Riverine Estate, which sits on 30 acres of land, comprises 211 maisonettes and apartments.
High rents have scared away tenants who opt for older flats that are cheaper.
Free pay TV and Wifi are now being offered by landlords in attempts to attract new tenants.
The project will consist of 5,000 houses, office blocks, schools, eateries and a police station.
A bungalow sitting on an acre of land is costing up to Sh300 million.
The deal will involve construction of high-rise residential buildings in Eldoret.
The deal sets in motion the much awaited 'Steel City' project.
The facility comprises 600 villas, an 18 hole-golf course, a 5-star hotel, and an airstrip.
The 3,000-unit housing development targets both low and middle-income earners.
The 5-star facility was built at a cost of Sh5 billion.
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.