• Sunday, May 26, 2024
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BusinessDay

Wemabod, Aerofield break ground to build N5.5bn estate

Odua investment grows assets by 3.6%, declares N428m dividend

…as Odua plans 1000 houses for all income classes

As part of efforts to bridge Nigeria’s housing deficit estimated at 22 million units, Odua Investment Company Limited, through its subsidiary, Wemabod Estate Limited, is to build 1000 housing units across the South West states of Nigeria.

Bimbo Ashiru, group chairman of Odua Investment Company Limited, who disclosed this at the ground breaking of Aurora Westlink Estate, Ikeja, a joint venture project between Wemabod Limited and Aerofield Homes Limited, said the housing units will be built in the South West region for low, medium and high-income earners, depending on the area.

While saying that Wemabod estate is now in charge of all the real estate hitherto being handled by Odua Investment, Ashiru noted that “we are doing this to ensure best practices and standard.

“Wemabod which is our subsidiary will actualise the construction of the 1000 housing units in all the states. In the next two or three years, we will be building the houses to meet the demand of everybody to give our people decent and comfortable homes.

“Presently we are doing this in Ikorodu, Epe, Ekiti, Oyo, Ondo Lagos but later we will cover the entire states that belong to Odua Group,” he said.

Continuing, he said, “we want to give our people better houses as this is part of our moves to cut down on the housing deficit for Nigerians, especially for our people in the southwest region.”

The Westlink Estate, which is a premium residential development comprising of total of 40 housing units, sits on about 7400 square metres and is being finan ced by Aerofields with N5.5 billion.

‘Yemi Ejidiran, the managing director of Wemabod, disclosed that the completion period for the project is 18 months, noting that the project represents not just bricks and mortar, but also a testament to the company’s resilience, innovation and unwavering commitment to excellence.

“This project has been meticulously planned to express our knack for quality luxury product offering in our bid to continue the signature brand that Wemabod has become,” he said.

While saying that Aerofields has come in as financier of first choice, Ejidiran said, “together, we have embraced challenges as opportunities and turned dreams into reality”.

He added that, with a shared vision and a steadfast commitment to excellence, they look forward to witnessing the continued success and prosperity that will undoubtedly result from this strategic collaboration.

He hoped that, as they embarked on this new venture, they were to keep their eyes firmly fixed on the future, saying, “our vision is clear and that is to be the premier property and facility developer and management company of choice, setting new standards of excellence and innovation in the industry.

“Our mission is unwavering which is to create sustainable value for our stakeholders, deliver exceptional quality and service, and leave a lasting legacy of success,” he assured.