The middle class can now live in the affluent neighbourhood of Runda in Nairobi, following the completion of affordable homes costing about Sh25 million.
Runda Paradise, a gated community, mimics the upmarket Runda estate where Kenya’s wealthy live and four-bedroom maisonettes cost Sh120 million and above.
Norbert Mungai, the chief executive of Rock Assets Management said the design enabled them to offer buyers lower rates.
‘‘The price is accessible to the middle class Kenyans who cannot raise close to Sh100 million to buy homes in the neighbouring Runda Estate,’’ he said.
Each of the four-bedroom 150 units is built on an eight of an acre unlike in upmarket estates where luxurious homes are built on bigger tracts of land.
Runda Paradise adds to the growing number of upcoming Kiambu Road’s fancy homes.
The estate spread over 25 acres of land and accessed either through Kiambu Road or Gigiri, acquired the name due to its proximity to Runda suburb.
The Sh1.7 billion homes were developed by Maha Property (MPL) while Rock Assets Management is the lead financial arranger as well as the marketer. It has 150 master en-suite maisonettes with detached domestic servant quarters.
Buyers who have completed paying for their houses have moved in, while others are renting them out at a cost of between Sh70,000 and Sh130,000 per month.
The estate has a playground while the homes come with fireplaces and an extra room which can house guests or act as an office.
The developer is planning a second phase which will have about 80 units built on 15 acres of land while a third phase will add a hotel which will be constructed near a swamp.
Upon completion, the estate which was initially a coffee farm, will have 230 houses.
Other estates in the area include Woodsman Villas, Kasarini Runda, Five Stars Meadows with 116 units of four and three-bedroom Mediterranean-themed villas, Kencom Sacco Homes which consists of 113- four-bedrooms units.