UK Firm, Odu’a Investment to Deliver Westlink Iconic Estate
Odua Investment Company
Odu’a Investment Company Limited (OICL) has signed a Memorandum of Understanding (MoU) with United Kingdom (UK)-based Messrs Iconic City Limited for estate development.
The project, a residential housing estate, will be sited on Odu’a 3.8hectares opposite Nigeria Breweries, Alakia, Ibadan, Oyo State.
The signing, which held at the Cocoa House, Ibadan, was witnessed by Odu’a management team, led by the Group Managing Director/Chief Executive Officer (CEO), Mr Adewale Raji, the management of Iconic City Limited and its local subsidiary, Chapter Four Estate Management Limited (CFEML), led by the CEO, Mr Shamsideen Ogunmuyiwa.
The proposed estate, Westlink Iconic Estate, is a medium density luxury estate consisting of 124 units with various housing types to allow for market segmentation subscribers.
There are: 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.
The initiative, according to the investors, is hinged on the Federal Government’s Economic Recovery and Growth Plan (ERGP), which has human capital development as one of its main objectives. They added that housing provision was key to achieving that goal.
“Housing deficit in the country is over 22 million, if not more, and investment in housing remains a worthwhile and profitable venture especially when affordability is considered.
“Odu’a Investment Company has identified partnerships as a veritable strategy to add tremendous value to her existing property portfolio, earn remarkable return, strengthen her brand image and increase her socio-economic footprint for the benefit of its shareholders and stakeholders,”, Raji said.
The estate, which is scheduled for completion in 30 months, will boast of modern state-of-the-art features, which include roads paved with interlocking stones, 24- hour electricity supply, street lights, greens lawns and decorative trees, treated pipe borne water, underground cable, waste disposal, security – CCTV – and manned entrance gate, dedicated 4G optic fibre internet, expansive family recreational facilities, swimming pool, gym, community leisure centre and modern commercial centre for small businesses required to serve the estate’s need.
Raji described the N3.5billion joint venture investment as 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.
“This is in line with the vision of the Board and Management of the company to live the mandate of our shareholders to be the engine room of the economic development of the West,’’ he said.
Ogunmuyiwa said it is a privilege for the company “to strike this wonderful partnership with the evergreen business conglomerate owned by the western states of Nigeria, that affords us the opportunity to utilise our professional experience from training, working and living in the United Kingdom (UK), to build a world-class mixed luxury residential Westlink-Iconic Estate in Ibadan.
‘’The designs and model types are exquisite and the finishing inviting and affordable’’.
Iconic City Limited and Chapter Four Estate Management Limited have a track record in housing finance, development and management, modern city planning, project management and business analysis.
They are responsible for the design and construction of the estate.