Developer partners Mobil-Shell cooperatives in N15b estate
One of the leading players in the Nigerian real estate sector – Brains and Hammers Limited has entered into a relationship with major International Oil Companies (IOCs) cooperative societies, particularly Shell and Mobil to bridge housing gap in the country.
The partnership provides for the delivery of 117 housing units across on three hectares of land behind NICON Beach Resort, Lekki in Eti-osa Local council of Lagos State.
The property named Coop East Resort Estate is expected to be fully built and ready for occupation in two years. CoopEast Resort Estate is proposed as a double-gated community with a state of the art infrastructure.
Located on a three hectares of land off the Atlantic with a quite serenity, the luxury estate is planned to have a central sewage plant system and underground cable system and a maintenance free estate sited near the shore of the Atlantic making it an environmental friendly community.
Director of Sales, Brains and Hammers, Mr. Omo Osobase said this is the first time the firm is working with a cooperatives and expressed hope to deepen that relationship.
He said the estate would comprise four house types such as three-bedroom ensuite plus boys’ quarters, four bedroom ensuite plus boys’ quarters and four-bedroom ensuite semi-detached. The last category is nicknamed ‘the King’s House’, featuring five bedrooms, a study, penthouse, boy’s quarters and a guesthouse.
According to Osobase, Brains and Hammers is eager to make a success of the Coopeast Estate; entrench its tradition of excellence in qualitative and affordable housing delivery.
He said, “It is a win-win for all the parties involved in this transaction – the cooperative, the cooperators and us. We are very open to working with cooperatives and members of the public generally. It is a partnership that is very promising.”
Also, the Executive Director of the firm, Mrs. Ifeoma Okoye said, the firm is poised to bring the Abuja experience to Lagos with a state of the art luxury estate.
She noted that this was the first time, a project totally sold out before its commencement.
Elated President, Coopeast Shell Cooperative, Chief Hyginus Onuegbu said the project, which has been oversubscribed will cost N7.8 billion in its phase 1, while phase II will bring the total cost of the project to N15 billion.
He indicated that it is first signature project for the cooperative in partnership with EXXON MOBIL (MCOOP), while the cooperative will be extending its total investment portfolio in real estate in Lagos within the last five years to N50 billion.
Also, the chairman of MCOOP, Mr. Shola Sofolahan, expressed gratitude that the project is kicking off after some lags, stressing that a tripartite agreement will be drawn among the partners to ensure that the project is delivered in a record time.
Commenting on the company’s track record, the Chairman, Mr. Adebola Sheidu, noted that the impact of absence of long-term funding with high interest rate on the real estate sector in Nigeria, stressing that the firm has adopted a subscriber based approach to deliver its projects despite the challenges.