UPDC poised for growth, plans Pinnock Prime Estate phase II
Following the acquisition of a majority shareholding of the company by Custodian Investment Plc in 2020, UPDC Plc has notched up several positive milestones in its recent journey towards profitability, with plans to launch Pinnock Prime Estate in Lekki Peninsula II.
With less than a month to the sod-turning event of its new development, UPDC Plc is having a fine run in its off-plan marketing campaign of the highly promising project. Feelers in the market indicate that there has been a surge of demand for the serviced plots in the upcoming estate, which translates to yet another rewarding project for the company and its investors.
In recent years, UPDC has undergone a series of corporate restructuring exercises aimed at repositioning the company for better efficiency and profitability. Although such turn-around exercises take years to materialise, UPDC has already started reaping the benefits of focused management, which will lead to sustained returns to the Company’s investors and other stakeholders.
For instance, the company has significantly reduced its interest-bearing debt, following the redemption of its corporate bond and refinancing via a lower interest-bearing loan in April 2021, the net effect is a decrease in finance cost by over 51 per cent YOY in 2021 amongst other positive indices.
The company has also commenced the process of building a team of professionals with several years of in-country and international experience in the real estate industry to steer the company in the path of growth.
On the new project – Pinnock Prime Estate, UPDC Chief Executive Officer, Mr. Odunayo Ojo, said: “The project, which is a fully gated site and service scheme, located next to the existing Pinnock Beach Estate and will be served with ultra-modern infrastructure and amenities.
“The estate occupies a land area of 1.47 hectares and will be delineated along the lines of high- and low-density plots. With each plot measures between 500 – 1000 square metres, buyers will be allowed to develop their plots in line with UPDC’s approved building guidelines.”
Property watchers have noted that the development will benefit from UPDC’s track record in developing control guidelines that align with the company’s value proposition and years of experience.
UPDC is the largest publicly listed development company in the country. The Company is involved in asset management, property management, development management, facility management and development in various real estate sub-sectors. Within the residential sector, UPDC is investing in site and service projects as well as property development projects from premium to medium-income product genres.