Plans to expand real estate’s potential of the historic city of Ibadan, the Oyo State capital and the nation’s housing stock through partnership are yielding expected results. DAYO AYEYEMI reports
When the turning of sod of the proposed housing project was being performed towards the end of 2019, no one thought the developers would have achieved much, one year after, considering the outbreak of COVID-19 pandemic and associated lockdowns, decline in oil price and #EndSARS protest.
Weathering the storm to keep their heads above water, the developers of Westlink Iconic Villa, have turned the erstwhile empty space into a beautiful gated housing estate in Ibadan, Oyo State.
The multi-billion naira real estate development is being developed by Westlink Iconic Estate Limited, a joint venture company (JVC) between Odu’a Investment Company Limited and Chapter 4 – United Kingdom (UK) registered company.
According to findings, Odu’a Investment Company Limited provided the land as equity contribution while Chapter 4 was responsible for the funding of estate’s construction.
Located at Alakia, opposite the Nigerian Breweries on the popular Ibadan-Ife Expressway, the 124 mixed-luxury residential households development is already unlocking value from the abandoned 40-year old 3.8 hectares of land, while providing job for over 200 workers.
Speaking, the Public Relations and Corporate Affairs, Westlink Iconic Estate Limited, Mrs Abiola Reis, said the first phase of the estate’s project would be delivered in the next three months, March 2021 to be specific.
She explained that the company had not stopped work for a day since the tuning of sod, which signified the commencement of the luxury gated housing estate, adding that the sale of the near completion project had been encouraging.
“We promise to deliver this estate in line with the top quality by industry standard. We also promise high quality maintenance of the estate to preserve its character. We also promise to continue to pursue the delivery of our affordable housing agenda until an average working Nigerian can own their own house.”
Apart from the fact that house prices range between N20 million and N50 million, Reis disclosed that flexible payment of between one and five year plans had been put in place to assist would-be subscribers that want to spread the payment for their choice house. She added that the there was also mortgage finance’s arrangement with banks such as WEMA, Jaiz,Eco and Access banks to enhance access to the housing units.
Speaking on the joint venture housing estate, the Group Managing Director, Odu’a Investment Company Limited, Mr Adewale Raji, said the initiative was one of the ways to bringing economic development to the shareholder’s states
According to him, real estate remained attractive in Ibadan, Oyo state as well as Lagos state, adding that comparative and competitive advantage areas of other states would be looked into in attracting investment to them.
Odu’a states comprise Oyo, Ogun, Ondo, Osun,Ekiti and Lagos States
While appreciating Governor Seyi Makinde for his support so far, Raji said the development of the housing estate had received government’s cooperation in terms of getting all the approvals timely – planning permit, building approval and title.
“From the government’s side, we have received their cooperation in terms of getting all the approvals timely, which we really appreciate. Administration of Governor Seyi Makinde is very friendly to investment in Oyo State. Also, Oyo State is a shareholder in Odu’a.
“Odua is also looking to define new areas as related to the five years strategic plan of the organisation that is code-named SRC 2025. We want to ensure that we continue to keep healthy portfolio and real estate is also taking care of housing needs of our people in this area,” he said.
Westlink Iconic Villa comprises collection of three-bedroom apartments, luxury houses of four-bedroom terrace and semi-detached and five-bedroom fully detached duplexes with a stunning multipurpose commercial complex, children’s play area, multi-sport facilities as well as the state-of-the-art community centre.
Breakdowns of the units include eight units of fully detached and semi detached duplexes each, six units of four-bedroom semi-detached duplexes, 40 units of four-bedroom terrace duplexes, 60 units of three-bedroom apartments and 58 units of commercial outlets.
Estate facilities include paved road with interlocking, perimeter fencing, CCTV coverage, electronic estate pass, network, drainage, electricity, high pressure treated pipe borne water plus centralised sewage treatment, playground and sport facilities, community centre
The estate’s L-shape layout has been maximised by orientating the buildings to take full advantage of day light and all year-round wind direction.
Set within beautifully landscaped grounds, residents can enjoy the surrounding green open spaces, the estate benefits from the independent power supply which provides uninterrupted electricity supply.
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