During an event hosted by the Nigerian Exchange Group (NGX) earlier today, UAC Property Development Company (UPDC) Plc announced its new residential development, named Project Alpha.  It will be located in the Lekki region in proximity to Osapa and Pinnock Beach Estate and is situated on a 14,700 sqm (i.e. 22 plots of land) site. This project is expected to commence in the last quarter of 2021 (Q4’2021) and be completed in the last quarter of 2022 (Q4’2022). Project Alpha will feature a mix of both high density and low-density plots and amenities such as: 

• a Facility Management Office
• Visitor’s Parking
• Sewage treatment plant
• Road networks 
• Road drainage system amongst others.

 

The objective of this development project as announced by Mr. Odunayo Ojo, CEO of UPDC Plc, is part of the company’s larger goal which is to be on the pathway to profitability and ultimately create value for the company’s shareholders. 

According to Mr. Odunayo Ojo, the company is focusing on middle-income housing and is providing its products to serve this segment of the market in order to penetrate the market and meet up with the market demands. “UPDC Plc has decided to deliver products that the market wants. Quoting the CEO, ‘‘the market is really segmented and our company has decided to focus on middle-income housing, because of the increasing housing deficits in the country”. Mr. Odunayo Ojo also stated that they are working and collaborating with financial institutions to provide several alternative means of financing for the customers like mortgages and flexible payment plans.

Other notable projects in their portfolio include:

• Cameron Green, Ikoyi
• Pineville Estate, Asaba

On June 4, 2020, we published information on festival flats, a residential development located in FESTAC. This project has now been suspended as UPDC is exploring other plans. Click Here to read about it.

For more information, fill in the inquiry form on the project page, Project Alpha.

Check our company’s website for more information on the event that was held. We will also be publishing the summary note soon.