Odua, UK Firm In N3.5bn Housing Development Pact

0
814

To unlock value from its asset base, the Odu’a Investment Company Limited (OICL) has signed a Memorandum of Understanding with a United Kingdom-based company, Iconic City Limited for the development of residential housing estate, spanning 3.8 hectares of land in Oyo State.
The proposed project to be called, ‘Westlink Iconic Estate’ is a medium density luxury development which will accommodate 124 households and various housing types to allow for different market segmentation subscribers.
Specifically, it will include, 60 units of three-bedroom apartments, 42 units of four-bedroom terrace houses, 14 units of five-bedroom semi-detached duplexes, eight units of six-bedroom fully detached duplexes and 36 commercial/business units.
Hinged on the Federal Government’s Economic Recovery and Growth Plan (ERGP), which has human capital development, as one of its cardinal objectives and housing provision as key to achieving that goal, the project is aimed at cushioning the effect housing shortfalls in the country.
The estate, located opposite Nigeria Breweries is scheduled for completion in 30 months. It will have state of the art amenities such as paved roads with interlocking stones, 24 hours electricity supply, street lights, greens lawns and decorative trees, treated pipe borne water, underground cabling, managed waste disposal, 24/7 security (Closed Circuit Television) and manned entrance gate, among others.
The signing of the agreement which took place at the Group’s Headquarters in Ibadan was witnessed by Odu’a Management team led by the Group Managing Director/CEO, Mr. Adewale Raji and the Management of Iconic City Ltd and its local Subsidiary, Chapter Four Estate Management Limited (CFEML) led by the Chief Executive Officer, Mr. Shamsideen Ogunmuyiwa
Speaking at the occasion, Raji said, “This N3.5b JV investment with our partner, Messrs Iconic City Limited of UK is another landmark initiative to unlock value from the passive property portfolio of the group and bring on board a new dimension in structured and luxurious community living in Ibadan”.
In his remarks, the Chief Executive Officer of Iconic City Limited (UK) and Chapter Four Estates Management Ltd, Mr. Shamsideen Ogunmuyiwa said the agreement would afford the firm the opportunity to utilise its professional experience from training, working and living in the UK to build a world class mixed luxury residential housing in Ibadan, promising that the designs and model types will be exquisite and affordable.
“It is indeed a privilege for our company to strike this wonderful partnership with the evergreen business conglomerate owned by the Western States of Nigeria”, he said.