June 25, 2021

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Housing Deficit: We are perfecting Ocean Bay Estates to replicate across Nigeria – Octo5

Masls Housing Projects in Nigeria

Masls Housing Projects in Nigeria

In an effort to bridge the housing deficit in the country, real estate developer, Octo5 Holdings Limited says it is perfecting its flagship Ocean Bay Estate for replication across Nigeria.

By Ifeanyi Nwoko

In an effort to bridge the housing deficit in the country, real estate developer, Octo5 Holdings Limited says it is perfecting its flagship Ocean Bay Estate for replication across Nigeria.

Chief Executive Officer (CEO) of Octo5 Holdings, Jide Odusolu who disclosed this while speaking with newsmen in Abuja on Thursday, said the company’s planned replication of its estate nationwide was in an effort to provide affordable homes for Nigerians to own.

“As a company dedicated to building conducive communities for residents and one committed to their wellbeing, we have consistently delivered value despite challenges encountered.

“Though 2020 was particularly turbulent, intertwined with the economic fallout of the Coronavirus pandemic (COVID-19), this company has remained unwavering in its determination to ensure that Ocean Bay Estate remains a unique and wholesome community,” he said.

The CEO assured residents of its flagship estate that the company “is handling all their complaints with all the seriousness they deserve to perfect their living conditions” and “will ensure that their yearnings are met.”

He said that creating wholesome urban communities across the country was one of the company’s way of complementing the efforts of the Federal Government toward providing housing for all strata of the Nigerian society.

“As alluded to by some residents of the estate, Ocean Bay is a mini-Nigeria, and as a maturing community developed over 15 years ago, it is not above challenges.

“Nonetheless, we are proud to have created a unique haven that houses over 300 residents with continued improvements,” he said.

Odusolu said the company had invested more than N150 million in the provision and development of infrastructure in the estate, with no financial implications for residents.

He said that the company had already procured a 1MVA generator to add to existing generators powering the estate, stressing however that it was seeking a permanent solution to power.

“The company also invested in a gas-powered captive power plant for a permanent solution to the power debacle.

“Despite the huge cost being incurred running the estate exclusively on diesel generators since February, the company has maintained the same tariff already in place and only adjusted operating hours,” he said.

Ocean Bay Estate is a situated in Lafiaji, Lekki-Epe Expressway Lagos and housing 300 families. (NAN)

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