Alpha Mead Boosts Real Estate Sector as the Company Opens Technology-Driven Lekki Pearl Estate

The Management of Alpha Mead Development Company, a Strategic Business Unit of Alpha Mead Group, has announced its readiness to open Lekki Pearl Estate located on Lekki-Epe Expressway for the prospective homeowners on December 7, 2019.

According to the Group Managing Director, Engineer Femi Akintunde, the first phase of 54 units has been completed with the adoption technology. “The houses were built using technology. It builds one house in 29 days. We flew in experts from the United States of America to train our local artisans on how to use it and they mastered it and used it to build the first 54 houses. The rest is history now. They  can use it easily and professionally.”

Engineer Akintunde notes that the foreign experts have successfully transferred the knowledge and skills onto local experts, which aligns with the Nigerian Government Local Content Policy. Our check indicates that the policy has a positive and significant impact on local value creation.

One of the buildings at the Lekki Pearl Estate 

“Precisely. As a matter of fact, we brought 2 of them in to spend 3 months, but one spent 2 weeks and the other 6 weeks and they left. They commended our employees for learning so fast compared to other parts of the world where they have introduced the technology.”

“This is the only way to cover the huge housing gap associated with the conventional building approach. It is faster, cheaper, more efficient and of a much higher quality standard. It affords us opportunity to upgrade our local artisan skills. Less people on site resulting on less chances of accident. No single safety incident was reported all through. Except for the equipment used, all materials were procured locally,” Engineer Akintunde points out.

Another building at the Lekki Pearl Estate

On the affordability, Engineer Akintunde notes that “anybody who can afford to set aside between N300, 000 and N500,000 per month can afford a unit through our Finance support structure starting from equity bridge to mortgage finance and secondary mortgage refinancing over a period of 60 years minus the age of subscriber.”

The Group Managing Director adds that the estate is close to getting the IFC EDGE green certification. This indicates that the owners of houses in the estate are sure of low energy and water consumption by 20%, and greenhouse-gas emissions.  Since the launch of the IFE EDGE green certification, a total of 346,162 MWh and 8,869,830m³ energy and water respectively have been saved per year.