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ABOUT JENNCO CONTRACTING INC.
Website: http://www.jenncoinc.net
Business Description
Jennco Contracting Inc is a new home construction business that will focus on building high-end (luxury) homes that use green building principles. The homes will be built in estates where lot sizes average ¼ – ½ acre. The company will focus on homes that are 2,500 sq. ft. and priced in the $800,000 – $900,000 range. Key features of the homes will be their green components, the high end materials used throughout the home, and their designs that will meet trends for families, as well as for seniors who may want adaptive spacing for future requirements for mobility aids.
Ownership and Management
The company will be owned and managed by Mr. Kevin Jennings and Mrs. Anne Jennings. Mrs. Jennings will use her experience as a manager in the home building industry to run the administrative end of the company and Mr. Jennings will use his 30 years of experience in various aspects of residential construction to be the general manager/general contractor. The Jennings previously worked on a 40-unit housing project in Northern Alberta. Mr. Jennings currently owns and operates a very successful electrical and underground utility company.
Key Initiatives and Objectives
The company’s primary objective is to obtain financing to begin luxury-home construction in the estate homes areas around Edmonton and St. Albert. In the first year of operation the company will complete one house; Jennco intends to construct and complete two homes per year in the following two years, with construction of a third home overlapping completion of the second home.
Market Opportunities
The luxury home market in Edmonton is outselling other new and used home sales. In addition, Edmonton has the strongest economy. “A 2009 Conference Board of Canada scorecard rated Edmonton third in Canada for economic prosperity. In 2010, Conference Board estimates put our per capita personal income 20% higher than the Canadian average. The economic resilience is reflected in the City of Edmonton’s AA (high) credit rating, not exceeded by any other city in Canada.” (Source: City of Edmonton website) People residing in Alberta earn approximately 23% more per year than other Canadians; the average income for senior managers in Edmonton is over $147,000 per year and Albertans have the highest levels of disposable income in Canada.
Competitive Advantages
The company’s ability to reduce building costs for electrical installations as well as underground utility servicing gives them a definite pricing advantage. In addition, the company plans to use insulated concrete forms for foundations and part of the garages. This product is not only less expensive than standard concrete pours, it has a higher insulation rating, is water and microbial resistant and has a longer life rating than standard concrete.
Marketing Strategy
A key focus of marketing will be on the web; the company is also listed in Canada 411 in four key cities (Edmonton, Calgary, Red Deer, Regina). The company will employ site and vehicle signage strategies and will network extensively with the real estate and construction industry.
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