Real estate firm Octo5 Holdings to deliver 10,000 homes by 2022

Octo5 Holdings Limited, a real estate firm, is planning to raise a minimum of $100 million within the next year to deliver 10,000 homes across Nigeria and create 100,000 jobs through its planned skills enhancement programmes.

Jide Odusolu, Founder/CEO of Octo5 Holdings Limited, disclosed this in an interview with journalists said its capacity building through technology and manpower development is a major gap that the company is exploring.

Odusolu explained that the company has over the years made concerted
efforts geared toward championing innovation in the real estate industry in Nigeria to provide affordable housing for all.

He said Octo5 Holdings Limited prioritises every step of the development process from concept origination through to completion and hand-over in its bid to deliver a quality and cost-efficient home.

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Odusola said the firm was established as a leading player in Nigeria, adding that Octo5 Holdings brings both affordable and middle-income developments to market and nurture them into inclusive occupied communities.

On the challenges bedeviling the real estate growth in Nigeria, he said the Nigerian real estate sector is possibly the largest and probably most transformational remaining piece of the puzzle to unlocking wealth for the average Nigerian.

Odusolu said the sector with over $900 billion in dead capital, as stated by PWC and minimum annual GDP share of $50 billion remains largely unstructured, under-funded, and true demand outstrips supply.

“We believe that as more Nigerians become real investors in the Nigerian economy, the system will of necessity become better. That vision is what has propelled us to date.

“Octo5 is a twenty-one-year-old development company, founded in 1997 with an unbroken operation since 2000. Before now, we were called Legacy Realties Limited. Our dream was premised on that age-old African tradition where ”a man is deemed successful when he can afford his own ‘hut’ and owns his patch or farm.”

“Today, the average person strives to meet the modern version of that aspiration, and we exist to assist the goal.

“Our name Octo5 was derived from the imagery of the Octopus (with its several tentacles) while the five represents our five-core business focus areas – residential and commercial developments, construction, utility management, and technology solutions.
People erroneously assume it has to do with my birthday which is a rather fortuitous coincidence.

“Most of our projects are designed to attract middle-income earners with as low as $350 or N150k in monthly disposable income and enable them to become property investors.

“We have affordable homes priced from $10k to $30K located in peri-urban centres; from $40k to $100k for affordable luxury (classic homes) and above $130k for premium homes. All our homes are developed and delivered in fully serviced urban communities that offer good yields for the owners and investors”, he added.

Odusolu said the blast-known initiatives of the firm are its flagship estate located in Lekki, Lagos State called Ocean Bay Estate and our recent technology products.

“We are often amazed that Ocean Bay, which is one of the older and earlier communities developed in the Lekki axis of Lagos State remains highly contemporary and very popular with the market.

“Our ‘stow’ app which is a mobile and web-enabled digital marketplace that makes buying and trading ownership of off-plan or new-build homes intuitively easier, is enjoying market reception,” he said.

On how the firm is championing innovation in the construction industry, Odusolu said the firm is one of the leading pioneers in the industry and one of the very first developers that introduced flexible home purchase plans in the early 2000s.

“We also introduced many other innovations, including the use of formworks to fast-track construction. As a company, we are committed to a constant process of innovative evolution, and our goal is to develop smart green cities across Africa.

“Data, knowledge, and information are critical to success in the real estate sub-sector. We have a team of brilliant analysts who ensure that we can avoid unpleasant surprises while constantly innovating and introducing new solutions for the industry.

“We have grown through self-discipline, divine favour, and a process of calculated self-disruption. We are constantly reinvesting in our product offerings, and we have a five-year growth plan in our goal to become the largest developer in sub-Saharan Africa”, he said.

Odusolu disclosed the firm is planning to make ‘stow’ the leading platform for new-build homes In Nigeria and intends to expand to other African countries.

He said: “We plan to be the largest developer in sub-Saharan Africa and the largest youth enabler and employer in Africa.

“We see real estate as a tool for economic empowerment. As such, we select peri-urban locations with a high probability for minimum capital appreciation of 200 per cent within a four-year period.

“Our track record has been near excellent across both public and private sector development initiatives.

“Nigeria’s real estate sector is a blue ocean of opportunities. However, our key difference is the clear segment focus and creation of inclusive fully serviced communities that enjoy organic growth and increase in capital values”.