UPDC in bullish outing, breaks ground to build 200-unit Calabar Golf Estate
At a time when many players in the Nigerian real estate market are seemingly watching and waiting for the heavy political ‘weather’ in the country to clear, UAC Property Development Company (UPDC) Plc, is in bullish run, and has turned the sod to build an ambitious 200 housing-unit Golf Estate in Calabar, the Cross River State capital.
This is yet another outing through which the company has demonstrated its mastery of the game and leadership in the luxury and premium segment of the housing market in which it has chosen to play.
Hakeem Oguniran, the managing director of the company, would readily explain that there is no magic in what they are doing “because we are in this market; real estate is our business and we understand both the market and the business very well; so there is no magic in what we do”.
Calabar Golf Estate, which sits on 32.5 hectares and conceived as a fully serviced estate, is a joint venture project between UPDC and Cross River State government. It promises to deliver, on completion, 200 housing units comprising five-bedroom detached houses, five-bedroom bungalows, four-bedroom detached houses, four-bedroom bungalows, three-bedroom bungalows and three-bedroom flats.
It also promises modern estate facilities such as recreational facilities in a community centre comprising a commercial spa, swimming pool, gymnasium, club house and children playhouse. Other facilities will include a sewage treatment plant; borehole and water treatment plant; fire alarm system/smoke detectors; burglar alarm system; power supply and ample parking space for residents and visitors.
At the ground breaking, Ogunniran noted that “this event is historic for several reasons. As we are aware, this project is part of a larger project – the Summit Hills- a unique and world class mixed use development covering a total area of 367 hectares. This estate was conceived as a necessary complement of the Summit Hills in tune with the fundamental elements of a proper mixed use development. And it must be stressed that the Summit Hills, when fully completed, will rank among the top 20 mixed developments in the world”.
Continuing, he said, “we are delighted to partner with the Cross River State government on this state on a PPP basis. We have jointly incorporated a special purpose vehicle ( SPV)—Calabar Golf Estate Limited —and the title to this estate is vested in the SPV. We have thus created the appropriate governance framework for the operation, management and control of this project. Our promise on this estate is that it will be a haven for its residents, where good quality of life is assured and the estate will certainly make all its stakeholders proud”.
According to him, their promise at UPDC was to continue to complement government’s efforts at improving the infrastructural landscape of Nigeria by embarking on real estate projects that conform to international standards, that are aesthetically appealing and offer delightful living experiences to residents. “We will also continue to ‘Build for Sustainable Value’ by ensuring that our designs comply with the tenets of sustainability, environmental friendliness and corporate social responsibility”, he assured.
Chuka Uroko