Africa is undertaking key projects to support its rising population.
The project is expected to cost Sh210 billion.
Africa Integras will build and operate the 10,000-capacity hostel for 20 years.
This follows the completion of phase one of the Two Rivers Mall.
The mall is set on a 4.5-acre piece of land in the Rosslyn suburb on Limuru Road.
The project involves resurfacing Rironi to Mai Mahiu-Naivasha Road.
The elevated highway will be subject to toll charges of up to Sh1,000.
Light gauge steel structures save developers up to 20 per cent of the construction cost.
Kenya lacks consistent green building standards and guidelines for developers to follow.
The facility is expected to offer many economic and social benefits.
Talks are underway for China to fund a new highway and rail extension.
The Chinese-funded Orpower 22 power plant will take 17 months to complete.
Bedsitters will rent for Sh3,200 per month on a 30-year rent-to-own plan.