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AMDC CATERS TO MIDDLE INCOME FAMILIES WITH FLAGSHIP PROJECTS

BY Greenwide Limited 15 April 2015 Greenwide Limited, Real Estate Development, Real Estate News

Lagos’ real estate developer Alpha Mead Development Company (AMDC) has just announced their flagship project in a bid to address Nigeria’s affordable housing shortage.

Over the next five years, AMDC plans to build one house every week using a new technology called formwork panels, a modular building system made up of aluminium panels manufactured by a recognized world leader in the formwork industry. AMDC has partnered with the organisation to support the fast-paced delivery of the housing scheme.

AMDC is a real estate development and advisory firm that focuses on providing luxury housing to middle-income groups, giving them the opportunity to own their dream home.

Greenwide secured an exclusive interview with Damola Akindolire, General Manager of AMDC.

What sets this project apart from AMDC’s other developments?
This is actually our flagship project as a company and that’s why we are keen to make a statement with our delivery, especially in the area of quality and affordability. We are providing complete end-to-end homeownership solutions which are customer focused. Our products are designed to suit our customer’s income level as well as providing them with sound real estate advice and exit options on our project. We are also breaking new boundaries by dropping home ownership entry levels from a market average of N6m to about N250,000 a month without any down payment. This for us is a remarkable feat and we are willing to sustain it as we plan to deliver 10,000 houses over the next five years.

What inspired AMDC to come up with this project?
There is a very wide gap in the middle income tier housing market which is a major problem in the Nigerian housing market. According to statistics, Nigeria has a housing deficit of 17 million units. While we may not be too sure in terms of exact deficit numbers, we project that the middle tier housing shortage is least four million units. This has grave consequences if not managed properly due to the increasing urbanization rate in Nigeria, which is ahead of other similar markets such as India. This means more Nigerians will live in city areas and will need an affordable and conducive living environment to support the growing economy. That is why AMDC has invested millions of dollars investing in technology and building strong partnerships with key stakeholders to create the necessary financial products to support home ownership. So our sole purpose as a business is to be the biggest provider of quality and affordable housing to middle income level professionals in the Nigerian real estate market by the year 2020, and thereby contributing to reducing the housing deficit.

What are these metal objects (formwork panels) used for?
These metal objects are called formwork panels. The aluminum panels are modular building systems manufactured by a recognized world leader in the formwork industry whom we have partnered with to support our quick-paced housing delivery. These forms called wall-ties allow us to make quick delivery of our housing projects as well as ensure strict quality control in the delivery of all our projects. They can be used over 2000 times and they help us manage the delivery costs to the benefit of our customers in terms of affordability. If we are to halt the increasing deficit in the Nigerian housing market we must break away from conventional systems and be ready to adopt tried and tested building systems to increase the housing stock.

How is it possible to build one house in one week?
We are able to achieve this feat post foundation due to our method of construction which is a cast-in-situ system that would allow us set up the panels, along with the mechanical and electrical services, within three days using an average of six personnel. The concrete pour takes place within a few hours and can be carried out within seven days. This ensures our customers get quality buildings with straight lines especially in an industry known for poor craftsmanship.

How many houses are you planning to build overall?
As at today our flagship project of 112 family units is due for delivery in December 2015. We have the capacity to deliver 3000 housing units and a land bank to support the delivery of 1000 houses within the next 18 months. We are also building extra capacity to increase that to 10,000 units within the next five years.

How is this going to change the real estate industry in Nigeria?
Our entry into this space is definitely a game changer for the industry because we are equipped with the requisite experience as facility managers who understand what building quality is all about, especially in the operation and maintenance phase. We bring that wealth of experience to bear in terms of our design and execution capacity. This development would also put an end to poor quality housing and ensure our customers get value for money, thereby meeting customers’ expectations. More importantly, it would increase the pace of housing delivery especially to our focused market while also opening up new opportunities in the housing market value chain, which would benefit all stakeholders. We are serious about tackling the housing deficit issue using practical methods such as technology and creation of financial products to support home ownership.