Echostone Delivers Affordable Homes in Lagos

Echostone Development Nigeria said it has delivered a 252 WorldBank EDGE Certified affordable homes in Idale, Badagry.

Lagos State, which has over three million housing deficit had partnered Echostone in a Public-Private Partnership (PPP) aimed at providing 100,000 affordable homes in 10 years with modern-day technology, starting with the construction of 2,000 housing units in three Local Government Areas (LGA) of the state, Idale in Badagry; Ayobo in Alimosho LGA and Imota in Ikorodu Local Government Area.

Speaking at the official inauguration of the housing project, Managing Director of EchoStone Development Nigeria, Mr Sammy Adigun, explained that the housing scheme named, ‘Peridot Parkland Estate’, was the first-ever green-certified affordable housing community in Nigeria, and the first to be certified by International Finance Corporation.

According to him, the project was one of only three in Africa to meet the advanced certification level for its significant carbon, energy and water savings.

He pointed out that the estate was confirmed to a 53 per cent energy savings home, 42 per cent water savings and 35 per cent carbon savings.

On the importance of the aforementioned figures for Lagos State and the Badagry community, he said: “The EDGE recognition puts Nigeria among leading nations in the world committed to meeting the highest standards of sustainability that supports the United Nations Sustainable Development Goals, particularly SDG11, Sustainable Cities.”

The director therefore explained that the energy savings could equate to the amount of a mortgage payment, each year significantly supporting affordability in the long term for owners, while Water savings can equate to approximately 20,000 gallons of water per the unit, per year.

“Not only is the environment considered, but more importantly, the people who live here will benefit greatly from a higher quality living standard for their families while having the opportunities of lowered utility costs.

“As we all know, housing is at the heart of communities and EchoStone and the State of Lagos can be proud to deliver a community that is not just affordable, but healthy and resilient and is the foundation for education, health and more.

“This housing community is proof that homeowners do not have to choose between affordable housing and quality homes while producing communities with the EchoStone system allows your investment goes further, your water and fixtures to last longer, and your electricity to be optimised – while maintaining cooler and more comfortable indoor temperatures,” he added.

Adigun, said the houses represent the first step toward the future of Nigeria’s 21st Century economy, and the state government’s commitment to the health and the prosperity of all Nigerians.

In his address, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, said the project was part of efforts at reducing the housing deficit in the state.
“The state government will continue to provide a conducive environment for investment in the housing sector”, Sanwo-Olu assured.

Earlier, the Lagos state Commissioner for Housing, Hon. Moruf Akinderu-Fatai, explained that a unit is a two-bedroom bungalow, which is affordable for the low-income earners, adding that the innovation used by Echostone Development Nigeria in building the homes is commendable.

“We are leveraging on this technology, and we want to take this technology to the next level.

For instance, the entire estate was constructed within one year. So, if we leverage on that, we would be able to provide more affordable housing units for Lagosians as fast as possible”, he said.