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Echostone launches Peridot Parkland, targets 50,000 units

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Lagos Commissioner for Housing, Gbolahan Lawal (left); Echostone Global Chief Executive Officer, Anthony Recchia and Echostone Co- founder, Anders Lindquist, at the ground breaking ceremony of Echostone Peridot home prototype in Ikeja.

To alleviate housing problem in Lagos, Echostone, a global low-cost housing delivery firm has unfolded new project in Badagry axis, called Peridot Parkland.

Located at Idale in Badagry local council, Peridot Parkland is a two bedroom detached bungalow estate with state-of-the-art facilities. The super-quality home comes at an affordable price of N9 million.

The project is being executed in partnership with Lagos State Government to build 2,500 housing units in three locations within the state. The sites are Ayobo in Alimosho Local Government Area and Imota in Ikorodu Local Government Area.

Under the project, the firm will be adopting EchoStone technology that allows four units to be completed in 14 days.

Speaking at a ground breaking ceremony of Echostone Peridot home prototype, at Government Technical College, Agidingbi, Ikeja, Echostone Co- founder, Anders Lindquist, said addressing housing shortages requires an innovative technology.

EchoStone, he said, presents a paradigm shift in technology, construction and showcase the missing link between housing deficits and demands.

He stressed that the ceremony is to further raise awareness on the project. EchoStone will erect a Peridot Parkland prototype building in Government Technical College, Agidingbi, Ikeja within 14 days.

“The building will also serve as a reference for prospective buyers who will like to see what the building looks like without having to go to Badagry”, he added.

According to him, existing housing solutions are slow, cannot scale effectively, and are often incapable of working in traditionally challenging geographic environments.

He also stressed that the carbon footprint caused by traditional construction technologies is unsustainable in the long run, and the dwellings currently being built for low-income communities require significant ongoing maintenance and have short life cycles.

“Those dwellings often have poor resiliency against tough environmental conditions and have with many sanitation and health risks,” he said.

EchoStone’s novel approach, he said, utilizes state-of-the-art technology, lean design and construction concepts, value engineering, and procurement solutions to allow for a rapid, scalable, industrial, and highly-mobile building solution for communities in need.

He further stressed that the firm has a target to build 50, 000 homes in Nigeria annually at eight homes per day.

Elated by the gesture, the Executive Secretary of the Lagos State Technical and Vocational Education Board( LASTVEB), Mrs. Omolara Erogbogbo, said the technology provides opportunity for students to be exposed to the modern technology as well as to learn additional skill.

While promising to put the facility in good use when completed, she noted that the target of 50, 000 homes a year is still inadequate considering the 17 million housing deficits in Nigeria.

In his remarks, the State’s Commissioner for Housing, Prince Gbolahan Lawal said the Echostone Parkland is part of the state’s affordable housing initiative aimed at bridging the gap in the industry.

He also said the project presents a major knowledge transfer for the local engineers working with the firm.

Enumerating the advantage of the technology, Echostone Global Chief Executive Officer, Anthony Recchia, said its provides rapid and scalable construction
 with highest-quality construction system technology consistent quality
 Eco-friendly and sustainable
dignified living conditions .

Recchia further said the firm has partnered with leading mortgage banks to provide financing for buyers. This partnership enables the buyer spread the N9 million for a maximum tenure of 10 years.


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