A housing developer based in Nairobi with investments in five other counties has unveiled several housing projects that will see provision of 450 houses mostly in Nairobi.
Speaking during a groundbreaking ceremony for their latest project near Kawangware last week, Heri Kikuyu Heights Apartments, Heri Homes chief executive officer, Ephantus Kimani Kimotho said the firm develops affordable housing units to the discerning markets using an equity model.
It is one of the fastest growing real estate companies in Kenya with a presence in Nairobi, Mombasa, Kiambu, Machakos, Kajiado and Nakuru counties.
Other properties already completed in and around Nairobi by Heri Homes include— Daystar Hostels near Athi River, Kikuyu Road Apartments (on the Kawangware to Kikuyu town road) and Kitisuru View Apartments in Mwimuto.
Located near Waithaka shopping centre in Dagoretti, Heri Kikuyu Heights Apartments will consist 65 apartments. Three-bedroomed apartments will be sold at Sh4.8 million; two bedroomed units Sh3.6 million and one-bedroomed units at Sh2.6 million.
“The seven-storeyed building will offer ground parking, a back-up generator and a lift,” Kimotho said. Dagoretti South Member of Parliament Dennis Waweru, who was the chief guest, said in future, Dagoretti will be hosting upmarket residential estates.
“There will be no slums here in the near future. A satellite town is already taking shape,” said Waweru. “We encourage investors to seize the opportunity since prices are rising,” he added.
Kimotho said the rush for property in Waithaka is being driven by an improved road network, including the the Southern Bypass, a dual carriage road.
Kenyans in the Diaspora and those in the middle-income bracket are some of the clients buying property in the area, with a feel of both rural and urban or a city, according to Kimotho.
He allayed fears the political campaign mood may affect property investments by the firm as alluded to by a recent report by Cytonn Real Investments. Nor will his firm suffer from the capping of interests rates. “We invested much earlier, ahead of June, when a slump is expected.
The capping of the loans favoured real estate investors. Loans are given on the strength of securities, which we have,” he said. Heri Homes was initially established as a land, real estate and property merchant company.
Their business model, however, evolved with time to include developing apartments, bungalows and town houses in areas where there is high rental yield, through the use of a low risk finance strategy, whereby part of the capital is raised through social capital as opposed to debt.
This strategy reduces the cumulative cost of a specific housing unit, mostly because it eliminates the hefty interest cost that ordinarily would be transferred to the end buyer by the developer where a debt model is employed.
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