Real estate firm Octo5 Holdings invests US$0.37m in Ocean Bay Estate

NIGERIAOcto5 Holdings Limited, a real estate firm, has invested over N150 million (US$0.37m) in infrastructure development in its flagship Ocean Bay Estate in Lagos.

The Chief Executive Officer of the company, Jide Odusolu, said the investment was a launch pad for the development of similar housing communities across the country to help bridge the housing deficit in Nigeria.

This came as he assured residents of Ocean Bay Estate that all their complaints were being handled to perfect their living conditions.

He that creating wholesome urban communities was one of the visions of the company and pledged that the Ocean Bay Estate would 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,” Odusolu said.

He took cognisance of the recent challenge with electricity and water as well as a running battle with the Eko Electricity Distribution Company over bills and stated that Octo5 had been working hard to cushion the effects pending a permanent solution.

He explained that though EKEDC had in February cut off power to the Ocean Bay Estate after sending an irregular bill which the company contested, Octo5 had already procured a 1MVA generator in addition to existing 800KVA and 500KVA to assuage the plights of residents.

“Octo5 has invested over N150 million (US$0.37m) in infrastructure development in the estate, especially in revamping the water grid at no extra costs to residents,” Odusolu said.

“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 the firm was compelled to address the media in order to counter misrepresentations in the public, stressing that Oct5 remained undeterred and would keep moving forward with various upgrades to ensure residents lived in utmost comfort.

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