Legacy Ridges:Construction of Ksh 20B housing project to commence

Real estate companies Heri Homes and Finsco Africa have broken ground to begin the construction of Ksh 20 billion homes in Kiambu County. 

Finsco Africa CEO John Mwaura said the project, dubbed Legacy ridges, would see an extra 4,000 homes added into the real estate sector that continues to struggle to meet demand. 

The project is on a 200-acre land in Ruiru, opposite Tatu City off the Thika Superhighway. 

Of the houses, 2,800 would be two and three-bedroom apartments, while the rest will be maisonettes, including servant quarters.

According to the CEO, the three-bedroom maisonettes and bungalows would include a lounge, dining area and a kitchen. They would also have inbuilt wardrobes, a yard, a three-bedroom master ensuite and car parking. 

The four-bedroom maisonettes include the same features, plus an additional bedroom. 

Mwaura who also doubles as the Legacy Ridges CEO, said the three-bedroom maisonettes are retailing at KSh 8.5 million while the introductory fee of the four-bedroom is KSh 9.7 million. 

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

The apartments include a lounge, a kitchen, a balcony and ensuite bedrooms, and a car park. 

The two-bedroom apartments, which measure 60 square metres, retail at KSh 3.5 million. The three-bedroom apartments measure 75 square metres and sell at KSh 4.3 million. 

“We expect to house over 20,000 people on this project,” Mwaura said.

Rising demand 

The groundbreaking was for constructing the first phase of the project, which is already sold out. 

Speaking on behalf of Heri Homes CEO Kimotho Kimani, marketing director Paul Mugo said they begin construction of the first 58 units right away and plan to roll out new units every six months. 

“The fact that sold out is a sign that there is high demand for quality housing that is also affordable,” Mugo said. 

Project’s surety 

Customers taking up the project are expected to pay a 20% deposit and clear the rest within the construction period.  

The partners said the money is reserved in an escrow account that ensures the safety of the funds. 

The partners said they were targeting every Kenyan, including low-income earners in Saccos. 

“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,” Mugo said.