Phase 2 of Mt Kenya Holiday Homes set to begin

Mt Kenya Holiday Homes
A house built by Mt Kenya Holiday Homes at Naro Moru in Nyeri County. PHOTO/FILE
Construction of the Phase 2 of the Mt Kenya Holiday Homes, situated 10km from Naro Moru in Nyeri County, is scheduled to begin by end of this month following the completion of its first phase of development.

The Sh5 billion golf resort development, which broke ground mid 2013, is being undertaken through the build-and-transfer system to deter speculators who usually stall projects by buying and sitting on idle plots in the hopes of enjoying capital gains on vacant land.

Under system, Mt Kenya Holiday Homes buyers pay a 20 per cent deposit on the unit cost of a house, which is priced at between Sh23 million and Sh26 million, with further payments being made in monthly instalments for up to nine months – the average construction time line for the homes.

“A lot of developments of this kind are suffering the consequences of having people come buy land and sit on it, and at some point they start competing with the developer on the selling of the land,” says project manager Reginald Okumu.

The project, which will comprise 95 units on completion in 2016, will be developed in three phases with the first two phases consisting 22 homes and the final phase comprising 53 units. It also features a 9-hole golf course, a club house and a recreation centre.

“We are particularly encouraged by the positive reception from a cross section of individual investors who have shared in our vision to revolutionalise tourism around Mt Kenya and have gone ahead to buy their units here,” Okumu added.