Actis,a market investor and an Indian real estate firm have partnered to develop a Sh12billion residential housing project to help address middle income housing shortage in Kenya.
The first project will be rolled out within Actis Garden City where 624 units ranging from one bedroom,two bedroom and three bedroom units will be constructed in 2 years.
The units will cost between Sh4million to Sh12million.
“We have established that there is a notable lack of quality home-builders with the expertise, capital and consumer trust to address this opportunity and this venture is designed to bridge this gap,”said Koome Gikunda, Director, Actis.
He added that they will use the firm’s financial strength to deliver.
Commenting on the launch Venkatesh Gopalkrishnan CEO, Sharpooji Pallonji Real Estate assured Kenyans of quality product as they undertake this project.
He also added that they have been having discussions with the government on issues concerning the affordable housing pillar of the big 4 agenda, for future partnerships.
Construction of the first phase of the project will commence in August.
Chris Coulson, CEO of the joint venture said that this project banked on Kenya’s dynamic market, which needs to capitalized on.
The units are also designed to promote healthy lifestyles therefore will have health and sports facilities.
