Alpha Mead explains its venture into affordable housing

Alpha Mead Development Company (AMDC), the property development subsidiary of the Alpha Mead Group, has given reasons for its strategic decision to venture into affordable housing.

The company, known chiefly for its up-market developments, explained that it wants to see more Nigerians own homes.

“For us, it is about the impact and we are committed to staying true to this for the long run,” Mutiu Sunmonu, chairman of the Alpha Mead Group, said.

Sunmonu who spoke in Enugu during a courtesy visit to the Enugu State governor, Ifeanyi Ugwuanyi, by the board and management of Alpha Mead Group, noted that there was a lot for other states to learn from the group’s relationship with the state.

In its quest to lower the entry barrier to homeownership for mid-low-income earners, AMDC is partnering with the state government to develop 750 affordable housing units for civil servants in the state.

The estate, known as Coal City View Satellite Estate, will comprise one, two and three-bedroom housing units; and will come with social and economic infrastructure such as schools, shopping mall, medical centres, security, and 24 hours water and power supply.

“This project is very important to Alpha Mead and the presence of the board and management here is to assure you and Enugu State people that the board is putting its weight behind the project,” Sunmonu told the state governor, Ifeanyi Ugwuanyi.

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Continuing, he explained, “this project is important to us because it is another testimony of our commitment to frontally address the issue of affordable housing in Nigeria. Beyond the positive socio-economic impact that it will have on the government and people of Enugu State, we also want to use it to prove the public-private partnership model for affordable housing in Nigeria.

And we are happy that Enugu State is taking the lead in the innovative approach to address the perennial housing shortage that is slowing down our social and economic life as a nation”.

The state governor had earlier commended the company for the role it is playing in the affordable housing space and how the development team has demonstrated capacity since the groundbreaking for the estate a few weeks ago.

Governor Ugwuanyi expressed satisfaction with the pace and quality of work, noting that the state government would ensure that the civil servants of the state got the best.

“We don’t joke with the welfare of our people; they are the life-blood of our administration and state. So, it is deliberate that we decided to work with an organization like Alpha Mead who has a pedigree for quality and sustainable development. We will support you and encourage you to do more,” the overnor promised.

Chukwuemelie Agu, General Manager of the Enugu State Housing Development Corporation (ESHDC), explained that the estate will be in two phases of 350 and 400 with the first phase expected to be delivered by Alpha Mead before the end of the year.

“This is a very cardinal project for us as a corporation. Our governor cares very much about the people of Enugu state and he has given us his steers to ensure completion promptly and make homeownership a reality for our people,” he said.

“From what we have seen so far, we believe we have the right partner in Alpha Mead Development Company. Of the initial 100 units, the company has reached over 70 percent in less than six weeks. We are happy about the progress, speed, quality and capacity that they have brought to this project”, he added.

Conducting the Governor and leadership of the state labour and trade union congresses on a tour of the site, Damola Akindolire, managing director of AMDC, explained that so far 40 units of one and two bedrooms rand 20 units of three bedrooms are at different stages of development.

He expressed satisfaction with the support from the management of the ESHDC, noting that AMDC will remain committed to giving Enugu State civil servants not just housing, but homes that they will be proud of.

“We are about safe, secure and comfortable places. And we are not holding anything back in bringing that same quality and thinking to this project. We are the only real estate development company in Nigeria today certified to ISO 9001:2015. So, we assure off-takers of this project of quality and timely delivery”, he said.

AMDC is the developer of Lekki Pearl Estate, the only residential estate in Nigeria certified to the World Bank’s International Finance Corporation’s EDGE-Advanced standards. Besides the Lekki Pearl Estate, the company also has an affordable monthly homeownership product called Green Park Estate.

At Green Park Estate, customers can own a home with as little as N50,000 monthly contribution. They are also guaranteed access to the National Housing Fund (a product of FMBN) mortgage of up to N15million payable over 25 years at an unbeatable 6 percent interest rate.

The company also has products for customers who may be interested in monthly home rental, real estate crowd-funding and landed investment.