Market News

Developer to offer 30 Kenyatta Road off-plan housing units


Belasi Developers chief executive James Kagoi (right). FILE PHOTO \ NMG

Off-plan realtor Belasi Developers will spend Sh165 million in its upcoming development of 30 units on a two-and-a-half-acre plot on Kenyatta Road in Juja.

Chief executive James Kagoi said the project follows offtake of its first 32 three-bedroom family-unit development.

Off-plan strategy promotes sales on an instalment-based system that progresses as construction continues.

“Many Kenyans want houses and do love their privacy and security that is on a more enhanced level in a gated community setting,” he said.

Speaking during the launch in Nairobi, he said the project will also accommodate investor-realtors who can co-own a property by sharing the cost of the house whereby Belasi Developers will build and sell on their behalf.

“We have done our mathematics on money appreciation and found that in five years, we can deliver a house to each co-investor based on their contribution in purchase of the first house that was sold without asking them to increase their payments,” he said.

The new product model known as Partial Home Ownership (PHO) allows two to five co-investors for every home development where they share equally on the cost of putting up the houses.

“Once a property is build, it fetches a higher price than it was initially set at an off-plan price. Homes built within gated communities fetch a premium price that we have agreed to plough back and build more houses,” he said.

Two partners

Co-investors coming together as two partners will pay Sh2.75 million each, three partners (Sh1.833 million), four partners (Sh1.35million) while five partners will part with Sh1.1 million.

“We started at Sh4.5 million but the price of land has appreciated forcing us to adjust our property prices upwards,” he said.

Gated communities remain popular among middle income earners who are attracted to properties with value adds, cabro-paved motorways, 24-hour security, jogging tracks around the property as well as playgrounds and community halls as well as shops and a tenant’s only swimming pool and gym.