Developer unveils Show House at Lekki Pearl Estate

IN fulfillment of its promise to deliver 10,000 units of affordable and quality homes for middle-income Nigerians by 2020, Alpha Mead Development Company (AMDC), last week, unveiled the completed Show House at its 112-unit Lekki Pearl Estate. The unveiling which had in attendance all stakeholders on the ongoing housing project such as subscribers, financial partners and development contractors held at the site along Lekki-Epe Expressway. Speaking at the unveiling ceremony, the Managing Director and Chief Executive Officer of the real estate firm, Mr. Femi Akintunde, expressed delight that with the completion of the Show House, his company is now able to show to the Nigerian built environment that technology can play a significant role in the development of affordable and quality housing.

According to Akintunde, “Usually, one of the issues is the thinking that affordability impacts negatively on quality. But by embracing technology, housing development can be cheaper while quality and precision can still be achieved to give home owners comfort, making the situation a win-win for both customers and the environment. “For example, embracing technology like we have done on this project has reduced material wastages to near zero level, saving the environment from deforestation as our technology does not use wood in construction, and ultimately saving our customers time because moving forward, our goal is to efficiently maximize the technology to deliver the houses in an average of 10 days, after foundation”, he said. The managing director further stated that his firm has focused its development strategies on the middle income class because they are the drivers of the economy, and currently in their productive stages, adding that out of the reported 17 million housing deficit, an estimated four million gap exists in the middle income class, insisting that these are bankable individuals who should be able to have decent and quality homes. He pointed out however, that the current high entry level of the market has made this dream impossible.

“With an entry level of N6 million equity requirement in today’s housing market, only few of this class of Nigerians will be able to exit the rent market in their productive years. Self-building is also not an option because of the level of stress, wastage and time required to build a home for oneself in Nigeria today. So what we have done is to structure a payment plan that suites the lifestyle and income level of these Nigerians such that in addition to a world-class building technology, we are currently building homes for middle income Nigerians for as low as N250,000 monthly”, he explained. Akintunde also lamented the current housing situation in the country, noting that with technologies like the form works, government at various levels is expected to start putting serious thoughts into social housing delivery because a substantial part of the housing deficit falls within the social housing

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