The Odu’a Investment Company Limited (OICL), in partnership with Transfortress Global Resources Limited, has performed the groundbreaking ceremony on a luxury residential development, Odu’a Court, aimed at repositioning its real estate portfolio and unlocking the value of legacy assets through sustainable and income-generating developments.

The Chairman of OICL, Otunba Bimbo Ashiru, who spoke at the ceremony, held on Friday at 18C Lugard Avenue, Ikoyi, Lagos, described the project as a bold step in the transformation journey of the company’s real estate arm.

He noted that the redevelopment reflects the renewed strength and operational focus of Wemabod Limited, adding that the joint venture approach with Transfortress Global Resources Limited would allow for faster project execution while attracting significant capital to the property portfolio.

Ashiru emphasised that the joint venture model between Wemabod Limited and Transfortress Global Resources Limited would offer a pathway to accelerate development within the group’s property portfolio while attracting significant capital.

Also speaking, Managing Director and Chief Executive Officer of Wemabod Limited, Bashir Oladunni, stated that the project aligns with the company’s Five-Year Strategic Plan initiated in 2021. 

He explained that the redevelopment of the Ikoyi property, which previously held six residential units, will now deliver 18 premium units tripling its density and significantly boosting the site’s economic value.

Oladunni added that the project contributes to Wemabod’s goal of delivering 500 housing units within five years, addressing Lagos’s housing deficit while optimising underutilised assets. 

Chairman of the Board of Directors at Wemabod Limited, Nureni Adisa, expressed optimism that the new development, with most of the units intended for outright sale, could outperform that record.

Adisa stressed that the redevelopment was necessitated by dynamic shifts in the real estate market, especially in prime locations like Southwest Ikoyi, where demand for modern, amenity-rich properties continues to rise.