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Odua, UK firm in N3.5billion housing development pact

By Victor Gbonegun
04 March 2019   |   4:17 am
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...

The Financial Director, Chapter Four Estate Management Limited (CFEML), Mr. Niyi Raimi (left); Chief Executive Officer, CFEML, Mr. Shamsideen Ogunmuyiwa; Group Managing Director/CEO, Odu’a Investment Company Limited, Mr. Adewale Raji and Group Head, Property Development and Management, Odu’a, Tope Arowolo at the agreement signing for the development of Westlink-Iconic Estate, Ibadan, Oyo State.

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, 14units 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.

Other facilities expected include, dedicated 4G optic fiber Internet provision, expansive family recreational facilities, swimming pool, Gym, community leisure center and modern commercial center for small businesses required to serve the estate’s need.

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”.

He said the project is in line with the vision of the board and management of the company to live the mandate of shareholders to be the engine room of the economic development of the West.

In his remarks, the Chief Executive Officer of Iconic City Limited (UK) and Chapter Four Estates Management Ltd, Mr. Shamsideen Ogunmuyiwa said the agreement will affords the firm, 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.

Iconic City Limited, (UK) and Chapter Four Estate Management Limited have a strong track record and expertise in housing finance, development and management, modern city planning, project management and business analysis.