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Victoria Mall Plaza



UPDC secures $40b for Lagos Victoria Mall Plaza, others
FRONTLINE real estate firm, UACN Property Development Company (UPDC), has secured a $40 billion facility for the construction of its schemes.

Top on the list is the grand Victoria Mall Plaza in Lagos, which will have 36 apartments, a 15-storey office tower, a multi-storey car park with about 400 spaces, a shopping centre, and a 160-room hotel.

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, says it has committed the $40 billion loan facility to UPDC to enable it meet Nigeria's increasing demand for business infrastructure, such as hotels, office and commercial spaces, employment and overall economic growth.

"Nigeria's main cities are seeing improved commercial and residential facilities due to recent construction and renovation," said Stephen Mayaki, UPDC's managing director.

"IFC is helping UPDC to contribute to improved business infrastructure by complementing new growth with facilities that cater to consumers who look for both value and convenience," he added.

In 2003, IFC helped UPDC finance the privatisation and renovation of the 471-room FESTAC Novotel Hotel Complex in Lagos that is due to open later in the year. IFC advised UPDC on architectural designs for the hotel to ensure that it would meet international fire safety and environmental standards.

"A core part of our strategy is to help build sectors in addition to oil in Nigeria," Declan Duff, IFC Vice President for Industries was quoted as saying in the statement.

"Our investment is part of IFC's continuing efforts to enable private participation in key infrastructure areas in Nigeria," he added.
It's a Mixed Used Development in Victoria Island and it being built in collaboration with the World Bank.:)
 

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More Information on the Plaza :cheers2:

  • Total project cost and amount and nature of IFC's investment
Total project cost for the Victoria Island Mall Plaza is estimated at $117 million. IFC is considering an A loan of $40 million for its own account.
  • Location of project and description of site
The site is situated on Victoria Island (VI), one of the main commercial and up-market residential areas in the capital. The Lekki Peninsula, slated for extensive development as a further extension of the city with quality residential accommodation, retail centers and commercial properties, is an extension of VI. The 1.72 hectare, rectangular site is located on Bishop Aboyade Cole street, just behind the Exxon/Mobil headquarters building which fronts the Lekki Expressway, the main dual carriageway road leading from VI to Lekki. It is thus relatively easily reached (Lagos traffic permitting) from the city’s main concentration of corporate activities on both VI and Lagos Island and will be well positioned to serve the existing residential communities of VI and Ikoyi and the future developments in Lekki.

  • Anticipated development impact of the project
The project will have a significant impact on an estimated 1,000 future retailers in the Victoria Island Mall Plaza and 150 office renters who want to rent space in improved or newly available facilities. It is anticipated that the project will create approximately 200 new jobs with the expansion of UPDC’s tenants’ operations and through the Victoria Island Hotel. The project will also provide small retailers and businesses with a common and improved standard of commercial facilities that will draw more demand for their services. Nigeria’s main cities are already seeing improved commercial and residential services thanks to recent construction and renovation. UPDC will contribute to this trend, complementing new growth with facilities that cater to a cross section of middle to upper end users who
 

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The render is elementary-school sophistication level.

I wonder why such a grand project would use such an un-inspiring image to promote its vision!
 

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The render looks OK to me. Its the two buildings they want to show not the background, and those two building looks quite good.

Thank God its not a boxy design for as strange as it may sound some architects still make those designs even today. Or worst, it could have been a concrete structure like from the 50s and 60s.

any more news on it?
 

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..the surounding buildings look like asian shacks with pagoda roofs. funny.
 

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are you sure this vision costs 117millionUSD? quite shanty for that price. i think Lagos deserves better... it has an annoying 'silverbirdgalleriaish tinge' to it. and that rendition... oh my... how bizzare and childish!
 

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are you sure this vision costs 117millionUSD? quite shanty for that price. i think Lagos deserves better... it has an annoying 'silverbirdgalleriaish tinge' to it. and that rendition... oh my... how bizzare and childish!

