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CIC inches closer to Sh2.8bn housing project near Tatu

CIC Insurance group chief executive Tom Gitogo. FILE PHOTO | NMG
CIC Insurance group chief executive Tom Gitogo. FILE PHOTO | NMG 

CIC Group’s #ticker:CIC plan to put up Sh2.8 billion in a 200-acre housing project is at an advanced stage after it made an application for approval to the environmental watchdog.

In the regulatory filings at the National Environmental Management Authority (Nema), CIC has forwarded an environmental impact assessment (EIA) report seeking to build on a plot bordering the upcoming live-work city development Tatu City in Kiambu County.

The project is expected to open a new revenue stream for the co-operative societies-owned listed insurer.

According to the master plan, 1,517 families will be housed in the various units to be constructed on different areas reserved for high, middle and low density areas.

Some 25 high-end family units will be constructed on half-acre plots in 13 acres and 56 acres are reserved for medium-density housing development on quarter plots hosting 224 families. Another 21 acres are reserved for medium density housing development with 168 family units on quarter acre plots.

A 10-acre parcel will host high-rise apartments for 700 families while equal acreage has been earmarked for commercial development of offices, a retail mall as well as high-rise apartments.

Some 21 acres has been set aside for a recreational park and 30 acres for “ecological restoration”.

Last Friday Nema gave members of the public 30 days to present views on whether the property should be developed or not. Those opposed should give reasons in writing.

A new primary school will be established on a seven-acre plot to accommodate a nursery school while a further four acres will host a police post, library, fire station and a hospital.