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Top lab firm breaks into real estate with Sh700m project

REAL ESTATE
By Ally Jamah | January 28th 2016

Kenya’s largest medical laboratory service provider, Pathologists Lancet Kenya, is going into real estate business. Through its Sacco, Lancet Housing Cooperative Society, the firm is planning to break ground for its first real estate project in the next few months.

The Sh700-million gated community will be located near the Jomo Kenyatta International Airport (JKIA) and will comprise 200 apartment units.

An artist’s impression of the upcoming housing development by Lancet Housing Co-operative near JKIA. (PHOTO: COURTESY/ STANDARD)

The project, on a ten-acre prime land, is already attracting a growing number of buyers. The 200 units will be made up of two-bedroom and three-bedroom apartments in the first phase of the project being undertaken at Katani area of Mavoko Municipality in Machakos near Syokimau. The second phase, also comprising 200 apartment units, will start soon after the completion of phase one, expected to take about two years.

The apartments will have perimeter walls, children playground, a kindergarten and a shopping area among other amenities. Other facilities include a gym and a basketball court, with the project designed for young families with working parents.

Lancet Housing Society chairman Patrick Were said they have already secured 60 per cent of financing for construction from a Nairobi-based financial institution while other investors are expected to provide between 25 per cent and 30 per cent of the costs. The rest of the financing is being provided by members of the society.

“Shelter Afrique have been very supportive in guiding our project by providing financial advisory services. The project is now attracting growing interest from financiers... So far, 50 per cent of the units have already been booked for purchase” he said.

Price

He added: “Demand for the units is significant due to ongoing infrastructure projects in the area such as the construction of the new Green Field terminal at JKIA, the Standard Gauge Railway as well as roads.”

Two-bedroom apartment will sell for Sh3.5 million while three-bedroom unirs will go for Sh4 million to Sacco members. Non-members will pay Sh4.6 million for a two-bedroom unit and and Sh5 million for a three-bedroom unit.

CEO of Pathologists Lancet Kenya Dr Ahmed Kalebi said the staff housing co-operative initiative was launched to enable Lancet staff members and other like-minded Kenyans own their own homes at reasonable rates that would have otherwise been un-affordable to them. “Through this project, staff members of Lancet and other Kenyans will be able to take advantage of pooling resources to order to own their homes,” he said.

Were said that an estimated capital gain of 50 per cent and more is expected on the value of the property by the time the project is completed.

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