The growing demand among middle-income earners to own decent homes in gated communities has seen real estate companies striving to provide tailor-made products for this market, which has been largely ignored.
Keen to tap into the huge market, real estate company Thuo Investment Group is putting up gated communities worth Sh3.5 billion in Machakos, Laikipia and Murang’a Counties targeting the middle class.
The projects are expected to start early next year, company Chairman Joseph Thuo said, adding that the units will be priced within reach of their target market.
“Many middle class income earners want to own homes but they are locked out by the high cost of the available homes and that is the gap we want to bridge. The units meets every modern home’s requirements but we will offer them at affordable prices and the payments will be stretched for the instalments to be affordable and flexible,” Mr Thuo said.
The three projects, which will take two years to complete, will cover a total of 900 acres and accommodate 1,200 units.
Mr Thuo said that in the Machakos County, the company would build 400 houses on a 200-acre piece of land.
The project will have two-, three- and four-bedroom houses. The units will cost Sh4.5 million for a two- bedroom house, Sh5.5 million for a three-bedroom house and Sh7.5 million for a four-bedroom house.
In Nanyuki, the company will put up 400 modern units on a 600-acre piece of land. They will be going for Sh4.5 million for a two-bedroom houses, Sh5.5 million for a three-bedroom house and Sh7.5 million for a four-bedroom house.
Part of the land, which is along the Nanyuki-Rumuruti-Nyahuru Road, is being offered to members and none members by the company at a cost of Sh280, 000 per acre.
In Muranga, the company will build 400 units on 96 acres.
Each unit will sit on one-eighth of an acre. The project will will comprise two- three- and four-bedroom houses, which will be sold at Sh4.5 million, Sh5.5 million and Sh6.5 million respectively.