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Firm launches Sh2.5b housing project targeting the lower middle-class

REAL ESTATE
By Kamau Maichuhie | Jun 2nd 2016 | 2 min read
By Kamau Maichuhie | June 2nd 2016
REAL ESTATE
A section of Chosen Green City Estate being built by Gakuyo Real Estate Company in Kenol-Kabati, Murang’a County. The houses are targeting the lower middle-income earners. A total of 2,280 units will be put up in the first phase of the project. (PHOTO: KAMAU MAICHUHIE/ STANDARD)

Thika-based Gakuyo Real Estate Company has launched a Sh2.5 billion housing project that will see it put up 2,280 units targeting the lower middle-class.

The houses will form the first phase in a three-phase project on 300 acres at Kenol-Kabati in Murang'a County. According to Gakuyo MD David Ngari, the project will enable its members to own homes at a fairly cheaper price.

"Most of the low classes Kenyans have in the past been largely left out when it comes to owning homes because of high prices. These are the people we are targeting," said Ngari.

The houses will comprise two-bedroom units going for Sh3 million and three-bedroom houses going for Sh3.5 million. Members who wish to put up their own houses have been given the opportunity to buy one-eighth of an acre at Sh1.2 million and build their own homes through the company's loan.

Speaking during the launch of the project christened Chosen Green City, Ngari said the houses will have a spacious lounge and kitchen, open kitchen plan, enough water and electricity supply, ample parking and good security.

The estate will be surrounded by electric fence for enhanced security and will  have a primary school, a secondary school, a playground, hospital, a three-star hotel and a police post.

Gakuyo general manager Wambui Mwangi said members will enjoy affordable financing option through the firm's sister company and also their finance partner Ekeza Sacco.

She said 10,000 members will benefit from affordable homes through the project. "Members will only need to have a third the value of the house or plot in their account after which Ekeza Sacco will then lend them the full amount repayable up to five years at the rate of 1 percent per month," said Mwangi.

To cater for members working and living in Nairobi and on the Thika Superhighway, the firm also launched Chosen Green City transport service which will comprise five buses to ferry residents.

Murang'a Governor Mwangi Wa Iria, who was the chief guest during the project launch, promised to upgrade the road leading to the estate.

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