Establishment from Lebanon and Interplast in Ghana. And as it is a personal investment, we would really like to see the Octagon financially up on its feet before moving onto another project. We are very close to achieving that. We hope by the end of the year we will achieve this goal”, says Karim Ibrahim.

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