Several indicators show that things are looking up for Nigeria’s foremost property development company, UPDC Plc as the real estate colossus is currently enjoying a fine campaign in its latest project, Pinnock Prime Estate in Lekki Peninsula II, even as the Company has also notched up several positive milestones in its recent journey towards profitability. Significantly, the company will also be unveiling several exciting new residential development projects in the course of the year.
With less than a month to the sod turning event of its spectacular new development, UPDC Plc is having a fine run in its off-plan marketing campaign of the highly promising project. Feelers in the market indicate that there has been a surge of demand for the serviced plots in the upcoming estate, which translates to yet another rewarding project for the company and its investors. Following the acquisition of a majority shareholding of the Company by Custodian Investment Plc in 2020, there is growing confidence in the new management team that has been assembled at the Company. UPDC’s unassailable pedigree in quality control, credibility, and prompt cum excellent delivery, coupled with the exotic location and reasonable pricing of its projects are seen as some of the factors that count heavily in favour of the Company.
In recent years, UPDC has undergone a series of corporate re-structuring exercises aimed at repositioning the Company for better efficiency and back on the path of profitability. Although such turn-around exercises take years to materialize, UPDC has already started reaping the benefits of focused management, which will ultimately lead to sustained returns to the Company’s investors and other stakeholders. For instance, the Company has significantly reduced its interest-bearing debt, following the redemption of its Corporate Bond and refinancing via a lower interest-bearing loan in April 2021, the net effect being the decrease in finance cost by over 51% YOY in 2021 amongst other positive indices. The Company has also commenced the process of building a world class team of professionals with several years of in country and international experience in the real estate industry to steer the Company in the path of growth.
Commenting on the Company’s new project – Pinnock Prime Estate, Mr Odunayo Ojo, the Chief Executive Officer of UPDC stated that: “The project, which is essentially a fully gated, site and service scheme located in Lekki next to the existing Pinnock Beach Estate will be served with ultra- modern infrastructure and amenities.” He further stated that “The estate occupies a land area of 1.47 hectares and will be delineated along the lines of high- and low-density plots. With each plot measures between 500 – 1000 square metres, buyers will be allowed to develop their plots in line with UPDC’s approved building guidelines”. Experts have noted that the development will benefit adequately from UPDC’s track record in developing excellent control guidelines that align with the Company’s value proposition and years of experience.
UPDC is the largest publicly listed development company in the country. The Company is involved in asset management, property management, development management, facility management and development in various real estate sub-sectors. Within the residential sector, UPDC is investing in site and service projects as well as property development projects from premium to medium-income product genres.