“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.
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.