Komarock 5B estate gets underway in Nairobi

Nairobi-based mortgage firm Housing Finance (HF) has broken ground on Komarock Phase 5B, a Sh1 billion estate in Nairobi’s Eastlands area.

The project, which comes shortly after the completion of Komarock Phase 5A, involves construction of 115 four-bedroom maisonettes in Komarock at a cost of over Sh1 billion.

The Komarock 5B houses are already selling off-plan for between Sh9.25 million and Sh10.5 million.

“We have also started building a shopping mall in the area but details about this project will be disclosed at a later date. This is the first mall HF will be building,” the firm’s CEO Frank Ireri said in a statement.

Mr Ireri also disclosed that the company had completed the sale of all the 162 four-bedroom maisonettes in the Komarock Estate 5A, which were sold to the public for between Sh6.9 million and Sh9.9 million.

Komarock 5B, which is scheduled for completion in 2016, is HF’s sixth housing project in the populous estate. It is being undertaken by the Kenya Building Society (KBS), which was revived in May 2012 after being dormant for more than 13 years due to lack of capital.

According to Mr Ireri, the decision to revive KBS was informed by the huge profits that property developers have been making thanks to the high demand for housing in the country.

KBS was instrumental in the construction of the existing phases of Buru Buru and Komarock estates.

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