The construction of Pinnock Prime Estate, a multi-billion naira site and service scheme developed by UPDC Plc formerly (UACN Property Development Plc), a property investment company in Nigeria that buys, develops, sells, leases and manages commercial and residential accommodation and retail space, in Lagos’s Lekki area, has begun.
Reportedly the project’s partners including Formwork Limited, one of the largest and most successful architectural and construction companies in Nigeria serving as the main contractor and MEP contractors providing technical expertise, have already been assembled.
The project contractors will be expected to commence construction on the estate’s infrastructure, which would include well-constructed roads with drainage, water–industrial boreholes, sewage treatment plant, independent power plant, power transformers, street lighting, cables, central park, recreational facilities, and service buildings – security gate, utility room, and more.
Remarks on the Pinnock prime estate project
At the project’s recent groundbreaking ceremony, UPDC CEO, Odunayo Ojo stated that the project will be expected to be delivered to customers after 8 months of construction work. He claimed that the contractors have mobilized equipment to the site and begun filling, excavation, and other highly technical operations, and residents will soon begin seeing construction work.
Mr Ojo stated that Pinnock Prime Estate features two types of plots: a low-density plot with a maximum of two-family housing units costs N350,000 per square meter, while a high-density plot with multiple units or apartments will cost N400,000 per square meter.
He said that housing development in Nigeria is more difficult and costly due to the impact of lacking background infrastructure. However, he stated that in order to minimize the cost of housing developments, the government and private sector investors must cooperate to develop background infrastructure.
Bidemi Fadayomi, UPDC’s development director, noted earlier in her welcoming address that Pinnock Prime Estate was indeed the outcome of UPDC’s high-end residential estate in Lekki.
The company’s vision, she stated, was to set a new benchmark for high-end estates that provides a safe environment, a sanctuary for buyers, and generates the highest financial returns for its owners.