Brains and Hammers Limited, a real estate company, has commenced the construction of 350 units of four-bedroom terraces as part of measures to reduce Nigeria’s housing deficit.
It announced the mass housing project at the ground-breaking ceremony of the 350 housing units located within the 117 hectares Brains and Hammers City in Abuja.
The Chairman of the firm, Adebola Sheidu, said the new construction project reaffirmed the commitment of the company to the vision of developing a community of over 3,000 housing units within the federal Capital Territory.
He said the vision had withstood arbitrarily high exchange rates, 200 per cent increase in the cost of building materials, and the resultant effect of COVID-19.
He said, “This ground-breaking event is a watershed moment for us and our partners such as the Federal Mortgage Bank, Jaiz Bank, ARM investments, and Fidelity Bank.
“Bristol Terraces is coming on the hills of over 1,864 completed and semi-completed units of one, two, three and four bedrooms in Brains and Hammers City.
“It also represents a significant push into phase two of the Brains and Hammers City project in Abuja.”
Sheidu said the Nigerian firm was providing local solutions to housing needs at an affordable cost for citizens.
“We are on a mission to develop housing projects that the country has not witnessed since the late Gen. Sani Abacha developed Gwarinpa in the mid-90,” he stated.
He noted that Brains and Hammers’ hospitality, residential, commercial, and infrastructural portfolio cut across thousands of acres of land in urban, suburban, and satellite communities in Abuja, Kano, and Lagos.
In his address at the event, the Managing Director, Federal Mortgage Bank of Nigeria, Ahmed Dangiwa, said FMBN had no doubt that the new project would play a significant role in reducing the housing deficit across the country upon completion.
-Punch