UPDC, Globacom in N1.7b Niger Towers deal

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march 16, 2005 07:01:02/The Guardian


FRONTLINE real estate development firm, UACN Property Development Company (UPDC) Plc., may have sealed a deal with indigenous telecommunications firm and second national carrier, Globacom, for the purchase of a high-rise block of flats at Niger Towers, UPDC\'s Ikoyi project in Lagos.

The deal between UPDC and Globacom involves the wholesale purchase of one of the newly built blocks at Niger Towers, located on Glover Road in Ikoyi. The deal may have been worth up to N1.7 billion.

Niger Towers is a luxury residential complex built on a combined plot of 3.5 acres. The site initially harboured three duplexes, which were demolished to make way for the complex.

The Niger Towers, formerly Trinity Towers, is the third of such apartments built for sale and investment by UPDC. The first two were on Macdonald Road, and Thompson Avenue, Ikoyi respectively. Construction on Niger Towers started in June 2001 and ended late last year.

Built by the building and civil engineering firm of Grinkar-LTA Construction Company Limited, the net worth of construction on completion was over N2 billion.

The buildings consist of a total of 54 units made up of three high rise blocks, two of 10 floors and one on nine floors, with each block providing 18 units of accommodation. The units comprise three bedroom and four bedroom flats. Each flat is finished to luxury standards, with top quality materials and excellent workmanship.

Before the end of construction, senior officials of UPDC had placed a N1.25 billion price tag on each of the blocks. The firm was then also considering the renting out of each of the flats at N4 million a year.

The flats come with all bedrooms en suite and toilets fitted with top quality sanitary wares and tile finishes, while all spaces are centrally air conditioned and provided with satellite, television and intercom/telephone. Each unit is fitted with washing machine and drier, cooking unit and each block is serviced by two passenger lifts and one goods lift.

General facilities provided include two recreational areas, each with swimming pool, squash court and gymnasium, two lawn tennis courts, standby generating sets with diesel storage, sewage treatment plant, borehole and water treatment plant.

Senior officials of UPDC admitted last week that negotiations are still on-going, but would not readily confirmed that a deal had been sealed.

However, The Guardian gathered from independent sources close to the talks that the parties might in fact have concluded a deal. It was gathered that the facility would likely be used to house foreign experts in Globacom employment, in a bid to slash the millions of naira reportedly spent monthly by the telecommunications firm on hotel accommodation.

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