NAIROBI, Kenya, Apr 28 – Urban dwellers have been offered an opportunity to hit two birds with one stone following the launch of farming and real estate investment opportunity by Property Reality Limited (PRC).
The real estate company has put up value added 50×100 plots in Isinya on sale that come with a greenhouse, a farm manager, boreholes and a storage facilities among others.
According to PRC General Manager Abraham Murithi, the move is in a bid to offer plot buyers more investment opportunities through farming which already has a ready market.
“We realised that more and more customers were buying land and leaving it bare waiting for it to appreciate before selling it off at a profit. We therefore decided to develop the land and make it suitable for farming so that buyers can put it to economic use before deciding what next to do with it,” Murithi said.
Selling at Sh950,000, part of the money (Sh700,000) is used to acquire the land indefinitely while the remaining Sh250,000 is used to build and cater to the greenhouse, storage facility and the farm manager for a year.
Murithi explained that the greenhouses will be used to grow tomatoes and capsicum which the company will avail a ready market once they have been harvested.
For maintenance purposes, plot owners will however part with Sh250,000 after the first year giving them an opportunity to continue using the greenhouse and acquiring the services of a farm manager, the storage facilities among the other add-ons.
“Buyers are however given the option of using the land to grow other optional crops or even use the land for residential purposes.”
– Why PRC targeted Urbanites –
PRC Managing Director Brian Gacari explained that the company’s decision to primarily target urban dwellers is because a majority of them are exposed to new ways of farming which will provide food security across the country.
“For a long time, traditional farming methods have not been working as there are still occurrences of food insecurity. The problem is that we still fail to embrace new ways of farming. Back in the rural areas, people are still following the traditional route. The urbanites however, have interacted widely with technology which they can apply; hence the decision to officially launch this project.”
The Isinya property which sits on 76 acres of land has already sold over seventy plots out of about 500 plots. As far as a return on the project is concerned, Murithi said that PRC is projecting between Sh200,000 to Sh300,000 every six months from individual greenhouses.
Could the disruptive move emerge king in a sector that has seen more entry by real estate companies offering value added plots?
“I think we definitely offer the promise of much more than is available in the market,” Murithi said in conclusion.