THE Chairman of Odu’a Investment Company Limited, Dr. Isaac Akintade, has expressed the conglomerate’s desire to resuscitate its investment drive in property business by building blocks of flats and duplexes and refurbish its derelict properties.
During the turning of the sod and foundation laying ceremony for four units of four-bedroomed flats and three units of five bedroomed duplexes with adjoining lodgings at the Jericho GRA in Ibadan, the chairman said the project was part of the efforts of the board of the company to reinvest in the building sector in order to improve on its earnings.
He explained that the project would gulp several millions of naira and that part of the visions of the company was to turn most of its derelict properties as well as those not yielding much income into modern structures that would enhance value and boost the company’s financial base. The complex named Project Ace is sited on an approximately 4,500 square metre piece of land and it is estimated that the project will be completed within the first quarter of 2017.
He said, “The code name Project Ace explains our new foray into property development project. With much determination, the board and management believe this will be a continuous process as it is part of the group’s ambition to engage in activities that would further promote and enhance rapid economic development in our states in particular and the country in general.
“The board and leadership team of Odu’abelieve in the vision of turning most of its derelict properties and those that are not bringing much income into modern building thereby enhancing value. I wish to re-affirm that our ultimate goal is to preserve, nurture and improve the economic heritage of our people.”
In his remark, the Group Managing Director and Chief Executive Officer of the company, Mr. Adewale Raji, said the board embarked on the project to create a special property brand, while also saying that the company was equally making effort to redefine its identity.
He said, “The board has looked at what the challenges are and how we can best address them. There have been a lot of projects that have not been completed basically because of the strategies behind them or maybe they were not thoroughly thought of. For a commercial enterprise, the element of a customer is crucial. We have looked at it from the context of what customers want and it is what they want that we must do. This project is actually thought through and it will deliver on the promises that meet what the customers want in terms of time delivery, quality and cost.”