44 More Acada Arcade Shopping Mall’s Subscribers Receive Allocation Documents as Company Highlights Gains of Real Estate Investment
By Azeez Disu
Peedeep Arcade Properties Limited recently reinforced its commitment to project transparency and investor security by presenting provisional allocation documents to a cohort of subscribers at the Acada Arcade shopping mall. The allocation exercise, held at the shopping complex premises opposite Lagos State University (LASU), marked a crucial step for investors who have achieved up to 70 per cent payment for their shops, enabling them to secure legal ownership and commence planning for operations.
Acada Arcade is a joint venture between Peedeep Arcade Properties Limited and Post Service Housing Development Limited. The management emphasised that the public documentation ceremony was crucial for facilitating legal ownership, ensuring 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’s 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.
The technical team “believe so much in our project that they actually invested in the project,” putting their “money where their mouth is” due to the viability they observe.
This bold move began when one consultant requested that part of his consultancy fees be converted into a shop space. The company is now allocating spaces to consultants based on the balance of what they are owed. This arrangement not only provides consultants with a tangible asset but also relieves the developer “from the pressure of trying to look for money to pay them,” Col. Umoh explained.
Furthermore, it was noted that the one of the supervising project engineers demonstrated extraordinary commitment by investing his own “physical money,” which he earned over the years, and also encouraged his friends to subscribe as well. This commitment, the company suggested, should serve as encouragement for other prospective investors to join the project.
Acada Arcade, located opposite the university community, aims to become a vibrant commercial hub providing innovative and lucrative opportunities in the commercial real estate business. Subscribers who reach the 70 per cent payment threshold receive a provisional allocation, and upon hitting 100 per cent payment, they receive the final allocation document from the Abuja headquarters of Post Service Housing Development Limited.