By; BAYO AKAMO, Ibadan
The Odu’a Investment Company Limited (OICL) has signed a Memorandum of Understanding with UK based Iconic City Ltd for the development into residential housing estate on its 3.8 hectares land opposite Nigerian Breweries at Alakia, Ibadan, Oyo State.
Speaking at the signing of the agreement held at the Odu’a Group Headquarters, Cocoa House, Ibadan, the Odu’a Group Managing Director, Mr Adewale Raji disclosed that the signing marked another landmark initiative by Odua Investment to unlock value from the passive property portfolio of the Group and bring on board a new dimension in structured and luxurious community living in Ibadan.
‘’ This N3.5b JV investment with our partner (Messrs Iconic City Ltd of UK) is another landmark initiative to unlock value from the passive property portfolio of the Group and bring on board a new dimension in structured and luxurious community living in Ibadan. This is in line with the vision of the Board and Management of the company to live the mandate of our shareholders to be the engine room of the economic development of the West’’ he said.
The CEO of Iconic City Ltd (UK) and Chapter Four Estates Management Ltd, Shamsideen Ogunmuyiwa in his remark said ‘’It is indeed a privilege for our company to strike this wonderful partnership with the evergreen business conglomerate owned by the Western States of Nigeria that affords us the opportunity to utilize our professional experience from training, working and living in the UK to build a world class mixed luxury residential Westlink-Iconic Estate in Ibadan. The designs and model types are exquisite and the finishing inviting and affordable’’.
The signing was witnessed by Odu’a Management team led by the Group Managing Director/CEO, Adewale Raji and the Management of Iconic City Ltd and its local Subsidiary, Chapter Four Estate Management Limited (CFEML) led by the CEO, Shamsideen Ogunmuyiwa.
The proposed residential housing estate which has been code-named “Westlink Iconic Estate” is a medium density luxury estate consisting of 124 households. It comprises various housing types to allow for different market segmentation subscribers. The housing products are: 60 units of 3-bedroom apartments, 42 units of 4-bedroom terrace houses, 14units of 5-bedroom semi-detached duplexes, 8 units of 6-bedroom fully detached duplexes and 36 commercial/business units.
This initiative is hinged on the Federal Government’s Economic Recovery and Growth Plan (ERGP) which has human capital development as one of its cardinal objectives and housing provision is key in achieving that goal. The housing deficit in the country is over 22 million if not more, and investment in housing remains a worthwhile and profitable venture especially when affordability is considered.
Odu’a Investment Company Limited has identified partnerships as a veritable strategy to add tremendous value to her existing property portfolio, earn remarkable return, strengthen her brand image and increase her socio-economic footprint for the benefit of its shareholders and stakeholders.
The Estate which is scheduled for completion in 30 months will boast of modern state of the art features which include all roads paved with interlocking stones, 24 hours electricity supply, street lights, greens lawns and decorative trees, treated pipe borne water, underground cabling, managed waste disposal, 24/7 security – CCTV and manned entrance gate, dedicated 4G optic fiber internet provision, expansive family recreational facilities, swimming pool, Gym, community leisure center and modern commercial center for small businesses required to serve the estate’s need.
The move by Odu’a is in pursuit of its growth strategy predicated on unlocking value from its huge asset base for sustainable development.
Iconic City Limited, (UK) and Chapter Four Estate Management Limited have a strong track record and expertise in Housing Finance, Development and Management, Modern City Planning, Project Management and Business Analysis. They are responsible for the design and construction of the Estate in accordance with the jointly approved Prohject Deliverables and Objectives.