UAC Property Development Company (UPDC) has brought excitement into the property market as it commences construction work on Pinnock Prime Estate, a multi-billion naira site and service scheme located in the Lekki area of Lagos.
The real estate development and investment company has already assembled its project partners including Formwork Limited as the main contractor while MEP Contractors will be bringing their technical skills into the project.
Going forward, the project contractors would begin construction work on the infrastructure at the estate, including well-constructed roads with drainages; sewage treatment plant; water – industrial boreholes, treatment plant, filter; power – transformers, street lighting, cables, Independent Power Plant; recreational facilities; central park; and services buildings – security gate, utility room etc.
Odunayo Ojo, CEO of UPDC, said at the ground breaking for the project at the weekend that the construction work was expected to last for eight months after which the project will be delivered to the respective subscribers.
According to him, people would begin to see a lot of construction work as the contractors have mobilised equipment to site and started filling, excavating, and other highly technical work.
“This estate is a site and service scheme that was traditionally designed by UPDC, and used for the development of Pinnock Beach Estate. It is a highly sought after product where people can design their homes to their taste and specifications using their architectural design and finishing. It is a little bit of customised building style,” Ojo said.
On the cost of the land, Ojo said that Pinnock Prime Estate has two types of plots including low and high-density plots.
According to him, the low-density plot that allows subscribers to build a maximum of two-family dwelling units goes for N350,000 per square meter while the high-density plot where people can build multifamily units or apartments currently goes for N400,000 per square meter.
On the impact lack of background infrastructure has on housing development in Nigeria, Ojo said it makes housing development a little more difficult and costlier.
He, however, said that government and private sector investors needed to work together to build background infrastructure for housing projects in order to reduce the cost of housing projects.
Earlier in her welcome address, Bidemi Fadayomi, development director at UPDC, said that Pinnock Prime Estate was a creation of UPDC’s high-end residential estate in the heart of Lekki.
She said the vision was to establish a new benchmark for luxury lifestyle estate that provides a secure environment, a haven for home markers and generates the highest economic returns to the company’s investors.
“We are proud to introduce to the market, the latest addition to our legacy, Pinnock Prime Estate. The estate will be managed by UPDC Development Management Services and UPDC FM to ensure that asset value is retained or enhanced, and we believe that it will set a standard for future developments to come,” Fadayomi said.
She said UPDC has, in the last 25 years, developed and managed assets in all sectors including residential, commercial, retail, and hospitality, and also provides real estate services to individuals and corporate clients.
Source : Business Day