Homes & Property

February 15, 2021

Housing deficit: Developer canvasses 1m homes yearly, delivers N1.4bn housing project

Housing deficit: Developer canvasses 1m homes yearly, delivers N1.4bn housing project

By Kingsley Adegboye

Against the backdrop of the huge housing deficit in the country, the Managing Director, Tetramanor Nigeria Limited, a real estate development firm, Mr. John Beecroft, has stressed the need for stakeholders in the housing sector to deliver one million homes yearly, towards closing the gap.

Beecroft stated this at the opening of TM Meadows, a residential housing project located in Ebute-Metta.

The Commissioning witnessed the handing over of keys to the subscribers of the project.

TM Meadows comprises 37 units of two and three-bedroom apartments and four-bedroom maisonettes.

Other facilities include maid’s room, extensive parking lots, ‘reverse osmosis’ treated water supply, spacious garden and playground, 24 hours security, Closed Circuit Television, backup power transformer and supermarket.

READ ALSO: Housing Deficit: REDAN plans to construct 774,000 units

The N1.4 billion project which started two years ago, is a mixed purpose development that includes both residential and commercial spaces and is strategically located five minutes drive from the Third Mainland Bridge.

According to him, developers would have to keep providing the basic infrastructure for housing projects, which will invariably impact on cost of housing delivery, as expectation that government would provide the basic infrastructure, has failed over time.

Speaking on TM Meadows, Beecroft said, “Out of the 37 units, 34 have already been sold.

“And this is well understood when you consider that despite the adverse economic environment, we went all out to provide real quality spaces, with special features such as a jogging path, gym, mini basketball court, Italian electrical and sanitary fittings, and high quality wooden GQ doors.”

The firm, he noted, was not excepted from the impact of the global health crisis, increase in the exchange rate, prices of building materials and the #EndSARS protest, which prompted shutting down of site and caused delay of about six months to deliver the N1.4b project.

His words: “We provide light; the paving on the road was done by us, water, and power supply, as well as pay for security.

“Most of our building materials are imported, price of cement went up from N2,300 to N3,500, iron rod increased by about 20 percent, POP went up by over 100 percent, the cost of doors also increased by 100 percent.

“The cost of labour didn’t increase that much, but material costs are the main thing in any building project. We had to increase prices a bit, but we couldn’t cut down on quality”

However, he said the firm remains resolute in delivery of quality, reasonably priced residential and commercial spaces for Nigerians who are in need of a place to call home.

“The site for TM Meadows initially was a scanty town with old ships buried when we came here, but it has been transformed now.

“We have completed several projects including serviced apartments, residential estates and homes for private clients.

“We have completed about 13 projects that include, Comfy Burrows, TM Gardens and Winterfell providing 110 homes and creating jobs.

“We will continue to work with our partners and stakeholders without compromising standards to deliver.”

Although he stated that it had been a tough project because of the topography and the Nigerian environment, he attributed the success of the project to the partnership of investors and subscribers, stakeholders and the community headed by the two chiefs (Baales).

In his remark, the Chief Executive Officer, TW Construction Limited, Otunba Tomori Williams, said the project would further reduce the housing shortfall in the country.

He commended the developer for the quality of work done, especially the infrastructure and the finishing, adding that it had turned around the community for good.

The Baale of Okobaba community, Chief Musibau Jinadu lauded the firm for the project, stressing that it would open the area for more investments, and employment opportunities for the people.

He stated that the community had stopped operations of land-grabbers in Ebutte-Metta and appealed to other developers to come and invest in the community.

Tetramanor is now working on its next project— a N2 billion luxury high-rise known as TM HighGardens at Ikoyi, Lagos.

Vanguard News Nigeria