UPDC’s The Residences Apartments in Amuwo Odofin, FESTAC, Lagos
UPDC’s The Residences Apartments in Amuwo Odofin, FESTAC, Lagos

UACN Property Development Company (UPDC) has inaugurated its third project, The Residences Apartments, in the same grounds as the Golden Tulip Hotel, and Festival Mall, creating a work-live-and-play environment in AmuwoOdofin, Lagos, for those who desire it. Bennett Oghifo reports

UACN Property Development Company conceived The Residences Apartment as a facility independent of the Golden Tulip Hotel, meaning investors are expected to buy the apartments and either chose to live there or rent/lease their apartment, as arranged with the company’s management.

UPDC Residences…
The Residences is situated right next to the Golden Tulip Hotel a 4-star hotel that offers a wide range of services and facilities to business guests and leisure visitors with its tastefully finished rooms, banquet hall and meeting rooms, fully fitted gym with spa and sauna, bars, adult and children swimming pool, squash court, exotic lush tropical garden, marque (for weddings and occasions) and a Michelin starred restaurant that provides both African and Continental cuisine in buffet to satisfy even the hungriest of guests.

The Residences is unique and ultra-contemporary development with 192 units of 1 & 2-bedroom luxury serviced apartments with fully fitted open-plan kitchen. Each unit is fitted with the very best in quality fixtures and fittings with the finishing done to above industry standards to deliver value for money and offering a new lifestyle to residents.

The Residences has a rooftop terrace that allows residents to take in the picturesque and breathe taking views of the Lagos skyline and can also be used for parties. The Residences is encircled around a host of amenities and facilities (the first of its kind in Lagos) that would make life easy for residents and greatly reduce the strain of driving through Lagos traffic to enjoy quality leisure time or retail shopping experience.

A major benefit for residents living in “The Residences” is that they will have access to enjoy the services of the hotel although at a much subsidized cost. Directly opposite “The Residences” is the Festival Mall. The Festival Mall is a retail facility that offers 10,000 sq.m of retail space catering to the immediate geographic area. The mall has Shoprite and Silverbird Cinema as its anchor tenants.

The multiplex cinema has 4 viewing bays. The mall also has a range of retail line and F&B shops offering different products such as high street designer fashion, telecoms, health and beauty, pharmaceutical, adult and kids boutiques, fitness and electrical. Lastly, it has food court for food retailers.
The Residences has a sewage treatment plant, borehole and water treatment plant, fire alarm system, burglar alarm system, extensive parking space and comprehensive facility management.

UPDC concept…
Managing Director UACN Property Development Company, Mr. Hakeem Ogunniranstated that “Our plan was to create a node for hospitality, residence, shopping and entertainment. We have almost completed this process with the Golden Tulip Hotel, Festival Mall and now the Residences apartment.

“We have concluded the renovation and conversion of the third building into 198 flats of one and two Bedroom apartments. Today we have 198 apartments which we have put in the market and are gratified that about 50% of the units have been bought. The first set of owners is ready to move in and would be handed their keys today.”

The inauguration, he said was an important milestone for UACN Property Development Company (UPDC), in the process of creating a unique real estate in this part of Lagos.

Ogunniran said, “When we acquired this place, it had been abandoned for almost eight to 10 years, only the former Durbar Hotel stood here. We set out with a desire create a Work, Live, Play Environment in this place and we are glad that with the commissioning of The Residences apartments that dream has become a reality.”

Investment plan…
UACN Property Development Company has a plan to ensure fast uptake of the units. “Our partnership with Natanelflorens under a rent to own scheme has also helped to push the property into the market.

“We are confident that by the middle of next year this place would be fully occupied given what we have already done. We have also partnered with a major power provider to generate a 5 Megawatt IPP scheme that powers the hotel, the Mall and the Residences. We thank the Lagos State Government for its infrastructural projects that has significantly added value to the area.”

Lagos Government’s reaction…
Lagos State Government commended UPDC for completing the project. The Commissioner for Housing, Mr. GbolahanLawal said, “It is in line with our policy to encourage the private sector utilise the underutilised government facilities and turn them into high value real estate. UPDC through its many housing projects in the state has helped to ensure investments, create jobs, enhance standard of living and is slowly changing the face of Lagos.

Lagos State has a three million housing deficit and the government would continue to partner with the private sector to bridge that gap. Through reforms currently been undertaken in the housing ministry and improved infrastructure across the state we would be on our way to achieving that.”

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