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FG optimistic on NMRC as UPDC delivers 225-unit Metrocity Estate

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IMAGE: Akon Eyakenyi, the Minister for Lands, »


The Federal Government of Nigeria says it is optimistic that the establishment of the Nigeria Mortgage Refinance Company (NMRC) will scale up mortgage penetration in the country, assuring that everything possible is being done to ensure enhanced provision of mortgage access in support of the delivery of 10,000 homes to new and eligible home seekers.

Akon Eyakenyi, the Minister for Lands, Housing and Urban Development, who stated this at the commissioning of  225 housing-unit Metrocity Estate developed by UAC Property Development Company (UPDC) Plc in Abuja recently, was also optimistic that the conclusion of the on-going revision of National Building Code (NBC) would improve housing delivery in line with set standards.

This revision, she added, would also deliver a roadmap for the housing and urban development sector which would be further supported with two of the critical enabling frameworks to unlock its potential for sustainable development.

The minister said the commissioning of the estate was significant in many respects, explaining that the event underscored the need to ensure that  housing provision was undertaken to cater for the needs of all income segments of the population. “While our primary focus remains on providing  affordable homes to the low and middle income earners, we are also making adequate provisions for the medium and high income earners who also need to be adequately served”, she revealed.

UPDC, a residential real estate development giant, is unarguable the leading light in Nigerian property market, creating excitement when there is none and helping, in no small measure, in closing the housing demand-supply gap in the country despite challenging business environment.

“It is gratifying to state that, in spite of the enormous challenges besetting the real estate industry, we have again delivered on our promise to our stakeholders”,  Hakeem Oguniran, the company’s Managing Director, said at the commissioning ceremony.

The  Metrocity Estate, a joint venture between UPDC and African Capital Alliance as financial partners,  is unique in several respects and, according to Oguniran, “it was conceived as fully serviced estate designed to raise urban living in Abuja by providing a bouquet  of 225 housing units of various typologies including  five-bedroom detached houses, four-bedroom semi-detached houses, four-bedroom terrace houses,  three-bedroom bungalows and  two and three-bedroom flats”. 

Continuing, he said, “it is a new proposition for modern living –communal, stress free, secure and fully outsourced with contemporary features and facilities such as fitness centre, swimming pool, club house, expansive grounds, alluring greenery, etc”, adding that  the design and construction of the estate were in strict compliance with the basic tenets of sustainability in line with their pay off , “Building for Sustainable Value”.

Infrastructure for the two phases of the project  and all  recreational facilities for the estate already in place include swimming pool, gymnasium, multi-purpose hall, children’s playground. Other facilities are 2.2Km  paved road;  internal reinforced concrete drain;  216 cubic meter sewage treatment plant; 48,000 litres water treatment plant;  two 432,000 litres ground water tanks; 376,000 litres overhead water tanks;   45,000 litres underground storage diesel tank;  two 800Kva and four 500Kva generators; fire alarm system/smoke detectors;   four 750 Kva transformers; burglar alarm systems;  ample parking space for residents and visitors  etc.

Article Credit: Businessdayonline

Updated 5 Years ago

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