MWUN Refurbishes Multimillion Naira Okokomaiko Property into Housing Estate
…Signs JVA Agreement with Ideation Properties
By DAPO OLAWUNI
The Maritime Workers Union of Nigeria (MWUN) has signed a Joint Venture Agreement (JVA) with Ideation Property Development Limited in converting it’s landed property and Secretariat at Okokomaiko area of Lagos into a modern residential estate.
The 1.79 hectares of land is now to be developed into 32 units of two-bedroom apartments and 24 units of terrace houses.
At the signing of the JVA which took place at the union’s National Secretariat in Olodi Apapa Lagos yesterday, President General of MWUN, Comrade Adewale Adeyanju expressed strong hopes that the move would generate more money for the union.
According to him, the property was aquired by the defunct Dockworkers Branch of the union, and it has been abandoned for a long time.
Speaking, Comrade Adeyanju said “We felt there is need for us to diversify into so many projects, we cannot remain stagnated with two percent check-up dues.
“We cannot allow that land to remain like that forever.
We are signing this agreement with a reputable developer. It is not about me, but about the union.
“Whatever profit we get from there, we can use it to buy another land, it would expand the scope of the union. It would also generate more revenue for the union.
We have been on this matter for more than one year due to disagreement with the developers on what should accrue to the union and the developers” he stated
Managing Director of Ideation Properties Development Limited, Chief Adekunle Oyinloye lauded the union, saying that the idea of this project was conceived by its President General, Comrade Adeyanju.
While giving a breakdown of the project, Oyinloye who is a former Managing Director of SIFAX Group, said the cost and worth of the property cannot be given, saying that it is a moving target.
“The land is 1.79 hectares. 32 units of two-bedroom apartments and 24 units of terrace houses.
What we have there is a modern dwelling place.
It would have its own electricity supply and alternative sources of energy, an industrial borehole to supply water to the tenants without hassles, it is going to be a gated community with electronic access, it would be a secured environment.
“In addition to building something on that structure, it would change the landscape in Okokomaiko, you would be redefining what property is like in that neighborhood.
“It is out joy that we are sharing that opportunity together, for those who would share in that joy, they would remember the name of MWUN forever and Ideation Properties would be mentioned along the line
“We want the union to be as reach and liquid as it can be, it is then that you can help your members more, and we want to be party to that”
Chief Oyinloye assured that a project of this nature does not take more than eighteen to twenty four months to be completed.
Ideation Properties Development Limited is a real estate company which has partnered with the Lagos State Government in developing affordable homes.