CIC Group puts up 50 acres in Kiambu for sale

CIC Group Chief Executive Officer Patrick Nyaga and Chairman of the Board Dr Nelson Kuria showcase the Ushirika Garden site plan in Kiambu.

CIC Group has put up part of its land in Kiambu County for sale with Sh7 million as the starting price for a quarter-acre plot.

The insurance company plans to sell at least 50 acres, part of the 200 acres neighbouring Tatu city. 

The company has divided the land into quarter-acre plots to ease selling.

The firm will be selling the land to those who want to put up homes. The homes will be established in courts that will be part of a gated community as per the approved proposal submitted to the county government.

CIC Group Chief Executive Officer Patrick Nyaga said: "With the high demand for affordable residential developments, the envisaged Ushirika Gardens presents a ripe investment opportunity for buyers who are seeking prime residential property."

He added: “The last few years have witnessed a rapid growth of residential developments across urban and semi-urban areas. This has been elevated by demand for mixed-use developments where people can both work and play. Designed as a gated community and located near the Nairobi CBD, Ushirika Gardens is well positioned for people who want customized homes in a serene and well-developed area."

Nyaga, who spoke on Tuesday, noted that based on increased demand for customised, accessible and mixed-use residential properties, his company is looking forward to a high uptake of the land units.

He said they have also made it easier for buyers to pay for the plots either in cash or through bank financing in which Co-Operative Bank has been picked as one of the financiers.

"In addition, aligned to CIC’s strategic growth plan, this sale will also play a role in expanding CIC’s operational and financial strength essential for our long-term growth and profitability. Our shareholders can rest assured that this move is guided by our strategic plans," Mr Nyaga said.

The selling of the land comes after CIC received all regulatory and shareholder approvals required for the process.

Cash buyers will be granted access to their plots for development on full payment for their plots. Those being financed by a bank will be granted access to their properties once their loans have been approved, and upon execution of the necessary documentation.