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Developer targets lower middle-class with Sh2.5m houses in Ruiru

A housing project. A Mombasa-based low-cost
A housing project. A Mombasa-based low-cost real estate firm Kenya Projects Ltd has broken ground for a Sh100 million housing project in Nairobi area that will sell for Sh2.5 million a unit. PHOTO | FILE | NATION MEDIA GROUP 

A Mombasa-based low-cost real estate firm has broken ground for a Sh100 million housing project in Nairobi area that will sell for Sh2.5 million a unit.

Kenya Projects Ltd is putting up 50 two-bedroom semi-detached maisonettes in Ruiru, its first project in Nairobi Metropolitan.

Budget houses

Dubbed ‘budget homes,’ the developer says its houses come with red-oxide floors as opposed to tiles, without kitchen fittings and wardrobes, shared walls and Orientile roofing sheets, making them cheaper than conventional houses.

“Our target market is the lower-middle class. Our market research showed that the units currently in the market are not affordable to this group,” said Antony Murithi Nkatha, the projects adviser.

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“We moved to Nairobi because a majority of those buying our projects in Mombasa were from upcountry and were demanding budget houses,” he said.

Kenya Projects Ltd, established in 2002, is the real-estate investment arm of Coast Project Sacco, a credit union catering for Kenya Ports Authority (KPA) pensioners.

The real estate company is run by Mombasa-based businessman David Kanyi.

The Ruiru maisonettes have a plinth size of 900 square feet on two floors, and a car park and small backside garden measuring 15 by 10 feet.

March 2017

Kenya’s housing deficit grows at the rate of 200,000 units a year, chiefly because of a demand and supply mismatch as those at the base of the pyramid cannot afford to buy houses or access mortgages according to findings of the 2012/2013 Kenya National Housing Survey.

The Ruiru project — located near Kamakis, about two kilometres off the Eastern Bypass — is scheduled to be complete by March next year.

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