As part of efforts to bridge the housing deficit in the country, Messrs UACN Property Development Company (UPDC), the property development subsidiary of UAC Nigeria Plc, has concluded arrangements to float a real estate investment of N40 billion bond.
The move is to finance its ongoing estate projects in the Federal Capital Territory (FCT), Abuja.
The managing director of the company, Mr. Hakeem Ogunniran, disclosed this at the weekend in Abuja during a dinner in honor of the company’s customers.
The company recently unveiled plans to boost the Abuja real estate sector with the construction of a 226- unit Apo-Dutse Housing Estate? as well as planning a residential estate in Lifecamp District, amongst others.
Ogunniran explained that UPDC embarked on the projects in a bid to make a significant impact in the Abuja housing sector as it has done in Lagos and Port Harcourt.
“We have organised this programme to show appreciation to our customers for their patronage on our ongoing projects in Abuja.
Currently we have two estates in Abuja, an ongoing one in Gudu, Abuja.?
We want to unveil our ongoing projects to our Abuja customers, and to give opportunity as we have always done to our off plan framework. We have two serious upcoming projects in Abuja”.
The managing director pointed out that the company was considering the bond issue based on the success of the one it issued last year.
He stated that the company? last year issued a N15 billion bond which was oversubscribed by N32 billion, adding that the company only took the N15 billion it needed.
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