Nairobi Women’s Hospital chief executive Sam Thenya. Photo: File
A consortium of five wealthy investors that includes former Cabinet minister Kenneth Matiba’s family has launched development plans for a high-end residential estate that will see buyers pay Sh40 million for a single four-bedroom house.
The Sh600 million estate in the Kitisuru area will sit on a seven-acre property that was formerly a coffee farm.
Nairobi Women’s Hospital chief executive Sam Thenya, Mr Matiba’s daughter, Julie, Private Sector Development Trust CEO Sam Mwaura, EMS Postal Corporation general manager Elizabeth Mwaura and architect Chris Ndegwa are listed as directors of Kitisuru Country Villas, the firm behind the project.
The project consists of high-end town houses in a gated community targeting wealthy home-buyers.
Mr Mwaura, the chairman of Kitisuru Country Villas, said during the launch yesterday that demand for homes in shared communities was strong especially among buyers seeking to live in a spacious environment.
“Our target is home owners who have outgrown apartments and are now seeking a little luxury.
The Bank of Africa has signed financing of the houses and issue of mortgage loans to buyers.
Nairobi Metropolitan Development minister Robinson Githae presided over the launch on Wednesday.
The development will comprise of 22 housing units boasting environmentally friendly features like standby boreholes, rainwater harvesting, solar water heaters and solar street lighting.
“We will lobby to see planning extended to the Kikuyu area to facilitate change of the land use from agriculture to real estate. Provision of appropriate infrastructure is primary,” said Mr Mwaura.
The Matiba family is known more for its investment in the education sector and hospitality industry.
Ms Julie Matiba helps with running of the Alliance Group of Hotels, Mr Matiba’s flagship real estate investment. The former presidential aspirant’s fallout with president Daniel Moi in the late 1980s saw his fortunes take a nose dive after he suffered ill health.
Barclays Bank sold the veteran politician’s Hillcrest Schools two months ago to clear a Sh600 million debt, ending a protracted court battle. Dr Thenya is the founder of Nairobi Women’s Hospital, an institution that combines philanthropy and enterprise by offering free services to victims of domestic and sexual abuse while also selling healthcare at market prices.
Developers of the estate said they will lobby the ministry of Nairobi Metropolitan development to approve their plans for controlled development in the Kitisuru area, zoned exclusively for single dwelling and town houses. This, the investors said, will retain the high value of property in the area.
Opening up farms
The developers also plan to initiate similar development projects in the area by signing agreements with large landowners, who will get allocation of houses as compensation for their contribution towards the estates.
Big land owners in Kiambu are opening up their farms for real estate development, lured by the housing market’s high level returns that have seen the value of land more than double in the past five years.
The family of Kenya’s founding president, Mzee Jomo Kenyatta, former attorney-general Charles Njonjo and Kenyatta’s cousin, Njoroge Mungai are among those that have opened up their land for development.
Former powerful minister in Kenyatta government Mbiyu Koinange and James Karugu, who succeeded Mr Njonjo at the State Law Office, have also ditched farming for real estate.
