IPDC consolidates foothold on mid-income market with mini apartments, others
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eaffirming its position as the choice property development company for the growing middle class, International Property Development Consortium (IPDC) has promised an exciting 2014 for Nigeria’s mid-income property market with its range of developments in major city centres.
The firm, which is already a major player in the Lagos mid-income market with various mini apartments such as Lotus Apartments and Pine Court Apartments, will also for the first time veer into the Abuja market with its lifestyle Hilltop terrace.
In an exclusive chat with BusinessDay, Weyinmi Edodo, chief executive officer, IPDC Limited, said the firm would make its debut in the Abuja market with about 10 units of terrace houses to be located at the Asokoro area of the city. The lifestyle community will be delivered in four-bedroom apartments with state-of-the-art facilities such as automatic gate, club house, swimming pool and other luxurious amenities. However, it will be moderately priced despite these amenities.
“In the Lagos market, we will consolidate on our previous developments, so expect a second phase of the Lotus Apartment,” Edodo said, adding that the estate, which will be on the Lekki axis, would be basically one-bedroom apartments.
He also said they were planning to do a development called the Estivo, which would comprise about 50 units of two-bedroom apartments with modern amenities of a lifestyle estate such as spa, club house, swimming pool, playground for kids, and a dedicated gate for visitors and a remote-controlled one for residents, adding that the development would also be on the Lekki axis.
“At the Victoria Island axis, we will be building the Enzo Apartments which will be a collection of one- and three-bedroom apartments with modern amenities,” he further disclosed.
On his preference for the mid-income market, Edodo explained that the segment boasts of several opportunities presented by a shortfall of efficient homes, adding: “This segment of the market hosts the fresh graduates, upwardly mobile members of the population, young families and young business executives who really do not desire the three- and four-bedrooms but rather mini apartments.”
For the commercial market, he said they also plan to build a 10-floor office space to be called ‘Seven Degrees’ with each floor rotating seven degrees from the proceeding floor both for the Lagos and Abuja market. This, according to him, was borne out of the shortfall currently experienced in the market.
“We have noticed that most firms, both local and foreign, lack the desired comfy office space that meets their expectation,” Edodo explained, adding that on delivery each floor of the development would be sold to a tenant.
ODINAKA MBONU