Lagos’ Festival Mall gets November delivery date

By Emmanuel Badejo   |   14 September 2015   |   4:53 am  
Lagos-Festival

Lagos Festival

LAGOS-BASED public limited liability company and developer, UACN Property Development Company Plc, has assured investors and customers of adequate security measures in the new project that would boost retail services within the real estate sector.

The company said last week while conducting journalists round the Festival Mall, located in the heart of FESTAC, Amuwo Odofin Local Council, Lagos State that with the measures already provided on security matters, it believed the location is safe for all.

Festival Mall is a community based shopping and entertainment node in the heart of Lagos, leveraging on a mixed-use development of Golden Tulip Hotel, offices, long stay apartments and The Residences comprising of 192 flats.

Brokered as a joint venture among UPDC, ACA and UPDC REIT, the mall showcases 46 shops, most of which have been leased out to investors like Shoprite – an Anchor retail store, Silverbird – a four-screen cinema, food court with five restaurants consisting of Mr. Biggs, Kilimanjaro, Ocean Basket, Sumptuous Meal and Rhapsody; and other line shops with brand such as Lifemate, Maybrands, Rough & Tumble, Slot among others.

Facilities with the mall are two general toilet facilities with water closets and urinals, emergency exits routs, firefighting and detection systems, combination of central and VRF air-conditioning/cooling system, sewage treatment plant, water treatment plant, stable and reliable power supply via IPP, over 750 parking bays within the facility, pay parking system, plans in progress to create additional parking and ample green area in line with global green evolution and environmental sustainability.

In the mall, there are already tenants in the categories of supermarket, cinemas, restaurants and food services, fashion and accessories, health and beauty, furniture and home goods, telecommunications, financial electronics and white goods and fashion.

The mall, which is billed for commissioning between October/November, has been described as one of its kind in Lagos and Nigeria. According UPDC’s Marketing Manager, Mrs. Titilayo Ajayi, Festival Mall is the first in the country to have an Independent Power Plant (IPP) running on gas and the national grid. Ajayi said, while 80 percent of the lettable space was already gone, there are still 20 percent vacancy rate in a classic mall that promises.

Responding to the security scare, UPDC Marketing Manager said her firm has in place six different security measures in place. She listed them to be plain and uniformed cloth surveillance on 24-hour duty on daily basis, access controllers, access controllers deplored to man entrances/exits points to identify, authorize and vet persons and vehicles going in or going out of the mall, while hand held scanners (metal detectors) are provided for the identification of suspicious objects.

Also, Ajayi said there is an incident response team with a complement of two Mopol officers, team leader and driver on daily pin down on 24 hours basis, as the vehicle is equipped with two-way radio communication system to report any emergency incident and appropriate response to such emergencies as well as police presence.

There will be external police check/monitoring points and CCTV system, which would be strategically located in and around the mall to provide real-time information on security matters.

Speaking on The Residences, Ajayi said it was created from UPDC’s desire to have a truly mixed real estate development that will offer comfortable and best-in-class residential, commercial and retail accommodation.

Located within Golden Tulip Festac Hotel, with one and two bedroom apartments on eight floors, projected to be delivered by November 2015. Ajayi, who added that there are good reasons to invest on the project, said there is assured capital appreciation, good title and complimentary on-site facilities like Festival Mall and Golden Tulip Festac.

The Residences, according to her is unique. “First, it is the first mixed-used development in Lagos, and perhaps in Nigeria. It is not very common to have residences, hotel and a mall located with the same land.

From the demographic study, we believe this project is good for young families; and we have found that FESTAC is much of this category within the neighborhood.

It is far cheaper to lease apartments in The Residence than to lodge people in the hotel. Interestingly too, the hotel is disposed to servicing the owners of apartments in the estate.

This is a good investment’ spot as the value of would appreciate in good time. It is one of its’ kind. Also, behind the project is water body and we are already thinking of creating a boat club from there, thereby encouraging water transportation and at the same time have some pleasure.”

She added that the project is for sale, as some units have already been sold. Facilities are central air conditioning system, smoke detector and fire alarm systems, fire sprinkler system, CCTV system, gas powered IPP for 24/7 power supply, central sewage system, central gas system and water treatment system.



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