Elevating Affordable Housing Investments In Emerging Markets With Green Building
Peridot Parkland Estate becomes the first post-construction project to receive EDGE Advanced in Nigeria.
International provider of affordable housing solutions, EchoStone, recently completed a community of 252 houses, Peridot Parkland Estate. This affordable housing community is the first in Nigeria, and among the first in Africa, to achieve EDGE Advanced certification at the final construction stage.
EDGE, an innovation of the International Finance Corporation (IFC), a member of the World Bank Group, reserves their advanced-level certification for projects that achieve excellence in green building. The houses of Peridot Parkland Estate have demonstrated 53% energy savings, 42% water savings, and 35% reduction in embodied energy in materials.
"Building sustainably is critical to the affordable housing market because it ensures homeowners the best value for their investment. Peridot Parkland Estate, for example, offers homeowners a 33% savings in monthly utility costs," says Emmanuel Stefanakis, Chief Sustainability and Development Officer of EchoStone. "By creating opportunities for homeownership, we're creating opportunities to build future wealth."
Understanding and identifying the value of green building is essential to development in emerging markets. Properties like Peridot Parkland Estate offer a higher level of quality, affordability, and comfort because of their sustainable features, like: building materials that allow for cooler indoor temperatures and reduced energy consumption, low-flow fixtures that conserve water, 100 year life-cycles that ensure long-term structural integrity, and an overall reduction in utility expenses for homeowners. For EchoStone, and many other developers, EDGE represents an early indicator of value and investment potential for those seeking affordable housing.
"Peridot Parkland Estate is a great example of how property developers such as EchoStone can demonstrate their commitment to deliver resource-efficient homes to low-income homebuyers that are certifiably green," said Eme Essien Lore, IFC's Country Manager for Nigeria. "The problem of Nigeria's housing shortage, which some estimate at 22 million homes, can only be solved when the private sector steps forward with this kind of leadership."
EchoStone solutions combine technologies, processes, and expertise to rapidly build homes that are affordable, sustainable, and of the highest quality. Their investment in EDGE ensures positive impact across social, economic and environmental domains. The EDGE Advanced certification of Peridot Parkland Estate is a testament to the ongoing commitment of EchoStone as a leading innovator in the affordable housing market.