RAYMOND TEDUNJAYE, Lagos.
The management of Peedeep Arcade Properties Limited, a fast growing shopping complex, has highlighted the benefits accurable to investors, just as 44 new subscribers were given provisional allocation documents at an historic event held in Lagos.
The open presentation of the allocation documents, held at the shopping complex promises, is part of the management’s commitment to strengthen transparency and investors’ security in the project.
Located opposite the main campus of the Lagos State University (LASU) Ojo, the project is a joint venture between Peedeep Arcade Properties Limited and the Post Service Housing Limited.
While highlighting the benefits of the complex, the Managing Director/ CEO of Peedeep Arcade Properties Limited Col. Kingsley Umoh (rtd) emphasised that the complex is an exceptional piece of real estate for exceptional clients and investors.
He hinted that the centre will house over 1,500 businesses, which include banks, restaurants, entrepreneurs, boutiques, workplace, supermarkets, electrical and electronics stores, sports centres, creche, green area amongst others.
Umoh stated that the provisional allocation documents are being given to subscribers who have made up to 70 percent payment, to enable them secure legal ownership and commence planning for operations.
The Peedeep Arcade Properties Limited boss added that the allocation will ensure investment security, promoting project transparency, and avoiding conflict where one shop might otherwise be sold to multiple individuals.
Col. Kingsley Umoh (retd), the MD/CEO of Peedeep Arcade Properties Limited, offered high praise to the subscribers, acknowledging the economic difficulty involved in making such investments.
It is not easy to finish eating, pay school fees, pay rent and still have money remaining to come and buy shop,” Col. Umoh stated, underscoring the recognition the company holds for its investors.
He assured subscribers that the company is dedicated to ensuring their investment is worthwhile, promising that “If you drop your one naira here, that one naira, if you come back next week, it has become 10 naira”.
Col. Umoh also highlighted the strategic security of the project location, noting that the land belongs to the Nigerian army. He reassured investors, stating that where they are sitting is “demolition proof” and that “The bulldozer that can demolish property in this kind of location has not yet been built,” as the Nigerian army itself does not demolish its own property. He added that the allocation ceremony was specifically chosen to build “your confidence and to build your assurances.
Providing details on the lucrative nature of the investment, Engr. Folarin Aluko-olokun, Director of Finance, Arcade Properties Limited, confirmed that the value of the properties is increasing rapidly due to ongoing construction.
Engr. Aluko-olokun highlighted the current market valuation compared to initial price the property was sold has changed significantly. He affirmed that “your value is also increasing and you will not be selling the same old price”. However, he noted that subscribers who purchased spaces before the value increase will not see a change in their contract price.
Testimonies already reflect the project’s success, with Engr. Aluko-olokun citing the example of a subscriber who, having already opened a business, is now “actually going for the second 45 square meter space for her ice cream and confectionary bar”.
In a major vote of confidence for the Acada Arcade project, the company confirmed that its technical team and consultants have begun converting outstanding professional fees into shop spaces, thereby securing their investment in the commercial venture.