Over the weekend, one of Nigeria’s leading real estate investment and development companies, Brains and Hammers, brought excitement to the housing market with the inauguration of a N5.6 billion estate in Lagos.
The 101-unit estate christened ‘Coopeast Beach Resort’ sits on three hectares of land (about 30,000 sqm). It comprises different house-types including 70 terraces; a block of 6 flats comprising 3-bedroom each; 14 fully detached houses and 8 semi-detached houses.
The project, according to the developers, was built in partnership with the Cooperative Societies of International Oil and Gas Companies—Shell and ExxonMobil. It has 50 percent buy-in from Shell Cooperative Society; 20 percent from ExxonMobil Cooperative Society and 30 percent from sundry individuals. “All apartments are sold out,” the developers revealed.
“This project is a testament to the three fundamental tenets of our company—to be the partner of choice by private and public organizations; develop projects that meet best global practices and provide a sense of investment and humane comfort for our clients,” Omo Osobase, the Chief Operating Officer (West) at Brains and Hammers Plus, noted.
“When we announced this first-of-its-kind real estate development partnership with the cooperative societies of Shell and ExxonMobil in the third quarter of 2019, we were very clear on the task ahead and “This ambition was solidly rooted in our determination to deliver not just high quantity, but quality housing units built to the best global practice and at a price that would not break the bank despite the unique location,” he added.
Read also: Anti-Money Laundering: How real estate practitioners can avoid illicit funds
He noted that, despite the onslaught of Covid-19 and the very volatile economic situation in the country between 2020 and today, they have weathered the storm to deliver this project below the projected 24 months construction timeline, adding that they have commissioned units of 3-bedroom flats, 4-bedroom terrace Duplex, 4-bedroom Semi-Detached Duplex, and 5 bedroom Detached Duplex.
In his opening remarks, Adebola Sheidu, the Chairman of Brains and Hammers, noted that the firm was on a mission to reshape the residential and commercial real estate landscape in Nigeria.
He said the company had proven this with 10,000 completed projects in Abuja, Kano, Lagos, and Oyo States, stressing that the Kano Economic City and the Oyo State Agri-business industrial hub projects were two projects that speak to the importance of Public-Private Partnerships for the company.
“I am proud of our work on this project, and my sincere thanks goes to our partners, Shell, and ExxonMobil cooperatives. They not only trusted in our ability but showed a great sense of belief in our resolve to complete this project in record time despite the pandemic and economic challenges of the last two years,” he said.
The President, Shell Cooperative, Martins Amos, expressed his delight with the project and commended Brains and Hammers for the professionalism displayed while delivering this project.
“Despite the economic challenges, Covid-19, and the hitches that came with the End-SARS protest, I am delighted to stand here today to celebrate the commissioning of this project. Collectively, we achieved this feat on the back of a partnership built on trust and we are proud to have been a part of it,” he said.
CoopEast Resort Estate by Brains and Hammers provides residents with a serene beach view, private garden areas, a dedicated transformer to aid the 24-hours electricity supply, a fully independent water supply and treatment facility and a 24-hour helpdesk and residents-only-clubhouse amongst other facilities.