The government’s Big Four Agenda on housing got a boost Monday following the launch of a new 268-unit affordable housing development in the Kasarani area by Centum Real Estate.
Centum Real Estate Managing Director Samuel Kariuki in a statement sent to newsrooms said the development, branded 265 Elmer One Apartment, seeks to provide quality affordable apartments.
Kariuki further noted that the tastefully designed houses done at a cost of Sh7 billion are ideal and affordable for first time home buyers as well as those who want to invest in real estate without necessarily going through the hassle of getting involved in land buying and construction.
“The Estate offers competitive rental rates and capital returns to residential real estate investors that are also ideal for owner-occupier buyers,” said Kairuki.
According to Kariuki, the 265 Elmer One Apartments are an architectural pioneer, with the first 1-bedroom loft design in the region and will provide the perfect blend of affordability and luxury, paving the way for accommodating modern architecture in affordable housing.
“The apartments will also be fitted with communal lounges, a mini tennis court and a mini soccer pitch at the apartment complex rooftop,” read part of the statement.
Kairuki noted that Centum has made significant considerations to ensure 265 Elmer One meets green building standards, including 20 percent savings on energy and 40 percent savings on water and energy embodied in materials by installing low flow water tap and shower fixtures that reduce up to 3x water usage.
“We also installed dual flush toilet systems that save up to 67 percent of water; 100 percent recycling and re-use of water generated on-site; and 15 per cent of the site is set aside for landscaping,” he said.
265 Elmer One Apartments is the newest addition to Centum Real Estate’s portfolio of developments and is the Group’s most affordable development in Nairobi. Which recently launched a 365-unit affordable mid-market housing scheme in the Ruaraka area.
265 Elmer One Apartments will offer first in market design product concepts comprising a mix of studio, 1 bedroom, 1-bedroom loft and 2 bedrooms priced from Shs 1.9 million.
According to the housing census carried out by the Kenya National Bureau of Statistics (KNBS) last year, Kasarani is the second most populated constituency in Nairobi with approximately 708,000 residents.
The high population density denotes a high demand for rental units, which assures investors of a recurring rental income with yields averaging 7.5 per cent per annum. The development is therefore an excellent opportunity for investors looking to diversify their investment portfolio or venture into real estate.
The national endeavour under the Big Four Agenda on affordable housing programme not only seeks to provide Kenyans with decent housing but it will also provide them with opportunities to integrate into the Manufacturing Pillar of the Big Four Agenda.
The government has been working with various stakeholders to identify suitable tax incentives that would have a positive impact on the cost of construction.
However, the cost of land and manufacturing have remained high, making them among key obstacles to the realization of affordable housing, even as investors clamour for low-cost building materials
By Alice Gworo