Banda Homes has struck the right cord with home buyers by building increasingly spacious houses.
As clients keep asking for more spacious houses, the real estate developer responds to this request.
“We are a firm built on our customers’ feedback,” Banda Homes chief executive officer Fabian Nzivo explains.
“As a brand, we owe our success to providing houses that meet buyers’ space requirements.”
Customer feedback is what gave birth to Redwood Estate, the developer’s first project that incorporated maisonettes.
All the firm’s earlier projects comprised bungalows built on 40 by 80 feet plots.
In this project, Banda Homes responded to the request to have three-bedroom houses, each with a guest wing and servant’s quarters located on the ground floor and the main house on first floor.
“The maisonettes gave buyers the privacy they desired for their families, but we maintained all the bedrooms en suite,” says Mr Nzivo.
Redwood opened the developer’s eyes. The maisonettes sold out before the bungalows.
The maisonettes (40 per cent) and the bungalows (60 per cent) all sat on 50 by 100 feet plots – entire eighths of an acre.
This was generous space compared to the 40 by 80 on which bungalows in previous projects were built.
Mr Nzivo says that demand for maisonettes is high and quite a good number of prospective buyers did not get a single unit at Redwood Estate.
The project sold off-plan in three weeks.
So, Banda Homes opened Red Oak a few metres away. The project comprised 45 maisonettes and 35 bungalows. Red Oak enjoyed similar success to Redwood Estate.
Mr Nzivo says Banda Homes’ houses are not just ideal for homeowners but also for investors who want to make some profit after selling their units.
“Give me money to build a house for you and I will give you a return of 30 to 35 per cent,” Mr Nzivo asserts.
“When you factor in 11 to 13 per cent inflation, you remain with a healthy 22 per cent return on investment within a year. Remember that, you buy off-plan and within 12 months we have built your house. This is an amazing return in this market.”
After Red Oak, the developer presented Mugumo Heights, largely targeted at investors, “although homeowners are not excluded,” according to the Banda Homes CEO.
The two-bedroom apartments comprise 56 units in six blocks.
Only two remain after buyers snapped up 54 in less than a month.
“This tells you that our product is relevant to this market,” says Mr Nzivo.
The next project that Banda Homes offered to the market was Cider Park. It is located in Kikuyu and comprises 49 bungalows.
The developer’s latest project is Acacia Front – its most prime estate to-date.
It will be located in the Kenyatta Road area, just three kilometres off the Thika Superhighway.
“This project comprising 150 units is Banda Homes’ first estate that touches tarmac,” Mr Nzivo explains.
“The bungalows will sit on bigger land – 50 by 100 feet, and have a bigger master bedroom.”
The Banda Homes CEO says Acacia Front will be in prime location because a five-star hotel and an 18-hole golf course are planned to be built nearby.
“This is a controlled development area and buyers should expect great appreciation of the value of their houses over time,” says Mr Nzivo.
“The time to buy is now. The price is Ksh4.99 million cash and Ksh5.35 million in instalments. Ten units have already sold.”
The Banda Homes CEO points out that the firm has developed almost 1,000 housing units and is targeting to reach 1,500 houses by end of this year.