The UACN Property Development Company has unveiled the first phase of the four multi-billion naira Victoria Mall Plazas, located on the same street in Victoria Island, Lagos.

 A 12-floor residential complex of 48 flats, VMP which had already gulped about N4.4 billion, lies on a 16,700 metre square land space and is expected to meet the company’s goal of having a monumental real estate development in line with international standard that can offer luxurious living experience in a classy neighbourhood.

With the construction of VMP II already approaching completion, the VMP III soil-turning rite was also performed by the Lagos Stated Commissioner for Physical Planning and Urban Development, Mr Francisco Abosede.

Speaking with journalists after a tour of the project  in  Lagos, UPDC’s Managing Director, Mr Hakeem Ogunniran, said when fully completed in July, the building would have various units of three-bedroom apartments, three-bedroom marionettes and studio flats with all apartments having fully fitted kitchen and air conditioners.

Facilities on the estate also include a swimming pool, adequate parking space, gymnasium, water and waste treatment plants, among others, according to Ogunniran.

He said VMP I and already have been taken over and are to be occupied as soon as they are ready.  It is only VMP II that has not been occupied yet.

“We, as a property development company, have our project managers who will oversee the buildings, but our prospective tenants will be allowed to have their own managers if they wish.  However, our own managers’ decisions will supersede such other managers.”

He added that the building had been comprehensively insured from the very beginning.

Commenting on the projects funding, UPDC’s Finance Director, Mrs. Sade Ogunde, said while the VMP I was largely financed by loans from the International Finance Corporation, the company had got N3 billion for VMP II from First Bank of Nigeria Plc.

She added that the company would also issue N30 billion bond, which it hoped to use in financing VMP III and VMP IV.

Culled from Punch (Homes & Property) of Monday, 28th June, 2010.