A private developer, Brains and Hammers, has increased the nation’s housing stock with a mixed development schemne christened, “Coopeast Beach Resort” in Lagos.
The 101 units of housing, estimated to cost N7.9 billion, started in August 2019. It includes 70 terraces, a block of six flats comprising three-bedroom each, 14 fully detached houses and eight semi-detached houses.
The estate, which sits on a three-hectare land comes with amenities such as gym, water treatment plant, transformers, swimming pool, recreation area and a mini-mall.
The project built in partnership with the Cooperative Societies of International Oil and Gas Companies, Shell, and ExxonMobil, has a 50 per cent buy-in of Shell Cooperative Society; 20 per cent buy-in of ExxonMobil Cooperative Society and 30 per cent buy-in from individuals.
Speaking at the inauguration and official handing over of the keys to the Cooperative Societies, the Chief Operating Officer (West), Brains and Hammers Plus, Mr. Omo Osobase, said the scheme is a testament to the firm’s three fundamental tenets of being the partner of choice by private and public organisations, develop projects that meet global best practices and provide a sense of investment and humane comfort for clients.
He said: “When we announced this partnership with the cooperative societies in the third quarter of 2019, we were clear on the task ahead. Our ambition was rooted in our determination to deliver not just high quantity, but quality housing units and at affordable prices despite the unique location.
“Despite the COVID-19 pandemic and volatile economic situation in the country, between 2020 and today, we weathered the storm to deliver the project below the projected 24 months construction timeline.
“Today, we have commissioned three-bedroom flats, four-bedroom terrace duplex, four-bedroom semi-detached duplex, and five bedroom detached duplex with boys quarters.”
In his opening remarks, the Chairman of Brains and Hammers, Mr. Adebola Sheidu, noted that the firm is on a mission to reshape the residential and commercial real estate landscape in Nigeria.
He said the company has proven this with 10,000 completed projects in Abuja, Kano, Lagos and the Oyo States.
Sheidu stressed that the Kano Economic City and the Oyo State Agri-business industrial hub projects are two projects that speak to the importance of Public-Private Partnerships (PPP) for the company.
On his part, President, Shell Cooperative, Martins Amos, expressed delight with the project and showered encomium on the company for professionalism displayed, while delivering the project.
CoopEast Resort estate provides residents with a serene beach view, private garden areas, a dedicated transformer to aid the 24-hours electricity supply, independent water supply and treatment facility and clubhouse among other facilities.
At the event, Lagos State Commissioner of Physical Planning and Urban Development, Dr. Idris Salako, noted the disconnect between housing supply and demand, stressing that the state government is working to ensure that the people, who need housing get them.