Frontline real estate developer, UACN Property Development Company (UPDC) Plc, last week delivered another residential project in Lagos, The Residences.The newly commissioned project is a milestone towards reducing the huge housing deficit in Nigeria in general and Lagos in particular.
The Residences, located within the former Durban Hotel, now Golden Tulip Festac Hotel, Janet Fajemigbesin Street, Off Festac Link Road, Amuwo Odofin, has a total of 198 units of one and two bedroom apartments on eight floors.
Speaking during the unveiling ceremony of the edifice, UPDC’s Managing Director, Mr. Hakeem Ogunniran, said though some challenges arose following the acquisition of the property from the Federal Government’s privitisation and commercialisation scheme, it was gratifying that, The Residences has now been completed for subscribers to move in.
According to him, the project was created from “Our desire to create a truly-mixed real estate development that will offer comfortable and best-in-class residential, commercial and retail accommodation.” He added that the initiative is the first of its kind in Lagos and consists of Golden Tulip Festac, Festival Mall and The Residences, which consist of three wings of eight floors.
For now, according to Ogunniran, 50 per cent of the homes were already sold, adding that, from all indicators, the entire units would be sold before the middle of next year.
As part of the developer’s marketing strategy, Ogunniran said: “Our partnership with Natanelflorens under a rent-to-own scheme has also helped to push the property into the market. We are confident that by the middle of next year this place would be fully occupied given what we have already done.”
On power generation, he said UPDC had also partnered with a major power provider to generate a 5 Megawatt IPP scheme that powers the hotel, the Mall and the Residences.
He thanked the Lagos State Government for its infrastructural projects that has significantly added value to the area.Prior to the commissioning ceremony, the Lagos State Commissioner for Housing, Prince Gbolahan Lawal, who commended UPDC for the project and the initiative, said the project, was in line with the state government’s drive to cushion the effects of housing challenge in Lagos.
“This is in line with the policy of Governor Akinwunmi Ambode, to acquire abandoned government properties and turn them to highly-valued residential or real estate haven and the ministry of housing is working to ensure we utilise all under-utilised properties in Lagos.”
According to the commissioner, his ministry had conducted a study, which stipulates that for Lagos to bridge the housing gap, it must on yearly basis be construction about 200,000 housing units, which the government cannot do alone, hence, the need to encourage more private developers to partner with the state.
Speaking on The Residences, UPDC’s General Manager, Sales and Marketing, Mrs. Titi Gbadamosi, said it was created from UPDC’s desire to have a truly mixed real estate development that will offer comfortable and best-in-class residential, commercial and retail accommodation.
Ajayi added that The Residences is unique considering all factors. “First, it is the first mixed-used development in Lagos, and perhaps in Nigeria. It is not very common to have residences, hotel and a mall located with the same land.
From the demographic study, she added: “We believe this project is good for young families; and we have found that FESTAC is much of this category within the neighborhood. It is far cheaper to lease apartments in The Residence than to lodge people in the hotel. Interestingly too, the hotel is disposed to servicing the owners of apartments in the estate.”
Facilities with the project are sewage treatment plant, borehole and water treatment plant, fire alarm system burglar alarm system extensive parking space and comprehensive facility management.