Nairobi developer unveils Sh1m homes

A gated community development

A gated community development. Photo/File

Nairobi-based Peninsula Development Company is building a Sh400 million apartment block in Mlolongo, Machakos, as it seeks to meet the rising demand for low cost housing.

The project, which comprises one and two-bedroom apartment units, is targeting first-time home buyers, with one and two-bedroom units priced at between Sh1 million and Sh8 million.

“We want you to be paying the same amount on a mortgage as you would pay in rent,” says Muchiri Waititu, a director at Peninsula Development Company.

The company is also putting up a Sh1.1 billion development on Ngong Road, which is scheduled for completion in November 2015.

The two projects’ combined 670 units, which sit on six-and-a-half acres, will be undertaken in partnership with land owners and the financier Co-operative Bank.

The project is the brainchild of architectural firm Adventis Inhouse Africa which was project adviser for the JKIA’s Greenfield Terminal and Jacaranda Gardens on Kamiti Road.

Property developers are increasingly focusing on low cost housing in effort to tap into the rising demand for affordable housing in the country.

Early this year, US-based Blue Haven Initiative said it had partnered with India’s MDHI and British and Kenyan investors to build what is touted as Kenya’s cheapest brick and mortar homes.

READ: Karibu Homes: Kenya’s cheapest homes

The Sh3 billion project in Athi River, Machakos, comprises 1,082 housing units that will sold for Sh1.6 million for a one-bedroom unit, Sh2.9 million for a two bedroom unit and Sh5 million for a three-bedroom unit.

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