At a time when many developers and sundry investors are applying brake and watching Nigeria’s recessing economy, Alpha Mead Development Company (AMDC), a relatively young real estate development firm, is demonstrating resilience with aggressive push on its Lekki Pearl Estate construction.
In apparent defiance of the crippling impact of the economic recession in the country, the company has, in the last six to 12 months, left milestones on the estate having completed 18 units of blocks of flat, 20 units of terrace apartments, and 12 units of semi-detached apartments at roofing level.
Located in the burgeoning Lekki area of Lagos, Lekki Peal is a functional and qualitative 112-unit residential development constructed with a top-notch technology that delivers homes at an average of 10 days (post foundation), reduces cost of construction to between 10 and 20 percent and cut material wastage to near-zero level.
AMDC is the Strategic Business Unit of Alpha Mead Facilities Management and Services Limited. It is a real estate development, asset management and advisory firm established to be a major stakeholder in bridging Nigeria’s huge housing gap with quality and affordable homes, by partnering with global brands to deploy capacity and technology.
AMDC is a Real Estate Development, Asset Management and Advisory firm established to be a major stakeholder in bridging Nigeria’s huge housing gap with quality and affordable homes, by partnering with global brands to deploy capacity and technology that can deliver homes at an average of 10 days (post foundation), reduce cost of construction to between 10 and 20 percent and cut material wastage to near-zero level.
The milestone it has recorded is a proof of its integrity, accountability and promise to its customers and investors and has been made possible using the cast-in situ modular building system – a technology currently delivering affordable housing at an impressive speed in over 45 countries.
“The pre-engineered and pre-fabricated modular system will revolutionize housing delivery in Nigeria; it is an all-walls-bear-load construction systems otherwise known as Cast-in situ, which has the ability to deliver a shell housing unit within 10 to 30 days”, said Femi Akintunde, the company’s MD /CEO, who spoke at the estate’s first Open House Forum in 2017 at the project site recently.
Akintunde told customers and stakeholders that “when we started construction, we were delivering housing at an average of 21 days, but today, we are delivering at nine days. This accounts for the rapid development you are seeing on site”.
Damola Akindolire, Executive Director, Real Estate Development at Alpha Mead Facilities, noted that despite the current challenges plaguing the Real Estate sector and the economy at large, the company has remained committed to its promise to remain accountable and transparent to the customers.
“While we are happy to be able to keep up with our promises to our customers, we must also put things in perspective. We navigated through a host of challenges in bringing this project to its present state. Key among these challenges is the fluctuation in the value of Naira against the Dollar. In spite of the challenges, our team has worked tirelessly to develop a strategic approach that will help manage the increasing cost of project delivery,” Akindolire noted.
“This for us is one of the ways we have continued to keep faith with our customers; without making further demands or escalating the prices of our housing units. Rather, we have concerned ourselves with our commitment of meeting our customers’ expectation by delivering nothing but tastefully finished quality homes,” he added.
According to him, the quality of the housing units at the estate speak for themselves. “With a minimum of 50 years defect liability period cover on buildings constructed with our type of technology, we have redefined what it means to deliver quality homes for Nigeria’s rapidly growing middle class. And this has only been possible with the support of our partners, who have continued to play a significant role in the course of this project”.
Also speaking at the event, Head of Business Development at AMDC, DamolaOguntoyinbo, said bridging Nigeria’s current housing deficit estimated at 17 million has clearly defied conventional building methods, hence, the need for developers to think outside the box and embrace alternative building systems which deliver housing units at a faster pace and a moderate cost.
“This is the challenge AMDC has taken upon itself— to stimulate the Real Estate landscape by investing in the requisite manpower, materials and employing prefabricated building systems to deliver a functional lifestyle community. With buildings like ours, the homebuyers are assured of premium value and unparalleled comfort, because we have given so much consideration to the aesthetics, facilities and infrastructure that are present in Lekki Pearl”, Oguntoyinbo noted.
CHUKA UROKO
