Chief Executive Officer of Octo5 Holdings, Jide Odusolu, has assured that the company was committed to creating wholesome urban communities as part of its visions. He added that, as a responsible company, Octo5 has continued to ensure that the yearnings of residents in their estates are met.
Odusolu, who was reacting to complaints by the residents of the company’s flagship project, Ocean Bay Estate, assured further that they were dedicated to building conducive communities for residents, disclosing that they had consistently delivered value despite challenges.
Developed in 2004 by Legacy Realty, now Octo5 Holdings, along Orchid Hotel Road in Lekki, Lagos, Ocean Bay Estate came into the property market as a fully serviced gated estate on 34 hectares of land.
The estate came with quality facilities and infrastructure that placed it in the same league with VGC, Lekky County Homes and Calton Gate, all upscale residential developments in the Lekki axis of Lagos.
Over time, the estate which houses over 300 residents, has been having challenges. Its recent challenges with electricity and water as well as a running battle with the Eko Electricity Distribution Company (EKEDC) over bills, have unsettled residents.
But the company, according to Odusolu, has been working hard to cushion the effects pending a permanent solution.
“EKEDC had in February this year cut off power to the estate after sending an irregular bill which we contested,” he said, disclosing that they had already procured a 1MVA generator in addition to existing 800KVA and 500KVA to assuage the plight of residents.
Odusolu pointed out, however, that whereas the company was striving to maintain the community, non-payment of service charges as stipulated and needless attacks on the company and his person were hampering their efforts.
He disclosed that the company had invested over N150 million in infrastructure development in the estate, especially in revamping the water grid, at no extra costs to residents. “Ocean Bay Estate is one of few communities in Nigeria where the developer has consistently funded all estate improvement works without putting any financial pressure on residents,” he noted.
“The company also invested in a gas-powered captive power plant for a permanent solution to the power debacle; despite the huge cost being incurred running the estate exclusively on diesel generators since February, this company has maintained the same tariff in place and only adjusted operating hours,” he said.
He assured that the company remained undeterred and would keep moving forward with various upgrades to ensure residents live in utmost comfort.
