Festival Mall project was conceptualized in 2008, generally due to absence of modern formal retail channels in Festac and its environ.
With the acquisition of Durbar Hotel from the Federal Government in 2002 , the need to maximize the opportunities in the entire real estate asset becomes very crucial
UPDC from the real estate asset desire to create a destination point for Lagos State residents around Festac, Amuwo-Odofin, Mile 2, Ojo, Alaba, Orile and Okota providing office, hospitality, recreation and an experience of a formal shopping mall.
Site Area of 8.7 hectares comprising of:
Block A – 471 room hotel in three wings
357 rooms operational as Golden Tulip Hotel.
Block B – The Residences
Three wings to be renovated into 1 & 2 Bedroom Apartments
Festival Shopping Mall and Entertainment Centre
One Main Anchor Tenant, Sub Anchor, Cinemas and a mix other retailers.
- A Community Based Shopping and Entertainment Node in the Heart of Lagos.
- Leveraging inter-alia on a Mixed Use Development – Golden Tulip Hotel, Offices, Long Stay Apartments and Residences.
- Huge Population – Over 2.5Million for the catchment area.
- Very strong disposable income/spending power – Large B-D socio-economic class with predominant C1 and C2 groups.
- Unique shopping catalysts – Golden Tulip Hotel, Block B, Airlines(SAA and air France),Light Rail(Two nearby stations), International Route, etc.
- Self-sustaining footfalls and critical mass of shoppers.