Residential Projects
Investor to Build Sh3bn Homes on Thika Road
The project will involve construction of 560 apartments on 14 blocks at Clay Works.
A Nairobi-based developer has unveiled plans to build a Sh3 billion residential estate on Thika Road, Nairobi, in a bid to meet the rising demand for housing in the city.
Agricultural and Industrial Holdings Ltd is seeking the National Environment Management Authority (Nema)’s approval to build 560 apartments at Clay Works on Thika Road.
The development, which sits on a 16-acre parcel of land, is hoped to offer cheaper houses due to the size of the project which puts economies of scale into play.
“The proposed project will involve the construction of 560 apartments on 14 blocks on a piece of land measuring 16 acres,” the developer says in filings to Nema.
“The need for this project is largely triggered by the need to improve residential housing conditions in Nairobi City County.”
The three-bedroom apartment has a net area of 104.6 square metres, while the two-bedroom unit has a net area of 81 square metres.
The developer has not disclosed the prices of the houses but considering that a middle-class-focused house goes for Sh5 million to Sh8 million in Nairobi, the proposed homes are likely to be more pocket-friendly.
RELATED: HF Delivers First 80 Units of Its Sh5bn Clay City in Nairobi
The project will include amenities such as a paved access road, a power substation, a water supply, and a community centre.
In the last two decades, the prices of land in Nairobi and its environs have risen significantly making apartments more popular than stand-alone houses as investors aim at optimizing returns on costly land.
Besides being cheaper than stand-alone houses, apartments are advantageous due to the large array of amenities available. Proximity to neighbours coupled with the typical apartment complex safety measures gives the residents an added sense of security.
The rising demand for housing in Nairobi, which is occasioned by the rapid urbanisation of the Kenyan population, has provided a ready market for builders – making real estate a top investment choice for wealthy investors.
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