Quick reply to myself. I changed the platform specific .mk file (ugfx/tools/gmake_scripts/cpu_raspberrypi.mk) to:
# This file is subject to the terms of the GFX License. If a copy of
# the license was not distributed with this file, you can obtain one at:
#
# http://ugfx.io/license.html
#
#
# See readme.txt for the make API
#
# Requirements:
#
# NONE
#
#SRCFLAGS += -march=armv6zk -mcpu=arm1176jzf-s -mtune=arm1176jzf-s -mfpu=vfp -mfloat-abi=hard
#LDFLAGS += -march=armv6zk -mcpu=arm1176jzf-s -mtune=arm1176jzf-s -mfpu=vfp -mfloat-abi=hard
SRCFLAGS += -mcpu=cortex-a72 -mtune=cortex-a72
LDFLAGS += -mcpu=cortex-a72 -mtune=cortex-a72
It compiles, but example does not start and complains this: GDISP Framebuffer: Failed to set video mode