UACN Property Development Company (UPDC) has announced a strategic shift to address the nation’s growing housing deficit by catering to the middle class and increasing affordable housing options.
The company’s Chief Executive Officer, Mr Odunayo Ojo, highlighted UPDC’s unwavering commitment to addressing the housing deficit and challenges of urbanisation in the country. He also outlined its strategic focus on revenue diversification, middle-class housing, Nigerians in diaspora, increased customer satisfaction and strategic partnerships.
“As a company, we strive to be innovative; to properly cater to the middle economy, we had to re-engineer our strategy. Our new focus prioritises the middle class and aims to mitigate the growth of urban slums through the development of controlled urban centres that offer improved living standards,” he said.
He also noted that UPDC aims to involve the Nigerians in diaspora in operations and ensure quality, despite the harsh depreciation of the naira.
Ojo acknowledged the rising cost of building materials but emphasised a value-driven approach, stating that “we focus on value, rather than cost. This is a storm we would all have to weather, as the effect is felt across all sectors.”
He further advised, “exploring creative solutions like utilising real estate as an appreciating asset class and collaborating through fund pooling for housing development.”
Recognising that the housing gap is a burden too large for the government alone, Ojo emphasised the company’s commitment to developing strategic partnerships to promote development in port cities like Akwa Ibom, Lagos, and Port Harcourt.
He further expressed the company’s ambition to broaden its influence across Africa, while actively involving Nigerians in the diaspora in the real estate market. “Many Nigerians in the diaspora are generally the last to find out about new real estate developments. To solve this issue, we want to restructure our operations by ensuring proper information dissemination, which will involve them,” Ojo said.
The high point of the event is the unveiling of two new projects: The Hampshire, a five-hectare mixed-use development with a focus on residential plots in Sangotedo, and Brompton City, a 30-hectare mixed-use development located at Ogombo Road with significant green spaces.
The Executive Director for Development and Projects, Ms Bidemi Fadayomi, said The Hampshire project aims to set a benchmark for quality, value appreciation, and community management while providing an entry point for lower-income individuals.
“The Brompton City, designed to be an eco-friendly model, will leverage the natural topography to create a sustainable environment with ample green spaces. This project aspires to be a dynamic, eco-friendly city that inspires future developments in Nigeria and West Africa,” Fadayomi added.
