NAIROBI, Kenya, Oct 12 – Property developer Zima Home Limited is building Sh330 million affordable homes in Wangige, Kiambu County.
Out of Sh330 million, Sh198 million (or 60 percent) will be financed by Reall, an investor of inexpensive housing projects in Africa with the developer raising the rest through the sale of units.
The property, which sits on a half an acre plot off Western Bypass, will consist of 60 (studios), 40 (one bedrooms) and 37 (two bedrooms) with prices ranging between Sh1.7 million to Sh3.55 million.
“Zima Home is aiming to exemplify affordable and sustainable housing in the market,”
“We believe that there are young adults who are willing to rent at that level,” Zima Homes founder and Director Etta Madete Mukuba told Capital Business in an interview, adding that the project that started in June 2022 will be completed in March 2024.
Under the project, the firm has partnered with NCBA Bank for mortgage financing, Fusion Capital as well as Reall. Project contractor being Buildx Studios.
“Kwangu Kwako Limited are providing innovative pre-casts walling systems. We also have Fusion Capital who will be our future property managers for the development and also NCBA, providing 9.5 per cent mortgages over 20 years period,” Madete said during the signing of a bilateral agreement with NCBA Bank, Fusion Capital, Symmons Realty and Kwangu Kwako Limited in Kiambu.
The property will feature a centralized courtyard, rooftop garden, borehole natural light and ventilations.
So far, a total of 30 reservations have been made on the project with some having paid deposit fees already.
The firm seeks to provide affordable homes to Kenyans amid high property prices in Nairobi, Kiambu and Kajiado caused by a rebound in the property market.
For example, realtor HassConsult data showed an average house price in Nairobi rose 10.5 percent in the year ended June 2022.
”Reall are an impact investor and Zima Homes are focused on impact and being able to develop high quality climate smart housing at an affordable rate that has impact for those who need it most,”
“We are also keen on gender inclusion and Buildx Studios and Zima Homes are focused on inclusivity and this is why we were keen to partner with the team” Reall Africa Project Manager Ed Byron added.
