Mega real estate projects spur growth in housing sector

The county government has introduced incentives for real estate developers and this has spurred growth in this sector.

According to Governor Nderitu Gachagua, the county has more than eight multi-billion shilling projects currently ongoing that include hotels, adventure parks, golf courses and residential estates.

In a speech read on his behalf by Housing Executive John Maina during the Sh5 billion, Mt Kenya Holiday Homes open day, Gachagua said the county government has put in place structures that will revamp the county's tourism sector, especially along the Mt Kenya-Laikipia tourism circuit.

SPECIALISED SKILLS

"We have invested heavily in ensuring the comfort of our investors who are in turn expected to provide jobs and market for our produce," Gachagua said.

At the event, which was also attended by Kieni MP Kanini Kega and Nairobi Regional Co-ordinator Njoroge Ndirangu, Mt Kenya Holiday Homes developers said the project is proceeding on schedule with plans to host its first tenants this Christmas.

The project, which started mid last year, is centred on a collection of 95 holiday homes, each standing on half an acre and a nine-hole golf course.

The governor praised the developers for not only creating jobs for local youth but for enabling them get "specialised skills transfer in golf course construction methods".

The Mt Kenya Holiday Homes hosts a club house and other facilities for home owners and guests, including grounds for events ranging from destination weddings to conferences, golf tournaments and more.

Project Manager, Reginald Okumu said the development's first phase has already been sold out, while 25 per cent of phase two has been bought.

Okumu said at the current project execution pace, the new development around Mt Kenya/Laikipia tourism circuit will open doors for patronage by both domestic and international tourists in 2015.

He said the project is undertaken through a unique build-and-transfer model to lock out speculators, while guaranteeing investors maximum returns accruing from joint property development economies of scale, in addition to rental income.

"This project has been built exclusively using community labour," he said.