Sh7.5bn Komarock Heights estate gets underway

President Kenyatta operates an excavator during ground breaking of the Komarock Heights project on September 16, 2015. Photo/Nation

President Kenyatta operates an excavator during ground breaking of the Komarock Heights project on September 16, 2015. Photo/Nation

Property and financial solutions provider HF Group has commenced work on a Sh7.5 billion housing estate in Komarock, Nairobi, as it seeks meet the rising demand for affordable housing in the county.

The estate, dubbed Komarock Heights, sits on 24 acres and comprises 1,272 two and three-bedroom apartments whose prices range from Sh5.85 million.

HF Group through its development subsidiary HF Development and Investment (HFDI), formerly Kenya Building Society, expects the project to be completed within 24 months.

The company, which has re-branded ahead of its 50th anniversary, says Komarock Heights – also known as Komarock Phase 5C – is its biggest real estate project in 30 years and the second largest to be undertaken in Nairobi since the Nyayo Embakasi.

HF Group board of directors chairman Steve Mainda said the company was also putting up 2,000 units in Kakamega to help ease the housing deficit in the populous county.

“The group’s strategy is to accelerate adoption of appropriate technology for use in low-cost projects for middle and low income earners,” he said.

“The low- and middle-income class forms a high proportion of the Kenyan population and the trend is expected to continue increasing.”

HF is planning to build 240 apartments on Kamiti Road and another 1,100 units on Thika Road.

READ: Sh1bn Komarock 5B estate gets underway in Nairobi

The rapid growth in population especially in the urban areas is pushing the demand for housing in the country, thereby exerting pressure on the supply of affordable homes for citizens.

President Uhuru Kenyatta who presided over the project’s groundbreaking ceremony on Wednesday urged the Ministry of Housing and county governments to ease red-tape in the construction industry to help harness growing interest among investors.

The president said the State will use a Public Private Partnership model to develop massive housing.

“I am happy to note that the ministry will soon be launching about 10,000 housing units through a Public Private Partnership Initiative,” said Mr Kenyatta.

The president added that the government was accelerating the drafting of new laws needed to encourage massive investments in housing development.

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