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Stima Sacco in Sh395M Loan Deal for Syokimau Homes

Stima Village comprises 76 maisonettes of which 40 are 3-bedroom and 36 are 4-bedroom.

Updated on

August 23, 2012

Stima Village sits on a 5-acre piece of land and comprises 76 maisonettes. PHOTO | FILE

Stima Investment Co-operative Society has signed a Sh395 million loan deal with Shelter-Afrique for the construction of a gated community housing project in Syokimau near Nairobi.

According to Shelter Afrique managing director Alassane Ba, the money will be used for the construction of houses and related infrastructure at the development dubbed Stima Village.

The project, which kicked off last month, is set in the Syokimau area about 3.5 km from the Nairobi-Mombasa dual carriageway and 300 metres from the proposed Syokimau railway station.

Stima Village sits on a 5-acre piece of land and comprises 76 maisonettes of which 40 are 3-bedroom and 36 are 4-bedroom. The homes will be sold for Sh9.2 million and Sh9.85 million for the 3 and 4-bedroom units respectively.

Each 3-bedroom maisonette will comprise a plinth area of 124 square metres, a large living room and a separate dining area, two bathrooms, and a modern kitchen area with in-built cupboards and a pantry.

On the other hand, each 4-bedroom house will comprise a plinth area of 141 square metres, a spacious lounge and a separate dining area, three bathrooms, and a modern kitchen area with in-built cupboards and a pantry.

The ground floor of each unit will comprise a guest cloakroom, laundry unit, self-contained and detachment domestic quarter, and parking spaces for two cars.

Stima Village is one of Shelter Afrique’s major middle-level investments aimed at raising Kenya’s housing supply capacity, which currently stands at 40,000 units a year against an annual demand of about 150,000 units.

“We (Shelter Afrique) are actively extending support to such projects as Stima Village as part of our corporate commitment to boost the supply of affordable housing units for Kenyans,” Mr Ba said in a statement.

Stima Sacco, which was registered in 2005 with one of the objectives being to invest in real estate, has engaged in several projects in the past – including the development of Stima Investments Plaza whose expansion was completed in June last year.