CONSTRUCTION OF US$175M LOW COST HOUSING PROJECT BEGINS IN KENYA

Heri Homes and Finsco Africa, a Real estate companies have launched the construction of an Shs 20 billion (US$175m) project comprising 4,000 units in Kiambu County.

Finsco Africa CEO John Mwaura said that customers taking up the project are expected to pay a 20% deposit and clear the rest within the construction period.

Meanwhile, Speaking on behalf of Heri Homes CEO KimothoKimani, marketing director Paul Mugo said the firms will begin construction of the first 58 units right away and roll out new units every six months.

Mugo also said ”We have MOUs with some of the saving institutions, including Saccos and banks, which will give them loans to service for up to 25years. The monthly instalment is equal or less than their current house rent,

The project, dubbed Legacy ridges would sit on a 200-acre land in Ruiru and is expected to house over 20,000 people costing from as low as Shs 3.5 million and Shs 4.3 million for a two-bedroom and three-bedroom apartment respectively. While, the three-bedroom maisonettes are retailing at Shs 8.5 million while the introductory fee of the four-bedroom is Shs 9.7 million. Also the houses will include 2,800 two and three-bedroom apartments with the rest being maisonettes and servant quarters.

The CEO said the companies were committed to delivering modern, two- and three-bedroom apartments that fit into the government’s affordable housing plan.

SOURCE: Capital FM