Retired teachers in Nyeri, under Tekimamo Company, have partnered with a real estate developer on a Sh143 million housing project.
Sampesa Agency will build 64 two-bedroom houses on a one-acre plot belonging to the teachers and will be taking 70 per cent of the rent over the next 25 years to repay the cost.
Nyeri Governor Mutahi Kahiga, who officiated the ground-breaking ceremony, said the majority of Kenyans will be living in urban areas in the next 35 years, thus the need for more houses.
“My government is fully supporting affordable decent housing, which is part of Jubilee’s Big Four Agenda,” he said.
The project is expected to rake in Sh50 million profit for the two companies.
“We have been able to provide an opportunity to the property owners, be it an individual or group like Tekimamo, with big dreams of owning rental houses via a joint venture,” said Sampesa Managing Director Samuel Murigi.
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