The fourth phase of the Sh6 billion Kisaju View Park Estate has kicked off, with 120 low-cost housing units expected to be ready by the end of this year.
This brings the entire construction to 55 per cent completion, according to Ms Cathy Achola-Warega, the CEO of Urbanis Africa, the company that is managing the project.
She said six investors have shown interest in funding the housing estate, which will have 3,000 housing units when complete, sitting on 293 acres of land in the Kisaju area of Kajiado County.
“The investors have visited the project to consider it for future funding,” she said. “This tells you that the project is clearly feasible to a number of investors and on the right track. We expect more investors to come on board.”
Kisaju View Park Estate is one of the big projects providing low-cost housing in Kenya. Ms Achola-Warega said over 800 units have been built so far and more than 2,000 people already reside in the estate. “Phase five will commence next year for another 120 units,” she said.
BUYING IN BULK
The houses are targeted at low- and middle-income earners and cater to different budgets in this segment of the market. The two-bedroom bungalow, for instance, is going for Sh1.5 million, while the three-bedroom bungalow is priced at Sh2 million and the four-bedroom at Sh2.5 million.
The other units include three-bedroom bungalows with one-bedroom detached guest wings at Sh3.95 million, three-bedroom en suite bungalows plus DSQs for Sh3.65 million, and four-bedroom en suite maisonettes plus DSQs Sh5.95 million.
“Our target market really is for that person who feels phased out by the Nairobi market,” Ms Achola-Warega noted.
She said despite the high cost of building materials, Urbanis Africa has kept prices low through bulk buying directly from manufacturers. “Construction costs are normally higher mainly because of the middlemen in the supply chain of materials,” she said. “(We) manage to construct descent low-cost housing because of the direct purchase from manufactures.”
Also, Urbanis Africa manufactures most of the materials on site, including blocks, tiles, and cabros.“We also have concentrated on cross-subsidisation, where every development on site compensates the other, thus realising a general margin,” she added.