Real Estate company Finsco Africa Limited is targeting corporates and individuals seeking affordable housing in the outskirts of Nairobi for a project seeking to fix the housing gap in the country
Dubbed ‘Thika Grove Chania’, the project is on its second phase after completing the first one with one hundred acres of the project being sold off.
The firm's CEO John Mwaura said in an interview that they have already embarked on selling the second phase of the project where one hundred acres are up for sale.
"This is a multi-billion project whose owners say will see development of 400 stand-alone massionates cumulatively worth Sh3 billion," Mwaura said.
''We recently concluded selling phase one of the project where 100 acres have already been bought off, and currently we are in phase two where 1/8 of land is going for Sh2.9 million, 1/4 at Sh5.8 million and ½ at Sh10.2 million."
He says this is with an available financing model of up to 70 per cent from the National Bank of Kenya with a repayment period of ten years where they will only pay 30 per cent and the rest will be financed by the bank.
The land buyers have the option of building on their own or contract Finsco Africa Limited which can construct the houses on their behalf and offer housing typologies in a gated and controlled development.
"Partnering with us for the construction of four bedroom houses and a DSQ will range between Sh8.5 million to Sh12.5 million," Mwaura said.
He reiterates the investment targets both middle and upper middle class who may want to set up residential houses in a gated community with a close proximity to Nairobi and Thika town.
Land and housing has been one of the fastest growing sectors in Kenya over the past decade buoyed by a growing number of the middle class with the demand for land especially in satellite towns going up, the firm says.
"This has fueled a boom in land transactions as people move away from Nairobi and settle in Metropolitan towns and its neighbouring areas where land is relatively cheaper,"Mwaura said.
The project is located near Thika town, a kilometre away from Blue-Post Hotel that borders Kiambu and Murang’a counties.
