Kenya; Inadequate and unfavourable terms of financing have slowed down acquisition of houses. This is according to Cathy Achola Warega, Chief Executive Officer of Urbanis Africa.
The Urbanis Africa CEO said there is an overwhelming demand for low-cost housing in Kenya, with all categories of buyers aged between 22 and 60. A demand, she said, they are working on meeting.
She said: “Urbanis Africa manages to construct descent low-cost housing because of the direct purchase from manufactures.” The average increase in demand yearly is 3,000 units.
Warega was speaking as the fourth phase of the Sh6 billion Kisaju View Park Estate kicked off with 120 low-cost housing units expected to be ready by end of this year.
Urbanis Africa says that this brings the entire construction to 55 per cent completion level. When complete, the estate will have 3,000 housing units, on 293 acres of land in Kisaju area of Kajiado County.
Warega revealed that six investors have shown interest in funding the housing estate. “
The investors have visited the project to consider it for future funding,” she said.
She added: “This tells you that the project is clearly feasible to a number of investors and on the right track. We expect more investors to come on board.” Warega said over 800 units have been built so far and more than 2,000 people are already residing in the estate. She said that Urbanis Africa is committed to constructing 120 units every 18 months.
The houses target low and middle-income earners and cater to different budgets in this segment of the market. A two-bedroom bungalow is going for Sh1.5 million, while a three bedroom bungalow is priced at Sh2 million and four bedroom at Sh2.5 million.
The other units include three bedroom bungalow with detached guest wing at Sh3.95 million, three bedroom en-suite bungalow and detached servant quarter for Sh3.65 million and four bedroom en-suite maisonette plus detached servant quarter for Sh5.95 million.
“Our target market is that person who feels phased out in Nairobi market, from low and middle income earners,” said Warega.
She said despite the high cost of building materials, Urbanis Africa keeps prices low through direct bulk buying from manufacturers. Phase five will commence next year for another 120 units
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