- President Ruto said the Buxton Point project built by GulfCap Real Estate is important as it is part of the Affordable Housing agenda that his government is spearheading.
- He said for the social housing units, the former tenants will be granted a Tenant Purchase Scheme (TPS) program.
President William Ruto has commended the developer of the Sh6 billion Buxton Point project for its efficiency and quality work in the affordable housing program as he announced plans to enhance funding for housing projects.
President Ruto said the Buxton Point project built by GulfCap Real Estate is important as it is part of the Affordable Housing agenda that his government is spearheading.
Speaking during the groundbreaking ceremony of Buxton Phase 2 at the project site, President Ruto announced that this phase will involve both social housing, affordable housing and market units.
He said for the social housing units, the former tenants will be granted a Tenant Purchase Scheme (TPS) program that will allow them to pay from as little as Sh3,000 for between 20 to 30 years.
“I am here today to tell you the former tenants that you will have the opportunity to live here. It has been possible because we have passed a bill on housing funds. The kitty will allow us to issue TPS. We are going to fund the TPS,” said President Ruto who also broke ground for the neighbouring Mzizima estate.
He said the affordable housing projects will allow the youth to get jobs, create homes for Kenyans and help boost the country’s economy.
Ruto said the housing fund will offer 3% mortgage interest for social housing units, 6% for affordable and 9% for market units.
Mombasa Governor Abdulswamad Nassir promised that the county projects will align with the Affordable Housing Agenda of the National Government.
He urged fellows not to be divided by people who do not understand the affordable housing agenda.
GulfCap Real Estate chairman and EAL MP Suleiman Shahbal said he was delighted to have the TPS as that had been the intention since they started the affordable housing program.
“My intention is to have our people live in a good place and enjoy a lifestyle like the one we have built here at Buxton Point. We have gone through difficulties here, but today this project has been a benchmark for other developers,” he said.
The President also officially handed over to the owners the completed Phase 1 of the Buxton Point which has 584 units.
The Sh.6 billion project has attracted a lot of global attention after GulfCap Real Estate was awarded the Most Promising Emerging Affordable Housing Developer title in Windhoek, Namibia.
President Ruto said the Buxton project is proof that Kenya can attain its dream of delivering affordable housing to every citizen while at the same time creating jobs and growing the economy.
“This is a program that gives us the impetus and confidence in our plan to create jobs and avail affordable houses to Kenyans. The developer has done a tremendous job,” Ruto said.
President Ruto said this against the backdrop of reports that the government collected Sh 11.83 billion from the affordable housing tax in two months.
This was revealed by the National Treasury in a document tabled before the National Assembly's Finance Committee by the Controller of Budget (CoB) Margaret Nyakang'o.
The document shows that the National Treasury collected Sh.7.9 billion in August and Sh 3.93 billion in September
According to the estimates from the National Treasury, contributions will increase by 40.8 % to hit Sh.89 billion in the 2026-2027 financial year. This will be an increase from Sh.63.2 billion that is estimated to be collected in the current fiscal year
President Ruto has consistently championed the affordable housing project as one of his pet projects.
His administration allocated Sh35.2 billion towards the affordable housing programme in line with his plans to deliver 250,000 affordable housing units annually to Kenyans.
Phase 2 of the Buxton Point project will have 1,400 units in 16-storey blocks.
The launch of phase two of the Buxton project gives GulfCap Real Estate another opportunity to showcase its prowess.
This comes just days after The African Union praised Kenya’s bid to construct affordable houses for Kenyans who may not be able to own high-end houses.