Kenya: Construction of Shs20 Billion Low Cost Housing Project in Kiambu Begins

Nairobi — Real estate companies Heri Homes and Finsco Africa have launched the construction of an Shs 20 billion project comprising 4,000 units in Kiambu County.

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.

The three-bedroom maisonettes are retailing at Shs 8.5 million while the introductory fee of the four-bedroom is Shs 9.7 million.

The houses will include 2,800 two and three-bedroom apartments with the rest being maisonettes and servant quarters.

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

The real estate firms have assured buyers said the money will be channeled to an escrow account to ensure its safety.

“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.

The three-bedroom maisonettes and bungalows would include a lounge, dining area and a kitchen, the four-bedroom maisonettes include the same features, plus an additional bedroom,” he said.

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.

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

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