Uraga Real Estate’s 5-year devt plan holds promise for 10,000 affordable housing
Uraga Real Estate Limited, the real estate investment and development subsidiary of the Honeywell Group, has revealed its ambitious five-year development plan which holds promise for 10,000 affordable housing units to be delivered in batches of 2, 000 units per year.
The company which disclosed this at a press conference in Lagos recently also announced the completion and delivery of its 55-unit Lightwell Garden Estate targeted at mid-income segment of the housing market.
The much anticipated residential estate located in Utako area of Abuja, about 15 minutes drive from the city centre, comprises fully serviced and luxury 2 and 3-bedroom apartments, and 4-bedroom terrace houses built with top of the range facilities.
These facilities include a club house, multi-purpose hall, gymnasium, swimming pool, squash court, 24-hour security patrol, access control CCTV as well as camera surveillance. Others are common electricity with centralised back-up power supply from a 500KVA generator, dedicated transformer and round-the-clock facility management.
Kunle Fashogbon, the company’s director, Property and Facility Management, told newsmen at the conference that the quality and design of the Lightwell Estate including the exceptional facilities differentiate it from every other development previously offered in Nigerian real estate market.
The completion of Lightwell Garden Estate, according to him, was the beginning of a new phase for the company which, he revealed, had perfected plans to be turning out commercial, residential and retail buildings in the future.
Fashogbon pointed out that the luxury 5-star Radisson SAS Hotel in Victoria Island, Lagos was the flagship project of Uraga, adding that the company was leveraging its over 10 years experience in the real estate business to focus on producing prestigious residential and commercial development model after a bold and confident vision.
“We have also put seasoned facility management company with quality managers in place to ensure that the property, security and recreational facilities in the estate remain in a functional state without depreciation,” he added.
Continuing, he said, “we are also concluding arrangement to provide affordable housing units for the lower segment of the real estate market with annual volume of 2,000 units in the next five years”.
On the uniqueness of Lightwell Garden, Priye Johnson, head of developments, said the level of detail put into the design and construction of the estate would go a long way to ensure that its occupants had a unique lifestyle.
Johnson assured that Uraga would play a significant role in the real estate market as it would be delivering a minimum of 2,000 housing units annually in the next five years, disclosing that those houses would be situated along Lekki-Epe axis, Shagamu, and Jebbi, Duste and Katepi areas of Abuja.
He added that the company would also be building a 25-floor office tower on Ozumba Mbadiwe Street and a retail mall on the Lekki phase 1 axis. “Our strategy is to ensure that any estate we build will have a lasting legacy for the future facilities that would be built and also ensure that the capital value of the property does not depreciate”, he emphasized.