It's being done by UPDC, I suspect the quality of the finishing will be poor, as most of their recent developments have suffered from poor finishing. Niger Towers (Ikoyi) for instance was a dissapointment.

I don't get excited by anything updc do. For a company that has been in the real estate development longer than most in Nigeria, you'd think they'd be way ahead on quality, design and finish and setting the standards for others. Instead all the buildings they've been put up in the last ten or so years have largely been dissapointing and I think this will be the same. Some people have an eye for quality some don't know the difference whoever is responsible for sanctioning things at UPDC obviously hasn't got an eye for finer details. BTW SilverbirdGalleria is way ahead (finishing wise) than anything UPDC is capable of producing
 

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Skyline Mall Construction

Not sure if I'm posting in the right area but was just wondering if anyone knows of the new Skyline Mall project on Victoria Island. I think they're only in Phase 1 - laying foundations etc.. Does anyone know who the architect is? Any pics?
 

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Discussion Starter · #16 ·
It's being done by UPDC, I suspect the quality of the finishing will be poor, as most of their recent developments have suffered from poor finishing. Niger Towers (Ikoyi) for instance was a dissapointment.

I don't get excited by anything updc do. For a company that has been in the real estate development longer than most in Nigeria, you'd think they'd be way ahead on quality, design and finish and setting the standards for others. Instead all the buildings they've been put up in the last ten or so years have largely been dissapointing and I think this will be the same. Some people have an eye for quality some don't know the difference whoever is responsible for sanctioning things at UPDC obviously hasn't got an eye for finer details. BTW SilverbirdGalleria is way ahead (finishing wise) than anything UPDC is capable of producing
Disappointment? how so? The project turned out better than the renderings. Niger Towers was never anything big, I came across some some renders months before the project was completed, and if you were to compare the renderings, the price tag with the finished product, it is by no means a disappointment.

Yes you may have a point with UPDC, not being up to the task, but the Niger Towers couldn't have been better with the price tag.
 

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Not sure if I'm posting in the right area but was just wondering if anyone knows of the new Skyline Mall project on Victoria Island. I think they're only in Phase 1 - laying foundations etc.. Does anyone know who the architect is? Any pics?
Never heard of it. Where did you hear about this? were you recently in Lagos?

Welcome to the the forums btw. :cheers2:
 

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Skyline Mall Construction???

Thanks TBite:cheers:

No I haven't been to Lagos recently - not ever really. I have a "friend" who is an architect (well maybe) and mentioned to me today that this was the project he was working on - been there for about 3 -4 weeks now - from the UK.

I know this isn't really appropriate for this site but I'm just trying to find out if he is who he says he is and doing the work that he says he is. The curiosity (and the lack of forthcoming information) is killing me. lol:nuts:

I understand completely if you/anyone doesn't respond.

very interesting forum and pics btw! :eek:kay:

cheers
 

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Thanks TBite:cheers:

No I haven't been to Lagos recently - not ever really. I have a "friend" who is an architect (well maybe) and mentioned to me today that this was the project he was working on - been there for about 3 -4 weeks now - from the UK.

I know this isn't really appropriate for this site but I'm just trying to find out if he is who he says he is and doing the work that he says he is. The curiosity (and the lack of forthcoming information) is killing me. lol:nuts:

I understand completely if you/anyone doesn't respond.

very interesting forum and pics btw! :eek:kay:

cheers
I am not asking you to lose trust in your friend but if the person is someone you met on the internet and you have never met him physically, I will say forget it. He may be a scammer trying to get money out of you. Stay away from him as soon as you can!!!
 

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I am not asking you to lose trust in your friend but if the person is someone you met on the internet and you have never met him physically, I will say forget it. He may be a scammer trying to get money out of you. Stay away from him as soon as you can!!!

Funny you should mention that! He sent me a lovely email the other day and the last para he asked me for money. Move along is most definitely what I'll be doing. Thanks for the advice.

In looking at the pics of Nigeria etc.. what a crazy place it must be. Very hard to imagine or comprehend what goes on there.

Thanks for your time!
 
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