According to Wagane Diouf, the Urbanis Africa’s chief executive officer, the firm will invest Sh500 million in the joint venture that “will be an innovation in the real estate market in Kenya”.
Under the development, prospective home-buyers will purchase one-eighth acre plots with ready titles at a starting price of Sh420,000 per plot. They will then choose one of the four options of pre-approved plans and enter a construction programme.
The options are 3-bedroom executive bungalow, 3-bedroom townhouse, 4-bedroom townhouse and 4-bedroom townhouse with staff quarters.
“The houses will be ready for occupation within 18 months. Urbanis Africa will handle the design and construction of the houses through its subsidiary, Urbanis Studio and Urbanis Construction,” Diouf said adding that the approach offers low entry price and ample time to build a house.
Urbanis’ financing advisory unit Financing Solution Point will guide home-buyers on financing, according to the firm’s head of sales and marketing Cathy Warega.
Urbanis Africa is currently managing several affordable housing developments, including the Sh5 billion Kisaju View Park – a mixed income community targeting 2,000 homes and 1,164 commercial units in Kisaju area of Kajiado County.
EDITOR'S NOTE: Read the latest issue of Construction Business Review. Flip through the pages of the paper real-time or download a copy to read offline. Sign up for a FREE subscription to get the paper delivered to your inbox every month.