Tetramanor (TM), a major player in the nation’s real estate sector, has unveiled its latest TM Meadows project, comprising 37 housing units at about N1.4, even as inflationary trends continues to impact the business.
This, according to the company is part of solving the problem of inadequate shelter and the need to build one million housing units per year over the next 20 years.
TM Meadows is a mid luxury residential project, it consist of 37 houses, commercial spaces, shops, supermarket, bakery, sporting area, a mini orchard and a gym, basketball.
Speaking at the unveiling of its latest TM Meadows residential project in Lagos recently, the Managing Director and CEO, Tetramanor, John Beecroft, said then delivery of the apartments was a clear indication of the sheer resoluteness of the firm commitment to its subscribers.
He said the industry witnessed a drastic impact of several economic forces, “When dollar goes from N360 to N480 now what happens to building materials? Most of our building materials are imported. Cement went from N2,300 to about N3,500, iron rod went up to about 20 percent, POP went up by over a 100 percent, and everything went up like that. Our doors went up to about 100 percent, but cost of labour did not improve that much but in this industry material cost are the main thing.
“It typically affected us, but in reaction to this you cut down on the quality of what you want to do or you increase your price; we increase our prices not much but we did not cut down on the quality of what we want to do. If you go to our project you will find out that out quality is consistent and we try to maintain that quality and that is what we did here. Our profit went down a little bit.”
On the need for developers to continue to play a critical role in housing challenges facing the country, he explained that it was an issued that would linger for a while as government cannot does not have money to fix meets this obligations.
“If you go out there you will see some solar light system we bought them, the paving on this road we did it, and we have our own water system, a 24 hour plant and are paying for our own security. Do I think things will be better in five years time I do not think and developers will have to keep on doing these things for a while; this keeps impacting on the cost of housing in Nigeria,” he said.
Commenting on the project in their community, the traditional ruler of Oko-Baba, Ebute-Meta, High Chief Musibau Jinadu, acknowledged the company’s efforts in transforming their environment with the projects that would more investments, “I am happy to witnesses this commissioning today,” he said.