The new addition of N4 billion Westlink Iconic Villa by the Odu’a Investments Ltd, brings the value of the conglomerate’s real estate portfolio to N11.5 billion, writes Southwest Bureau Chief Bisi Oladele
Ibadan, the Oyo State capital has evolved as a true city in the last eight years. The urban renewal policy of the immediate past administration in the state which saw the city witness infrastructural rebirth and environmental regeneration made the vision possible. With dualisation of roads, weekly environmental sanitation exercise, beautification of road medians and roundabouts, revamping of the signage culture and road traffic management, real estate investors were quick to respond by building malls which attracted major retailers into the city. It also boosted the fortune of local retail firms as they have been expanding their operations across the city.
The development encouraged banks to open more branches in several areas of the city. The situation also led to a boom in the food and transportation industries.
In response to the evolvement of a true city, real estate developers launched an inroad into the huge business opportunities created in the state capital. Odu’a Investments Ltd., the investment company of the six Southwest states, also joined the race.
After redeveloping some of its derelict properties in the city turning same to both commercial and residential estates, it slowed down around 2014 to concentrate on other areas of investments. But in 2017, the management of the conglomerate turned its attention again to its real estate portfolio with the goal of leading in building of luxury residential estates by leveraging on its landed properties in choice areas, its huge financial capacity and reputation.
To announce its re-entry into the market, the company redeveloped its large expanse of land in highbrow Jericho area to a N500 million worth Ace Estate. The project, which sits on a 4,400 square metre land in the highbrow Jericho Government Reserved Area (GRA) of the city, representing the first project in boosting its real estate portfolios beyond N7 billion mark, the luxury estate consists of seven detached duplexes and a recreation centre featuring a swimming pool and a gymnasium.
Commissioning the project, the pioneer chairman of the company’s Board of Directors, Chief Kola Daisi, described it as “an architectural masterpiece quintessentially designed and tastefully finished as a manifestation of aesthetics, quality and luxury rolled into one.”
He hailed the company for having remained “the vanguard of upholding the common heritage of the Yoruba nation and with a renewed mandate to be the engine room for the economic development and competitiveness of Western Nigeria.” The project was completed in a record nine months period.
The Group Managing Director of the conglomerate, Mr Adewale Raji, said the project announced a re-entry of the company into property development based on consumer demands and insights, adding that it was a means of redefining the conglomerate.
“The contemporary designs, quality of finishing and timely delivery are a new benchmark in real estate development in Ibadan. Ace Estate was conceived and delivered as a flagship to announce Odu’a’s re-entry into property development based on consumer demand and insights. The commendations that it has garnered from far and near are indeed inspiring. It reinforces that our heritage and legacy are not a drawback to competitiveness and trendiness. It symbolises our core values of ‘creativity, passion and excellence’…
The new N4 billion estate, christened ‘Westlink Iconic Villa’ serves 104 mixed luxury residential buildings and 21 units of commercial outlets. It is being delivered in partnership with an estate developing firm, Chapter 4 Nig. Ltd.
The buildings will sit on a 3.8 hectares of land bordering the sprawling production plant of the Nigerian Breweries PLC on the Ibadan-Ife expressway. The land, according to the Chairman, Board of Directors of Odu’a, Engr. Olusola Akinwumi, was acquired from the Oyo State Government 40 years ago.
Odu’a promised to deliver the estate within 30 months. It offers eight five-bed fully detached duplexes, 10 five-bed semi-detached duplexes and six four-bed semi-detached duplexes. Others are 40 four-bed terraced duplexes, 60 three-bed apartments and 21 units of commercial outlets.
It also comprises a multi-purpose community centre with indoor swimming pool, a gymnasium, a multi-purpose events hall, children playgrounds and sporting facilities, a crèche and multi-faith prayer hall. It is provisioned with a utility centre that will offer centralised uninterrupted power and other utilities. The commercial centre will host a clinic, pharmacy, supermarket, bank, restaurant and beauty salon, among others.
At the turning of sod last week, the company’s chairman, Engr. Olusola Akinwumi, said Ace Estate delivered Odu’a’s objective of “redefining contemporary residential duplexes in Ibadan in terms of exquisite design and luxurious finishing that are comparable with those that dot the landscape of Lekki area if Lagos.”
The GMD, Raji, explained that the project was a continuation of the conglomerate’s re-entry into the real estate sub-sector of the economy with the goal of sustaining and expanding the heritage of the company as bequeathed to the current generation. He said the company would continue to offer the brand that meets customer demand of luxury residential buildings.
“Today’s foundation-laying ceremony is a testimony to above vision which has taken in a larger dimension to quicken the realization of that noble objective of unlocking value from our inherited passive assets,” he said.
At his resumption as the new GMD in 2014, Raji had launched a five-year strategic plan of making Odu’a the number one Southwest conglomerate for business performance, partnership and return. The plan targets N20 billion revenue in 2019 with a projected N3 profit before tax.
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