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Developer targets low-end market with Sh2.5bn Mlolongo housing project

A housing project. Diamond Property Merchants
A housing project. Diamond Property Merchants is set to build low-cost houses in Mlolongo on a five-acre piece of land. PHOTO | FILE | NATION MEDIA GROUP 

Real-estate developer Diamond Property Merchants is putting up Sh2.5 billion low-cost residential units in Mlolongo.

The project, which is mostly financed by five banks including Family Bank and comprises two-bedroom and bedsitters on a ten-acre plot, will be funded through a mix of debt and internal cash.

A two-bedroom house will go for Sh4.5 million and a bed-sitter for Sh1.8 million.

The groundbreaking, according to the firm, takes place early next year. They should be complete in two years.