Housing: AMDC set to lowers Entry Level for Middle Income Nigerians.

As Nigeria continues to seek alternative building solutions to close the nation’s 17 million housing gap, Alpha Mead Development Company (AMDC), one of the Strategic Business Units of leading Facilities Management Company, Alpha Mead Facilities & Management Services Ltd (AMFacilities) has announced its plans to lower the entry level for middle income home buyers in Nigeria, using a modular building system.

 This was revealed at a press briefing in Lagos where the company officially announced its partnership with Wall-Ties & Forms International (WTF), a recognized world leader in the formwork industry which produces and ships over 30 million ties a year and over 200,000 aluminum concrete forms to Brazil, Singapore, Mexico and 42 other countries around the world. 

 Speaking at the briefing, Managing Director/CEO of the company, Engr. Femi Akintunde told journalists that the company entered into the partnership with WTF as one of its strategies in exploring innovative technology to build quality houses, and lower the entry level for middle-income home buyers from the current market average of N6 million to as low as N250, 000 monthly, without any initial large deposit or collateral.    

The Modular Building System, which is also called Formwork Panels are aluminium panels that ensure strict quality control, consistent building quality and curb wastage of building materials when compared to conventional building methods. 

 These formworks according to Akintunde, ease the process of construction, drive down the cost of building by a very wide margin, and increase the speed of construction to as much as delivering a house every week, post foundation. 

 The Alpha Mead CEO who said the company has already recorded 60% off-plan subscription on its flagship project – the 112 units Lekki Pearl Estate – where the formworks are being used for construction, explained: “Our aim is to lower the entry level for home ownership to just guaranteed regular income, from where the monthly N250,000 installments can be paid. We want to help middle income Nigerians who are unable to raise the large capitals most developers demand as deposit, or are unable to build due to the large capital involved and other perennial challenges, as well as wastages associated with self-built houses. 

 Also responding to questions at the briefing, Damola Akindolire, General Manager, Real Estate Development of the company noted that about 20- 30% of construction cost goes into waste such as broken tiles, damaged blocks, plywood, bamboo, personnel cost; due to the extended period of conventional building systems, and poor finishing.

He further explained: “We are not just saying we want to drive down cost of owning a quality home because it is the right thing to say in a market with a very high entry barrier; our focus is to lower the market entry barriers for home buyers through the use of technology that can help eliminate wastes that would have been built into the construction cost. 

 “The formworks we are using on our site have the capacity of eliminating wastes and save time. For example, our solutions can build a house in about seven days with an average of six - ten personnel without the use of cranes or heavy duty machinery. That means we can eliminate the cost of damaged building materials and pass that saving to our customers. Also, we can save the cost of paying personnel for about 50 days, if we had employed the conventional building methods”.

 Damola furthered that the form works system is a win-win situation for the home buyers and the environment in this era of climate change because the technology ensures precision in building dimension and linearity, reduce the use of wood thereby discouraging deforestation, and further drive down the cost of building because the panels can be re-used up to 1,000 times.

 Asked about the affordability of the Lekki Pearl Estate, he said: “We must compare apple with apple. Affordability doesn’t mean cheap. What we are saying is that if you compare the price of our development with others of the same quality, those who buy from us will be saving about 20% of the market price. And that is besides other benefits like the precision you get in your house dimension and even staircase risers these are the little things that matter.

 

AMDC is a dynamic Real Estate Development Company with a current capacity to use technology in the delivery of up to 10,000 homes to middle income Nigerians in the next five years.

Housing: AMDC set to lowers Entry Level for Middle Income Nigerians.