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As the long awaited reconstruction work on the Ago Palace road heightens, there could not have been a better time for Anchorage Estate to be completed by its developer cum promoter, the UACN property Development (UPDC) Plc.

Besides, it would come as overwhelming relief to motorists and commuters who ply the road and have been robbed times without number because of its parlous state. Anchorage Estate is located off the Ago Palace Way near the Apple Junction axis.

By the time the on-going work road rehabilitation work is completed, there is likely to be an appreciation of land values in this corridor the same way the reconstruction of Awolowo Road in Ikoyi and Adeola Odeku Street in Victoria Island (among others) caused property values to appreciate wildly on these major roads.

Meanwhile, the major construction work is nearing completion at the Estate. Most of the units except the Town houses have been given the first coat of painting. In the same manner, the network of roads except for some hitches, have been beautifully paved with interlocking blocks and aligned with the drainage channels. The major works left are the construction of the general facilities, execution of the services, landscaping and the paving works on the unbuilt grounds.

The development which is categorized under the UPDC’s “Classic Homes” product group is designed to “meet the housing needs of a discerning market segment with a premium on quality”. The Anchorage Estate is remarkable in several respects. It is the first major residential development that UACN Property Development Company (UPDC) Plc would locate on the Mainland divide of Lagos. Virtually all of its residential estates are in the Island and Abuja. It is a trial case because its success (or otherwise) will determine if the giant development company will continue to play on this unfamiliar turf or not.

Work had earlier begun formally on Anchorage Estate in February 2006, flagged off with an impressive sod turning ceremony. It occupies a land area of 4.045 hectares with an unexpired leasehold interest of about 86 years. Anchorage Estate is a mixed concept development that comprises a total of 54 units of town houses, semi detached and detached houses. The plot sizes are 240 square meters for the Townhouses, 720 square meters for the semi – detached block and 600 square meters for the detached house.

There are two variants of the detached houses. UPDC is carrying out the development in partnership with Knighthood Properties Limited. About sixteen contractors were earlier appointed and have been carrying out the works with a consortium of seven firms marketing the units.

Finishing is planned to be very tasteful to reflect the UPDC quality brand. The floors will feature good tile finishes. The wall is rendered with textured finish incorporated with concrete soffits including internal walls. Doors and windows are coated Aluminum while paneled doors are at main and rear entrances. The roof covering is long span aluminum. Assured is quality woodwork to doors, wardrobes, kitchen cabinets, shelves, wardrobes as well as top range. The houses have a solid reinforced concrete framed construction Raft foundation. Conduct piping is used for electrical and mechanical works.

To be incorporated in the recreation area are a gymnasium and sit – out section. Dedicated transformers will power the estate with a generator of appropriate capacity provided with adequate diesel storage. To be sunk is borehole water facility with treatment plant and provision for storage including overhead and underground storage tanks. The undeveloped grounds will be landscaped to taste and style. There will be ample car parking space and to follow in quick tow are a gatehouse and estate office.

The price list includes N20million for the 3 – bedroom Terrace house, N26million for the 4 bedroom semi detached house and N30million for the 4 bedroom detached houses. Mortgage facility for the estate is being packaged by UBA Plc and Eco bank with an arrangement predicated on 7 – 10years repayment period at an interest rate of 20 – 21 percent. The accommodation schedule of the semi detached includes living room, ante room, guest bedroom, kitchen/store, laundry, dinning and visitors’ toilet on the ground floor while the upper floor features family living with a terrace, 2 bedrooms sharing common bathroom and toilet facilities, and a master bedroom.