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Echostone Nigeria gets NIESV nod, plans Reach Festac Estate

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The Lagos state branch of Nigerian Institution of Estate Surveyors and Valuers (NIESV) has given nod to the new technology being applied by Echostone Nigeria Limited in the delivery of 4-in-14 housing project initiative.

Chairman of the state NIESV, Esv. Olurogba Orimalade, alongside other executives, gave the nod while inspecting the startup project site in Idale, Badagry, where the firm is partnering with Lagos state government to tackle the housing deficit in the state.

According to Orimalade, the use of technology in house construction has fastened the pace and enhanced concrete quality. “Like they say to see is to believe. We are thrilled and fascinated by what we are seeing, how you can use technology to be able to roll out homes at quick rates. For us professional in the building environment, it is something that gladdens our hearts and we would like other partners in the construction industry to see and emulate,” he said.

He noted that the technology processes are quite simple, and there is no major difference between the manual home construction and technology.

“Cement and other ingredients of building a house are still being used but the key thing is that extra element of technology that is being deployed to not just quicken pace of delivery of the houses but to solid the concrete itself. All in all, it not a move away from the norm before but just that there is the element of technology that is helping to quicken the pace of delivery,” Orimalade added.

Speaking with journalists, the Chief Executive Officer, Echostone Nigeria Limited, Mr. Sammy Adigun, said the company aims at delivering affordable homes to low income with full infrastructure.

He added that the public-private partnership initiative is aimed at providing 100,000 affordable homes in five years with modern day technology.

He said, “Our home starts from N3million for the studio homes. We will not sell any home more than N13million, and they will be of very high quality with good infrastructures. Our partnership with Lagos State Ministry of Housing is to provide 20,000 homes in a year, which has not happened before.”

On what the firm is bringing into the Nigerian building market, he said, “We are bringing affordability, technology transfer, mortgage, funding. People can own our home with as little as N30,000 per month. We intend to achieve this through the rent-to-home ownership strategy. This year, our plan is 20,000 homes,” Adigun added.

According to him, the company hopes to achieve the 20,000 home in partnership with Lagos State government through the Family Home Fund and the Nigerian Mortgage Refinancing Company (NMRC).

He explained that another value proposition the company is bringing into the market is urban renewal and energy saving. He stated that the life span of the home is 50 years, adding that the houses come fitted with state-of-the-art facilities.

Here in Idale, Badagry we plan to construct 250 units of two bedroom detached bungalows.

“In all, our plan is to construct 2,000 housing units in three Local Government Areas we are currently working in the state — Ayobo in Alimosho, Imota in Ikorodu, and Idale in Badagry. We are also looking at doing one behind the Ojo military cantonment, which will help reach the Festival Town (FESTAC).”


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