Firm unveils Sh22 billion real estate project in Kajiado
(From left) Cretum Properties Managing Director Janet Wanjiru, Chairman Robert Mungai and Crown Paints CEO Rakesh Rao during the launch of Green Isinya City at the Intercontinental Hotel in Nairobi on November 18, 2014. PHOTO | SALATON NJAU |
What you need to know:
- Green Isinya City will also have 5,000 housing units with each plot selling for Sh700,000 to cater for land and infrastructure.
- Cretum Properties said that so far they have signed up 23 saccos to the project.
Cretum Properties on Tuesday launched a Sh22.7 billion real estate known as Green Isinya City.
The office blocks, maisonettes, schools, high end eateries and police stations will sit on 1,000 acres in Kajiado County.
The infrastructure begins in the next two weeks followed by ground-breaking in February next year.
Green Isinya City will also have 5,000 housing units with each plot selling for Sh700,000 to cater for land and infrastructure.
Cretum will work together with Choice Microfinance Bank, Utabibu Investment Cooperative Society, Tarda Housing Cooperative Society Limited, Savannah Cement sacco and Crescent Takaful sacco among others.
“The financing will come from cooperatives that include saccos,” Mr Mburu Mungai chairman Cretum Properties said on the sidelines of the launch that took place at a Nairobi Hotel on Tuesday.
Each sacco will be allowed to own a maximum of 140 plots. “But we don’t want to lock out small saccos which may want to acquire some plots based on their capability,” the company said.
Members will then contribute towards developing houses. Cretum management did not disclose how much the cooperatives will contribute towards the development.
Cretum Properties said that so far they have signed up 23 saccos to the project.
“Most Sacco’s have shown interest on the project given the members who cannot afford the payment can be guaranteed by their cooperatives,” Mr Mungai said.
