The developer of Acada Shopping Arcade says it is targeting Green Rating for the new real estate development in Ojo, Lagos State.
According to the Managing Director, Peedeep Arcade Properties Limited, Col. Kingsley Umoh (retd), the intention is to deliver an exceptional piece of real estate, an highbrid green market different from the conventional types for exceptional clients.
The ongoing new shopping arcade, which comprises 45 blocks of mini malls, he said, was estimated at N4.7 billion as at the time of signing the agreement, two years ago.
The new real estate development is strategically located opposite the second gate of the Lagos State University in Iyana Iba, Ojo axis and close to the Nigerian Army Post-Service Housing Estate.
It is a joint venture project between Post Service Housing Development Limited (PSHDL) and Peedeep Arcade Properties Limited.
While the Army Post Service Housing Development Limited has the land as equity, the developer is expected to source the fund, build the shopping arcade, sell and share the profit.
“Project is based on build, sell and share profit. The equity of the Army is the land,” Umoh said, adding that he is leveraging on the experience garnered during the construction of Arena, which he pioneered over 10 years ago.
He reiterated that while Arena was purely owned by the Army, the new real estate development is one-off, based on build, sell and share profit.
According to him, space at the shopping mall is being sold between N550,000 and N600,000 per square metre, depending on location of floor, adding that mortgage has been put in place to allow flexible payment by would-be subscribers.
He expressed that the shopping arcade remained an exceptional piece of real estate, showcasing affordability and luxury to give Ojo and its environs a redefined modern market with an opportunity for a value-driven investment for investors and stress-free patronage away from the crowd for all its customers.
“It will offer all who interact with it a refreshing experience and access to a richer life along the Ojo axis.
“The sophisticated and well planned shopping centre will provide outstanding facilities such as optimum security, excellent drainage system, accessible roads, green market and more to the individuals and businesses. The carefully designed Arcade will be home for over 1000 businesses, banks, restaurants, boutiques, workplaces, supermarkets, entertainment sports and more,” the developer said.
The managing director explained that the warehouse zone would serve the dual purposes of being the main entry point for all articulated vehicles and delivery trucks as well as the loading and offloading bay for bulk goods and materials.
“The warehouse zone is the main storage area for merchandise and bulk materials. The zone is equipped to accommodate small and medium scale businesses that would require more space for functionality and practicability,” he said.
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