The 20-acre development, dubbed Riverview Estate, will comprise 1,074 units of one-bedroom, two-bedroom and three-bedroom houses that have been priced at between Sh1.6 million and Sh5.1 million respectively.
“Our market research revealed that more than 80 per cent of Kenyans prefer mortar and brick houses, so our plan is to offer the most affordable [homes] in this category by giving Kenyans the freedom to choose the finish they want, and even providing the option of moving in and finishing it later,” Ian Simmons Blue of Haven Initiative said during the announcement of the partnership in November.
Buyers will choose between basic structures – which do not have floor tiles or wardrobes – and fully-fitted structures, depending on their purchasing power.
The basic two and three-bedroom homes will be sold to the public at Sh2.57 million and Sh3.48 million respectively, while fully-fitted ones will retail for Sh3.23 million and Sh5.02 million, respectively.
“These prices are based on the principle that rent or monthly mortgage payments should not be more than one third of disposable income. This makes it possible for a person with a net monthly salary as low as Sh40,000 to own a home,” says Ravi Kohli, the Karibu Homes managing director.
A one bedroom unit in the area currently costs an average of Sh6 million, while a two bedroom unit can cost as much as Sh12 million.
Dipank Sharma, chairman of Karibu Homes and managing director of MDHI said: “We are excited about this investment … and we have the experience to deliver quality homes in secure, gated communities, at affordable prices.”
The entire development is set for completion by December 2016.