Business
Housing deficit: Echostone delivers WorldBank EDGE Certified affordable homes in Lagos
As part of ongoing efforts in bridging the gap over 22 million housing deficit in the country, Echostone Development Nigeria has delivered a 252 WorldBank EDGE Certified affordable homes in Idale, Badagry, Lagos State.
The 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 commissioning of the WorldBank EDGE Certified affordable homes, which is first of its kind in sub-Saharan Africa, Managing Director of EchoStone Development Nigeria, Mr Sammy Adigun, explained that the Affordable Housing Scheme named, ‘Peridot Parkland Estate’, is the first-ever green-certified affordable housing community in Nigeria, and the first to be certified by the esteemed internationally recognized sustainability standard from the International Finance Corporation (WorldBank) EDGE.
According to him, the project is not only the first-ever in Nigeria to be World Bank EDGE certified, but it is one of only three in all of Africa to meet the advanced certification level for its significant carbon, energy and water savings.
He pointed out that the estate is 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 that “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 firm director, therefore, explained that the energy savings can 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 optimized – while maintaining cooler and more comfortable indoor temperatures”, he added.”
Adigun said that these 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 Olusola Sanwo-Olu, said the project was part of efforts in reducing the housing deficit in the state.
He explained that the estate was a joint venture with EchoStone Development Nig. Ltd and consists of 252 two-bedroom terrace bungalows constructed in an eco-friendly environment.
“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 said that the scheme that the 252 home units are echo friendly and technologically driven housing estate.
He 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.
The Commissioner, therefore, described the inauguration of the Idale Estate as historic being the first green and eco-friendly estate constructed by Echostone Nigeria in Lagos State.
Over time, Nigerians have been lamenting over an increase in the housing shortage, but with the emergence of Echostone in Nigeria, industry stakeholders believed there will be changes in Nigerians social lives, economically and even the financial status of the beneficiaries.
It would be recalled that Echostone already has an existing agreement with Family Homes Fund (FHF) and the Nigerian Mortgage Refinancing Company (NMRC) to facilitate the development of hundreds of thousands of homes all over the country.
Echostone, also recently signed agreements with the Federal Integrated Staff Housing Scheme an agreement to develop 15,000 homes, and a joint agreement with the Nigerian Police Force to build 100,000 homes for the police across the country, among many others.
