Real Estate Portfolio
Utako Motor Park Bus Terminal
- UMPL is a Joint Venture special purpose company incorporated to undertake the re-development of Utako Motor Park Abuja, into a commercially viable mixed-use venture.
- The redevelopment is a Public Private Partnership initiative between New Frontier Developments Limited (“NFD”), M.N Ataj Limited (“Ataj”) and Abuja Municipal Area Council (“AMAC”).
- The project will be carried out on a 7.73 hectares of land.
- AMAC has granted NFD and Ataj the right to redevelop the Utako Motor Park into a modern transportation hub and retail market, and a 15-year concession to manage the facility post completion.
- UMPL is undertaking the construction and providing infrastructure, thereby converting the site into a commercial hub consisting of 1,400 units of shops, warehouses, restaurants, one hotel, banking halls, one filling station and a modern bus terminal with world-class facilities and amenities to be delivered under a phased development approach expected to last for 5 years.
- The project will be delivered under a phased approach and is expected to generate revenues of over N19.8bn with an estimated project cost of about N12.2bn.