In the wake of making a better living for the society, a leading player in the Nigerian real estate sector; Brains and Hammers Limited has announced a first-of-its-kind working relationship with the cooperative society of major International Oil Companies (IOCs), particularly Shell and Mobil.
The partnership provides for the delivery of 117 Housing Units across three hectares of land behind NICON TOWN in Eti-Osa Local Government Area of Lagos State. The property which is named COOPEAST Resort Estate is expected to be fully built and ready for occupation in 24 Months, starting from the ground breaking event which takes effect on Saturday, June 29.
Brains and Hammers has an enviable portfolio which consists of over 2000 completed residential homes across Nigeria and ongoing work in over 3000 more. One of its most ambitious developments to date is the Brains and Hammers City in LifeCamp, Abuja. The 3500 unit-city will cater to mid and high level residents at affordable prices. Some of the facilities in the ultra-modern city include restaurants, schools, banks, a five-star hotel, high-end security facilities, jogging tracks, gyms and swimming pools.
Mr. Omo Osobase, Director of Sales for Brains and Hammers explained the involvement of his company in the project.
He said, "This is our first push with a Cooperative society. We hope to deepen this relationship, hopefully create a working model for cooperative societies. This is our contributory drive to ensure cooperative societies are able to harness their housing potentials in providing affordable housing for its members. Brains and Hammers acknowledge the interest rate implication in getting Mortgages, especially in our volatile environment.
The concept of an effective cooperative society is embedded in its funding model. This model remains, one of our strategies we strongly believe could help address this ever increasing housing deficit in Nigeria. That is why we have decided to work in tandem with the vision of Shell East Staff Investment Cooperative Society to provide affordable and decent housing for their members."
In addition, Osobase added that Brains and Hammers is eager to make a success of the Shell East Staff Investment Cooperative Society “Coopeast Resort Estate” to entrench its tradition of excellence in quality and affordable housing delivery.
"It is a win-win for all the parties involved in this transaction- the cooperative, the cooperators and Brains &Hammers. We are very open to working with other cooperatives and members of the public generally. It is a partnership that is very promising and we want to use this medium to reach other cooperatives .We are very hopeful that this will lead to a new era of advancement in housing infrastructure across Nigeria."
Advising other excos of cooperative that is keen on providing qualitative affordable housing to their members to follow the executive of “Coopeast”. Osobase noted that in the past, the leadership of many cooperatives had their fingers burnt in an attempt to engage in building housing estate for members which they did not have core competence in.
He said, "This is not their area of core competence, so their attempt often faltered, not for lack of good intention, but because they do not have the cure competence to execute such projects. However, with this partnership, the cooperative provides the funding while the developer whose cure expertise is to carry out the project construction then builds.
Mr Osobase also explained that their is so much advantage the cooperative members stand to achieve from their cooperative society,example is cheaper loans compared to the usual 23% interest rate from financial institutions and also get very attractive discount from the developer since they buy in volume.
Disclosing plan for the Coopeast Estate, Osobase said the estate will comprise of four types of accommodation including Three bedroom flat all ensuite with BQ,four bedroom all ensuite with BQ and four seem detached duplex all ensuite with BQ.The last category ‘the King's House', with five bedrooms, penthouse, a study,boys quarters and a guest house.
Commenting on the company's track record, the Chairman, Mr. Adebola Sheidu, said, “We are happy to have people repose the kind of trust they have in banks in us. People buy into our estates, immediately we announce our intention to building and while construction is on-going, it is already fully subscribed. That has been our experience since we delivered the first estate in Abuja. We were persuaded to come to Lagos by satisfied clients who also wanted a house in Lagos. We hold that trust in very high esteem and try to reciprocate the goodwill to our customers. We place a high premium on the integrity and the quality of our structures. We deliver value for money.”
Recalling how the emergence of Brains and Hammers changed the real estate business in Abuja, the real estate promoter, said previously a detached house was sold at between N100 million and N120 million.
“We brought the price down to between N60 million and N70 million. People who invest in our projects enjoy a massive return-on-investment of over 80 per cent within 18 months. There is hardly any business you can do that will guarantee that kind of return-on-investment. Now, a lot of people try to key into our projects early.”
Brains and Hammers current development portfolio consists of residential projects within Lagos and Abuja. The sites include Life Camp, Galadima, Gwarimpa, Apo 1, Apo 11, Apo 111, Apo IV, Apo V, all in Abuja; Ijora and along the Lekki corridor in Lagos.