United Property Development Company (UPDC) is shifting its real estate focus beyond the middle class to include young professionals, in a bold move to close Nigeria’s widening housing gap and reshape urban living.
Speaking to newsmen at a press briefing, UPDC CEO, Odunayo Ojo, outlined the company’s forward-looking strategy to diversify its offerings, expand into new locations, and deliver innovative housing solutions tailored to the evolving needs of Nigeria’s workforce.
According to Ojo, young professionals have long been underrepresented in the housing market, despite being critical to its long-term growth.
“In developed economies, individuals often begin investing in real estate shortly after entering the workforce. But in Nigeria, lack of access to affordable long-term mortgages has hindered this,” he said.
He noted that UPDC aims to leverage emerging initiatives like the MREIF, which proposes mortgage rates as low as 12 per cent over 25 to 30 years, to support home acquisition for this demographic group. Ojo emphasised that if someone can afford to pay rent, they should be able to afford a home.
He added that in a departure from established highbrow areas like Lekki Phase One, Ikeja GRA, and Victoria Island, UPDC is exploring opportunities in Epe, Badagry, Ojodu, and along the Lagos-Ibadan Expressway.
“We are creating new urban centres in locations supported by improving infrastructure. Epe, for example, is now accessible in about 25 minutes on a good day. As infrastructure improves, these areas will no longer be seen as the outskirts,” he said.
The CEO criticised the unplanned nature of developments in these emerging areas and stressed UPDC’s commitment to sustainable and community-based development.
Ojo said the company is also undergoing a strategic shift to become a holistic real estate solutions provider. This includes property management, hospitality, facility management, and real estate advisory services.
“Whether it’s land development, commercial spaces, or hospitality, UPDC wants to be your one-stop shop.
“The company’s hospitality arm, which faced challenges during the COVID-19 pandemic, has since bounced back, contributing nearly N1.5 billion in revenue in 2024. Facility management services and other advisory segments are also on the rise,” Ojo said.
On the financial growth and investor confidence, Ojo disclosed that 2024 was a pivotal year for UPDC, with total revenue reaching N11.78 billion.
“Property development contributed N9.2 billion, while facility management and hospitality added N924 million and N1.4 billion respectively. For the first time in nine years, UPDC is proposing dividend payments to shareholders, an indication of its financial turnaround.
“We’ve crossed the N1 billion mark and reduced our financing costs significantly. Our shareholders, who have stayed with us through tough times, will now begin to reap the rewards,” he said.
Ojo reiterated the importance of infrastructure and secure land titles in Nigeria’s real estate market.
“Without the right infrastructure and clean titles, development becomes risky and unsustainable. UPDC is committed to ensuring that every property is backed by legitimate documentation and supported by essential amenities like roads, drainage, and water treatment systems,” he said.
Ojo added that UPDC is poised for continued growth. “We want our customers to not just be satisfied but delighted, from property development to digital transformation; our vision is to build communities, not just houses.”
Highlighting one of UPDC’s flagship projects, Head of Property Development, Tunde Jagun, introduced Brompton City, a new development targeting the middle-income segment.
Located on Ogombo road, just after Abraham Adesanya along the Lekki-Epe axis, Brompton City spans over 300,000 square meters and is being executed in four phases.
“The first 100,000 square meters, completed last year, are fully sold out. The second and third phases, totalling 125,000 square meters, are currently in the design stage,” Jagun said.
The development will offer low, medium, and high-density residential zones along with commercial spaces for retail outlets, hospitals, and hospitality services.
“We’ve designed it to appeal to a wide range of income levels within the middle-income category,” he added.
Jagun revealed plans for green spaces and recreational facilities, including a park, swimming pool, and tennis court, to foster a strong sense of community. “It’s a secure, inclusive space where families can thrive and socialise,” he added.
