Housing deficit: Octo5 Holdings to replicate estate nationwide

Octo5 Holdings Limited has said that its flagship Ocean Bay Estate is a launch pad for the development of similar unique housing communities across Nigeria to help bridge the housing deficit. This is even as it assured that all complaints by residents of its flagship Ocean Bay Estate were being assiduously handled to perfect their living conditions.

Speaking with newsmen in Abuja on Thursday, Chief Executive Officer of Octo5 Holdings, Jide Odusolu said that being a responsible company, it has continued to ensure that residents’ yearnings are met. He said that creating wholesome urban communities was one of the visions of the company and pledged that the Ocean Bay estate will not fall short.

“As a company dedicated to building conducive communities for residents and one committed to their wellbeing, we have consistently delivered value despite challenges encountered.

“Though 2020 was particularly turbulent, intertwined with the economic fallout of the Covid-19 pandemic, this company has remained unwavering in its determination to ensure that  Ocean Bay Estate remains a unique and wholesome community.

“As alluded by some residents of the estate, Ocean Bay is a mini-Nigeria, and as a maturing community developed over 15 years ago, it is not above challenges. Nonetheless, we are proud to have created a unique haven that houses over 300 residents with continued improvements,” he said.

While taking cognisance of recent challenge with electricity and water as well as a running battle with the Eko Electricity Distribution Company (EKEDC) over bills, he said that Octo5 has been working hard to cushion the effects pending a permanent solution.

He explained that though EKEDC had in February cut off power to the estate after sending an irregular bill which the company contested, they had already procured a 1MVA generator in addition to existing 800KVA and 500KVA to assuage the plight of residents.

He however stressed that whereas the developers were striving to maintain the community, non-payment of service charges as stipulated and needless attacks on the company and his person were hampering the efforts of Octo5.

Odusolu said that Octo5 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.

“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.

Odusolu added that he was overjoyed to see what was just a concept come alive, pointing out that in the 15 years of the estate, many tenants who move in are not quick to move due to the comfort. “We have tried and will keep trying hard to make improvements” he added.

“We are compelled to address the media in this manner to counter misrepresentations and outright lies in the public space and welcome any media house to visit the estate to see for themselves and independently rate the quality of security, power, water and road networks provided and maintained by us”.

He stressed that Oct5 remained undeterred and would keep moving forward with various upgrades to ensure residents live in utmost comfort.

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