Firm unveils cheap housing concept
An aerial view of Shree Homes Estate, a gated community in Nyali. House prices within the last three months have remained constant, according to a survey that was released recently by the Kenya Bankers Association (KBA). PHOTO | LABAN WALLOGA |
What you need to know:
- The houses will go for Sh1.4 million for a one bedroom unit, while two- and three-bedroom units will be going for Sh2.9 and Sh5 million respectively; a one-bedroom house in the area currently sells at average of Sh6 million, while a two-bedroom house can cost as much as Sh12.2million on average.
- By 2020, Nairobi is projected to account for 40 per cent of Kenya’s urban population, who will need somewhere to live, so Athi River is central to the government’s plans to enable urban development to spread along the Mombasa Road corridor from the city’s centre, said Mr Simmons.
A consortium of American, British and Indian investors have launched what is touted to be Kenya’s most affordable brick and mortar houses in a gated community.
Blue Haven Initiative, a US family organisation, in partnership with India’s Metropark Developers and Housing Infrastructure (MDHI) and British and Kenyan investors, are putting up a Sh3 billion housing project in Athi River.
Known as Karibu Homes, the project on will comprise 1,082 houses on a 20-acre plot in Athi River, just a kilometre off Mombasa Road.
The houses will go for Sh1.4 million for a one bedroom unit, while two- and three-bedroom units will be going for Sh2.9 and Sh5 million respectively; a one-bedroom house in the area currently sells at average of Sh6 million, while a two-bedroom house can cost as much as Sh12.2million on average.
The gated community will comprise a community centre, basketball courts, children’s playgrounds, a daycare and a commercial centre.
It will also have 24-hour security, garbage collection, and maintenance of common areas.
AFFORDABLE HOUSING
Speaking during the announcement of the partnership on November 20, Mr Ian Simmons of Blue Haven Initiative said: “Our market research revealed that more than 80 per cent of Kenyans prefer mortar and brick houses, so our plan is to offer the most affordable in this category by giving Kenyans the freedom to choose the finish they want, and even providing the option of moving in and finishing it later, which will reduce the cost by 25 per cent.”
Mr Simmons, who is also a director of Karibu Homes Board, further said their research shows growing demand for housing in Nairobi and its environs.
He noted that 50 per cent of the Kenyan population was 18 years or younger, adding that the best sources of employment for this percentage are urban centres, Simmons says.
By 2020, Nairobi is projected to account for 40 per cent of Kenya’s urban population, who will need somewhere to live, so Athi River is central to the government’s plans to enable urban development to spread along the Mombasa Road corridor from the city’s centre, said Mr Simmons.
To make the houses widely affordable, Karibu Homes will allow buyers to choose between those with basic standard finishes, and those with enhanced finishes like tiles and cupboards, among other facilities, Mr Simmons said.
“We are excited about this investment ... and we have the experience to deliver quality homes in secure, gated communities, at much more affordable prices than are currently available in Nairobi,” explained Mr Dipank Sharma, Chairman of Karibu Homes and Managing Director of MDHI, a major player in India’s real estate sector.
