Safaricom Investment Co-operative (SIC) has embarked on a Sh750 million large housing project in Ruaka, Kiambu County.
Set to provide a live, work and play environment, the Miran Residence becomes one of the firm's largest projects located in Nairobi and its environs comprising up to 200 units in the first phase.
Kiambu Director for Housing Julius Mwololo lauded the co-operative for contributing to the County's economy in land and housing.
"We are proud to witness the groundbreaking of this development, an affordable housing project. We will work closely with the co-operative to support the infrastructural developments needed to boost the value of real estate in Ruaka and Kiambu County as a whole," said Mwololo.
SIC chair Peter Gichangi for his part noted that with more than 50 per cent of the units already sold out, the firm had arranged the financing with local lenders to drive uptake.
"More than 100 investors have committed to buying. The project is set to be delivered in 18 months," said Gichangi.
SIC chief executive Sarah Wahogo said The Miran is a well-thought-out project and the location and design offers small investors a chance for self-actualisation.
"Owning a home is not an easy journey. The groundbreaking today is a master-planned urban community while incorporating the needs of the owners," said Ms Wahogo. Expected to be complete in 2024, The Miran building footprint is set to sit on only 30 per cent of the three-acre plot of land hosting four unit typologies of studio loft apartments going from Sh3.2 million with one and two-bedroom apartments selling between Sh5 million and 6.5 million respectively on 10 per cent deposit and balance within 18 months.
Local contractor MC Builder and Lexicon Architects have taken up the works, making up the third ongoing project in Kiambu County including Marina Kiambu Gardens, going for Sh3.2 million a unit.