KIAMBU COUNTY: Urithi Housing Co-operative Society, a Kiambu-based society, is undertaking a Sh1 billion real estate project dubbed "City Edge" on a 100-acre-piece of land in Thika.
According to the society’s chairman, Samuel Maina, the project will entail construction of 600 housing units and the project is expected to be complete within two years.
Maina said the land will be subdivided into 10 commercial plots, 350 serviced plots that are ideal for country homes and 150 affordable housing units.
Speaking during a members meeting at their offices, Maina said the project will be undertaken in phases and the project’s first phase, which will traverse Murang’a and Kiambu counties, is expected to be complete by next year at a cost of Sh300 million.
The chairman said the project, which has already kicked off, is located near the proposed construction site of an international cargo airport and the metropolitan cities within the orbital ring near Kilimambogo in Thika East.
DECENT HOUSING
“We are determined and committed to providing members with affordable and decent housing as well as creating an investment platform where members can accumulate wealth by acquiring low cost assets with prospects of quick appreciation in a bid to improve their livelihood,” Maina whose society has approximately 6,000 members said.
The chairman said the society’s management is negotiating with banks and collaborating with Saccos in order to help its members get loans to develop their plots and pledged that the society will stand as members’ collateral.
“Members will be required to purchase a plot and the society will assist them acquire a soft loan from financial institutions to put up their houses or undertake development of the plot,” he said.
The chairman said the land has been sub-divided into plots of 50 by 100 which are going for Sh355,000 for members and 100 by 100 which are going for Sh600,000 for non members.
This housing initiative joins other multimillion projects being undertaken in Kiambu County which include the Sh1.8 billion Buffalo Hills and Golf Village by Kamuthi Housing in Kilimambogo, Migaa by Home Afrika Ltd and Tatu City where thousands of previously arable acres are being turned into concrete jungles.
The Standard Group Plc is a
multi-media organization with investments in media platforms spanning newspaper
print operations, television, radio broadcasting, digital and online services. The
Standard Group is recognized as a leading multi-media house in Kenya with a key
influence in matters of national and international interest.
join