LASG, other stakeholders laud Echostone over affordable housing solutions
To bridge over three million housing deficit in Lagos, the state government through the Ministry of Housing has partnered Echostone Development Nigeria Limited to deliver 252 affordable homes in Idale Badagry.
The public-private partnership with Lagos state 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 Lagos State Affordable Public Housing Scheme, Idale-Whadeko, Badagry, 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 governor said the collaboration with investors in housing development had yielded positive results in housing delivery by increasing the existing stock of homes.
“The state government will continue to provide a conducive environment for investment in the housing sector”, Sanwo-Olu assured.
Earlier, the Commissioner for Housing, Hon. Moruf Akinderu-Fatai, who is the Chief of host of the event, 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 idea is also to take development from out of the main city.
“You can see that the Lagos state government is doing a lot in terms of infrastructure, water transportation and the ongoing work and the Lagos-Badagry express road. So that people can live here”
He pointed out that there is a lot of jetties that will be coming up along the axis, “as we speak about two jetties is being constructed and Mr Governor will also be commissioning dual carriageway opposite this estate today.
“You can see in terms of development, the administration of the Babajide Sanwo-Olu is not leaving anybody behind. This particular place is to open up Badagry, to take Badagry to where it suppose to be.”
Commenting on the innovation used by Echostone Development Nigeria in building the homes, the commissioner said, “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.
That’s why we are encouraging technology and we would continue to encourage it and any other innovations that can bring more affordable, sustainable and eco-friendly estate, in terms of energy and water usage.
The Commissioner, therefore, described the inauguration of the Idale estate as historic being the first green and eco-friendly estate constructed by Lagos State.
According to him, the Lagos state housing scheme which is constructed by Echostone Nigeria comes with the convenience of low-cost maintenance in terms of water usage and energy efficiency.
“The estate boasts of infrastructure: such as Street lights, water treatment plant, central sewage treatment plant, perimeter fence and good road network.”
He, however, commended the development partner, EchoStone Development Nig. Ltd, for providing quality homes in a sustainable environment for the people of Lagos State.
Also speaking at the unveiling of the Affordable Housing Scheme named, ‘Peridot Parkland Estate’, Managing Director of EchoStone Development Nigeria, Mr Sammy Adigun, explained that EchoStone has been proud to enter the Africa continent in Nigeria and have made a significant investment.
He noted that EchoStone is proud to present the first-ever green-certified affordable housing community in Nigeria, as Idale Badagry is the first to be certified by the esteemed internationally recognized sustainability standard from the International Finance Corporation, EDGE.
“This project is not only the first-ever in Nigeria to be IFC 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.
“For instance, it is confirmed to a 53 per cent Energy Savings home, 42 per cent Water Savings and 35 per cent Carbon Savings.”
Speaking 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 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.”
He believed that Badagry is evolving, with the help of Lagos State, and will continue to grow as a commercial hub in the years to come.
He, however, noted that these houses represent the first step, toward the future of Nigeria’s 21st Century economy, and the Governor’s commitment to the health and the prosperity of all Nigerians.
Peridot Parkland Estate is a residential community with over 252 housing units – currently for sale, and it is developed in partnership between the Lagos State Ministry of House and EchoStone Development Nigeria, which offers buyers the opportunity to invest in affordable and high-quality dwellings through a variety of financing options.
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 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.