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Mwalimu Sacco to invest in Juja after Kisaju sale

Mwalimu Sacco members at its Nairobi office. FILE PHOTO | NMG
Mwalimu Sacco members at its Nairobi office. FILE PHOTO | NMG 

The giant teacher savings and credit co-operative society Mwalimu National’s Sh2.9 billion development is ready for occupation with the sacco’s eyes now set on developing a 35-acre plot in Juja, Kiambu.
The Kisaju development comprises 871 housing units in Kajiado County and is one of the largest undertakings by a credit union.

Head of treasury and investment Jotham Gichuhi told the Business Daily that the contractor, K.G and Sons, awarded the job in 2015, had completed the project ahead of schedule with 96 houses fully paid for off-plan.

“Thirteen one-bedroom units each worth Sh2.9 million, 44 two-bedroomed units (Sh3.9 million), 32 three-bedroom apartments (Sh4.9 million), four standalone maisonettes (Sh8.4 million) and three units of three bedroom townhouses with a detached servants’ quarters worth Sh9.6 million are ready for handing over to their new owners,” he said.

Mr Gichuhi said members had also approved sale of the houses to non-members.

This has seen them partner with KCB Mortgages and HF Group’s Property as well as Mansions Real Estate to enable interested individuals seek tax-free loans for the purchases.

“Once we have sold off 75 per cent of Kisaju, we shall move forward with our Juja project where Mwalimu currently owns 35 acres of prime land.

“We have also devolved the land purchase scheme to the counties where individual members identify land that we buy and subdivide for them to develop housing units,” he said.

Mr Gichuhi said residents would enjoy easy access since a cabro-paved road had been built from the site to Namanga Road. The gated facility also has a commercial centre and a residents-only swimming pool.

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