The company is expected to deliver infrastructure projects cheaply.
The 3,000-unit housing development targets both low and middle-income earners.
The average price per acre was Sh1.2 million in 2011, but is more than Sh120 million today.
The male construction worker was hacked to death on Friday at dawn after refusing demands by raiders.
The houses are already selling off-plan for between Sh9.25 million and Sh10.5 million.
Churches are aggressively pouring billions of shillings into Kenya's property sector.
The houses in the first phase will be sold to civil servants.
The ambitious project is expected to greatly raise the profile of Machakos County.
Most Kenyans acquiring houses are not doing so for speculative intentions.
The 0.5 per cent construction levy is payable to the authority by owners of projects above Sh5 million.