Wemabod Estates Limited, a subsidiary of Odu’a Investment Company Limited, is developing a retail mall in Apapa in partnership with Top Services Limited, a property development and investment company, officials of the company have disclosed.
Top Services is also involved in the development of the Cocoa Mall in Ibadan with Shoprite, the South Africa retail chain, as the anchor tenant.
Adebayo Jimoh, Odu’a group’s managing director, who disclosed this in Lagos recently, said that the group is also developing the Heritage Mall in Ibadan with Mr. Price, Cash and Carry, Lifemate and Film House People already signed on as anchor tenants.
The two malls – Heritage and Cocoa—are billed for commissioning by the middle of this year, he assured.
Heritage Mall which is estimated to cost N2 billion has 18,640 square metres lettable space, adding that the mall has 370 underground parking spaces where shoppers have to park and pay.
Jimoh disclosed that Odu’a Group, as a conglomerate, now has its focus on three main areas including hotels, real estate and financial services.
In real estate, he revealed that his company has strategically located properties, adding that they have established what he called Property Redevelopment Programme (PRP).
“Under this programme, we have upgraded some of our properties in prime location; one of such properties in Ikoyi has been redeveloped into high rise building where some of the apartments were sold and others let out to tenants”, he said.
CHUKA UROKO
