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September 23, 2018

Urithi Sacco takes its residential 'Nyumba Mia' project to the Coast

URITHI Housing Co-operative Society has opened a new office in Mombasa as it looks to develop its plots at the Coast.

The Sacco, headquartered in Thika, has acquired 400 acres in Malindi and 40 acres at Mavueni in Kilifi.

An acre in Malindi sells for Sh210,000 on average, while in Mavueni it costs Sh250,000.

“The way the Mombasa market is growing, it is important for every investor to be staged here,” Urithi chairman Samuel Maina said.

Maina said 38 three bedroom units will be constructed at the Coast under the first phase of its ‘Nyumba Mia’ project for the region.

They include 22 in Utange and 16 in Kikambala. Units in Kikambala will sell for Sh4.95 million, while those in Utange will be priced at Sh5.25 million.

Priority will be given to members with an option to pay in installments.

“Depending on market uptake we will construct more units during the year,” manager for Coast region Joseph Mbugua said.

The developments are part of the Sacco's countrywide ‘Nyumba Mia’ projects which is seeking to put up 100 houses in all regions.

Similar projects were launched earlier in the year in Nakuru, Thika, Juja and Kitengela.

Urithi also intends to construct single-room apartments for low-income members.

“Someone who has just been employed cannot afford to construct or buy a house,” said the Sacco’s chief executive Kevin Manjau.

It has more than 13,000 members countrywide and about 1,000 at the Coast.

Maina said the Sacco will launch a three-year strategic plan targeting to grow membership to 60, 000.

The strategic plan will also focus on increasing its capital from Sh2 billion to Sh20 billion. The Sacco is looking at diversifying its investment from residential to hospitality properties.

The strategy will involve mobilisation of members contributions and will largely focus on the counties where it has no presence.

 

Urithi largely relies on domestic banks to implement projects. The financiers include Unaitas, K-Rep Bank and Equity Bank.

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