Beginning from March this year when the first phase will be ready, The UAC Property Development Company (UPDC) will be hitting the property market with 192 apartments from its housing development project known as The Residences.
The eight-floor residential facility comprising 144 two-bedroom and 48 one-bedroom apartments is located right on the premises of Golden Tulip Hotel and also adjacent to the Festival Mall, still under construction, in Festac Town, Lagos.
The facility, created from the company’s desire to have a truly-mixed community real estate development, will offer comfortable and best-in-class residential, commercial and retail accommodation, says Titilayo Gbadamosi, the company’s Marketing Manager, assuring that it is a good investment asset class.
The reason to invest in the apartments, she explains, is because The Residences is part of a mixed-use development complemented by the Festival Mall with over 10,000 gross lettable areas (GLA), and Golden Tulip Festac with over 400 rooms.
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“Assured capital appreciation and good title also make buying these apartments good investment decision”, she stressed, and adding that UPDC’s strong brand equity as the number one in the real Estate industry is an added advantage.
The company’s competitive edge in property development and management, financial strength with its easy access to capital, established systems and processes, strong corporate governance, robust land bank and projects pipeline among others are also part of the advantages in investing in The Residences.
The development of the Festival Mall along with The Residences at the same time and in the same location is part of the ways UPDC demonstrates its leadership of the Nigerian real estate market.
The Festival Mall and The Residences are meant to complement the Golden Tulip Hotel, creating an integrated community that offers the Festac community and its environs residential, hospitality and retail opportunities not common in many sub-urban communities of Nigeria.
The Residences project on which construction work started in August 2014 with planned completion in October this year is estimated to cost N2.74bn and, according to Gbadamosi, “the node is the first of its kind in Lagos and consists of Golden Tulip Festac, Festival Mall and The Residences.”
