Joint Ventures as the phrase connotes involves a process where two persons (natural and artificial) take the form of a short term partnership in which the persons jointly undertake a transaction for mutual profit. Generally, each person contributes to assets and share risks. Like a partnership, joint ventures can involve any type of business transaction and the “persons” involved can be individuals, groups of individuals, companies, or corporations.
UPDC Plc is a property developer and has been involved in developing commercial and residential properties for decades! However, one of the thrusts of the company is partnering with persons (natural and artificial) in developing cutting edge commercial and residential apartments and has actually been doing this for a while.
Part of the opportunities that may accrue to the Joint Venture partner include but not limited to;
- Taking advantage of UPDC’s existing infrastructure and Intellectual capital developed over the years.
- Utilizing the benefits of the huge customer base and market reach.
- Leveraging on the credibility and goodwill of UPDC.
- Accessing good interest rates from reputable financial institutions and improving access to financial resources.
- Economies of scale and advantages of size.
- Access to innovative and managerial practices.
- Competitive goals, Speed to market and improved agility.
- Creation of stronger competitive units.
These and others are just a few examples of the tangible and intangible assets that can be gained by participating in a Joint Venture with UPDC. There are certainly many more, but ultimately it’s all about leveraging!
Our Joint Venture Assets
The Pinnacle, Maitama
The Pinnacle is a luxury residential estate located in the highbrow Maitama area of Abuja. The property boasts beautifully landscaped gardens filled with ample trees and vegetation.
Made up of a variety of large 3 and 4 bedroom apartments and 4 bedroom maisonettes, all available units are luxuriously finished with fully fitted kitchens and air conditioners.
The property currently attracts an annual rent of N10-13million for owners.
- Swimming Pool,
- Children’s Playground,
- 24/7 power and
- Security with CCTV.
A potential buyer has paid a 68% deposit towards the purchase of the last available unit.
Metro City, Apo
Metro City is a large estate with ample greenery in the serene residential area of Apo-Dutse, Abuja.
The estate was built in partnership with Africa Capital Alliance and comprises 104 units of various housing typologies.
Stretching over 11.17 hectares of land, the estate is fully serviced and comes equipped with the following facilities:
- Swimming Pool,
- Children’s Play Area and
- Shopping Centre for residents.
- 5 Units of 2 Bedroom Flats – N21m each
- 2 Units of 3 Bedroom Flats – N27m each
- 6 Units of 4 Bedroom Terraces – N42m each
- 1 Unit of 4 Bedroom Semi-Detached – N58m
Olive Court, Ibadan
Olive Court is a residential housing estate located on 2.04 hectares of land in the prime area of Agodi GRA. The estate was built in partnership with the Oyo State Government.
Recreational facilities include:
- Swimming Pool,
- Gymnasium and
- Children’s Playground.
- 4 Units of 5 Bedroom Detached (Shell) – N50m each
- 1 Unit of 4 Bedroom Semi-Detached – N45m each
- 2 Units of 4 Bedroom Semi-Detached (shell) – N40m each
- Serviced plots of land totalling 3,635 sqm at N35,000 per sqm.
Golf Estate, Calabar
Golf Estate Calabar is located within the serene landscape of Summit Hills in Calabar, with close proximity to a golf course.
Built-in partnership with the Calabar State Government are finished units, as well as building shells for those buyers who revel in the opportunity to finish their homes to their own specifications.
- 6 Units of 3 Bedroom Flats – N15m each
- 1 Unit of 3 Bedroom Bungalow (shell) – N17.5m each
- 1 Unit of 4 Bedroom Bungalow (shell) – N20m each
- 1 Unit of 4 Bedroom Detached (shell) – N22.5m each
- 1 Unit of 5 Bedroom Detached (shell) – N25m each
- 1 Unit of 5 Bedroom Detached – N35m each
- 20,000sqm of Land – N10,000 per sqm
Festival Mall, FESTAC
Festival Mall is a multi-tenanted shopping mall located in the upscale residential estate, Amuwo Odofin, in Lagos. Its offering includes Shoprite as the supermarket anchor, entertainment, food & restaurants, fashion, health & beauty and home goods & lifestyle. The total gross lettable area (“GLA”) is c.10,816 square metres.
Festival Mall is the only major shopping mall in its primary catchment area and is the right size for the population. The mall benefits from synergies with the adjacent Festival Hotel (formerly Golden Tulip Hotel). It is well-positioned to offer convenience and a mix of leisure and entertainment.
The asset was developed as a joint venture between UPDC, Capital Alliance Property Investment Company (CAPIC) and the UPDC REIT, collectively “First Festival Mall Limited”.
Transit Village, Victoria Island
UPDC along with 3 companies: STB Savings and Loans Ltd, The Red Company Ltd and UTC Homes Ltd formed Transit Village Development Company Limited (“TVDCL”) for the purchase and redevelopment of 23,802.95sqm of land in Transit Village, Victoria Island, Lagos, for the sum of N1.75 billion and N750,000 as compensation to occupants in the Estate.
The purchase was to be paid in instalments, and UPDC paid N70m being its 40% contribution towards the 1st instalment. Shortly after the sale was announced, 2 groups of residents instituted separate actions against the Federal Government, UPDC and TVDCL seeking declarations that as civil servants and legal sitting tenants, they are entitled to the option of first refusal of their various quarters in Transit Village.
One case was ruled in our favour and the other in favour of the claimants. Both matters are currently under appeal.