Stima Sacco is set to construct 340 residential houses in Machakos at a cost of Sh1.3 billion, becoming the latest co-operative society to deepen its investment in the real estate sector.
The gated community is to be built on a 19.6 acre piece of land in Matungulu (along Kang’undo Road) and will comprise three-bedroomed maisonettes and bungalows, two-bedroomed apartment blocks and a kindergarten.
Stima Investments Cooperative Society Limited, an affiliate of Stima Sacco, is overseeing the project that it expects to break ground in November and complete in about 18 months.
Co-operative societies like Mwalimu, Chai and Safaricom Saccos are currently undertaking several multi-billion shilling real estate projects in the country, selling the housing units to both members and non-members.
“We expect to receive all regulatory approvals and thereafter float a tender for construction,” said Stima Investments CEO Nelson Irungu in an interview.
“We are targeting the middle class who are increasingly settling in the area. The houses will be sold to both members and outsiders for between Sh4 million and Sh6 million.
The 41-year-old sacco has a membership of 54,000 and was ranked third largest in the country by the sector regulator last year.