FRESH prospects may be on the cards for private sector investments seeking participation in Lagos's housing development sector, if statements made last week by a senior state official is anything to go by.Apparently bothered by the criticism by the private developers and professionals in the built environment, the state authorities have revealed plans to undertake reforms in the land bureau and physical planning in order to make their aspirations a reality.The new development was announced at the commissioning of the newest addition into the Victoria Mall Plaza (VMP II), located in Victoria Island, Lagos, built by Nigeria's premier property development company, UACN Property Development Company Plc (UPDC).The development of the contemporary office complex began September, 2009 with a planned project duration of 24 months and sits on a land area of almost 3,000sqm comprising 15 floors with a gross floor area of about 16,000sqm and lettable space of about 7,500square meters.UPDC has also flagged-off the third phase comprises of 15 floors of residential apartments, five floors of exclusive shopping malls, eight floors of multi-storey car parks and ample recreational facilities. The piling works for the entire VMP3 project have since been completed while the main construction works is expected to commence next month.The first phase, VMP1 is the purple building next to this office complex. It is a block of residential apartment comprising of 48 units of three bedroom flats, marionettes and studio apartments. VMP1 was completed in August 2009 and was delivered with a gym, lawn tennis court, swimming pool and other recreational facilities.Messrs KPMG Professional Services has already leased the new building for five years. The building comes with two 1000KVA Caterpillar sound proofed generators with a total load output of over 2150KW and has capacity to accommodate additional load requirements of tenants.Similarly, the new complex comes with water treatment plant with a capacity for producing 10 cubic meter of water per hour, sewage treatment plant with capacity for processing 42 cubic meters of solid and liquid wastes per day, National Panasonic PABX & Card key and Access Control systems with UPS backups as well as close circuit cameras for enhanced security, water sprinklers and heat/smoke detectors on all floors of the building.The phase four is another office block complex and planned to be constructed on 12 floors.Speaking at the commissioning of the VMP II, Lagos State Commissioner for Commerce and Industry, Mrs. Olusola Oworu said that the state has embarked on the reform of its land registry as well as turning around its land bureau and Physical planning to meet the expectation of the public.She noted that the challenges facing Fashola administration includes the non- performance of some private developers who take government land without putting them to use, but instead seek for change of use.Oworu lauded UPDC for delivery the VMP II, and urged the management to team up with the state's Ministry of Housing in its quest for affordable housing so that ministry can leverage on its experience and expertise. She added that the state is open to private investment and would ensure conducive environment for all investors.Group Managing Director, UACN Plc, Mr. Larry Ettah said that Victoria Mall Plaza was conceived as four phase project comprising of residences, offices, shopping mall, multi-level car and a nine floor multi level commercial car park. When fully completed, VMP will be an integrated facility for work, play and live activities similar to such found in major cities of the world.The managing Director, UPDC Plc, Mr. Hakeem Ogunniran disclosed that the hue of the curtain wall made up of pastel green powder coated aluminium profile and stopsol super silver green reflective glass is indicative of the resolve of our company to ensure energy preservation in tandem with our 'green' initiatives.
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