By Kingsley Adegboye

FOREMOST real estate development company, Messrs UACN Property Development Company Plc, has unveiled plans to boost its rich portfolio of real estate development with six new projects commencing simultaneously in five cities across Nigeria this year. The upcoming housing projects include, Olive Court in Agodi G. R. A. Ibadan, Oyo State, The Pinnacle located in Maitama area of F. C. T., Abuja, James Pinnock Place located in Lekki Phase Three, Lagos, The Residences located in Festac, Lagos, Pineville Estate in G. R. A. Asaba, Delta State and Golf Estate, Calabar, Cross River State.

Unveiling the residential estates in Lagos last week, the Managing Director of UPDC, Mr. Hakeem Ogunniran said the decision to spread its business to other cities in Nigeria outside the traditional cities of Lagos, Abuja and PortHarcourt, was based on the outcome of the research which the company undertook in the Nigerian real estate market. The research led to the classification of Nigerian cities into A, B and C based on both the current and potential sizes of the market.

Explaining that before now, UPDC developed both residential and commercial accommodation only in Lagos, Abuja and PortHarcourt which were identified as ‘A’ cities, Ogunniran noted however, that current research and the serious need for residential accommodation in the country, have propelled UPDC to consider the development of residential estates in some other cities in Nigeria.

Describing the six projects as “a tale of five cities”, the UPDC boss disclosed that two of the projects are joint ventures with state governments who have the vision of providing best-in-class accommodation to residents of their respective states. Olive Court in Agodi G. R. A. Ibadan which is a 50-unit residential estate and Golf Estate in Calabar are the two joint venture developments being undertaken with Oyo and Cross River state governments.

A further breakdown shows that Pineville Estate, Asaba comprises 20 units of four units  five-bedroom detached houses and 16 units of four-bedroom semi-detached houses. James Pinnock, Lekki comprises 83 units of 11 units of five-bedroom detached houses with boys quarters, 28 units of four-bedroom semi-detached houses with boys quarters, 42 units of three-bedroom apartments with boys quarters and two units of four-bedroom maisonette with boys quarters. On its part, Olive Court, Ibadan is a 50-unit estate that comprises nine units of five-bedroom detached houses, 22 units of four-bedroom semi-detached houses and 19 units of four-bedroom terraces.

Others are Residences in Festac, Lagos which comprises 152 units of housing types and office space.  Wing One consists of eight floors made up of 88 units of one-bedroom apartments, Wing Two comprising eight floors of offices and Wing Three which is residential comprising 18 units of one-bedroom apartments and 46 units of two-bedroom apartments.

The Pinnacle to be built in Abuja  is a 27-unit luxury apartment comprises one unit of one-bedroom flat, 20 units of three-bedroom flats, four units of four-bedroom flats and two units of four-bedroom maisonette. All estates, according to the UPDC boss, have facilities such as sewage treatment plants, borehole and water treatment plants. Other facilities include security systems, swimming pools, power supply, children’s playgrounds, gymnasiums and facility management outfits.

“These six estates will deliver a total of 502 housing units in addition to 5,820 square metres of office accommodation to Nigerians within the next 24 months. In addition to developments, our Festival Mall with over 10,000 square metres of land mass is currently undergoing construction and will be commissioned before the end of 2014.

“UPDC, our mantra is building for sustainable value and we assure Nigerians that these projects have been conceptualised and will be developed with this philosophy in mind. These projects will also provide quality, comfortable and secure accommodation for Nigerians in these five cities. It is expected that these new developments will be completed within the next 18 to 24 months”, Ogunniran assured.

 

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