M a r k e t N e w s

Kenya: Kenya Commercial Bank and housing firm Sandstone Development Company Limited have agreed a deal to bring new homes to the market.

Posted on : Wednesday, 14th January 2015

The venture, called Impala Villas Rimpa in Ongata Rongai is part of wider plans to develop hundreds of new homes in the outskirts of the city. “By bringing together Sandstone’s development expertise with KCB’s financial might, we hope to transform the land which borders the Nairobi National Park to meet the housing needs of our people,” said Sandstone Development Company Chairman Edward Ndirangu.

He said the agreement in which KCB would finance construction and provide mortgage loans to potential buyers was “good news for home building”. The villas set on 10 acres of land – 20 are already under construction – will be offered at prices starting from Sh12 million to Sh15 million.

Ndirangu said the project would also comprise club houses. “Impala Villas Rimpa will have all the amenities a community needs spanning retail outlets and entertainment facilities all in one central location,” he said. He said the eco-friendly villas in a gated community offers the best in aesthetics and functionality, providing a rich atmosphere with lots of amenities available.

Ndirangu said the new Ongata Rongai development idea was influenced largely by recent visits to such countries like China, a country he added, provides a myriad of architectural designs which could be transferred to Kenya.

Architectural designs:
KCB has organised for its S&L Developers Club members trips outside the country not only to source for building materials but also to see modern architectural designs which they could transfer to Kenya upon their return.

“Sandstone Development Company Ltd presents an outstanding opportunity, providing a range of choices for investors and homeowners in a locale where demand is expected to rise due to the construction of a dual carriageway extension of Langata ,” Ndirangu said in an interview. The dualling is part of the bigger expansion programme by Government envisaged to open up the southern part of the city and spur growth in suburbs like Ongata Rongai and its environs. The construction will eventually link up with the construction and expansion of Bomas-Karen Road as well as Adams Arcade- Ngong Road.

Langata Road is a major gateway to the populous Kajiado county where many city residents have settled due to the low cost of housing available. Last year, Kenya Commercial Bank offered to finance local contractors interested in building roads under the $444.4 million annuity scheme, through which the Government hopes to pave 10,000km to bitumen standard in five years.

Government tenders:

KCB said it would support contractors who are members of a savings scheme started by Masters Builders Sacco, which is partnering with the bank in helping local builders win government tenders.

“We will finance contractors under the scheme. KCB is interested in making the annuity mechanism work,” said Samuel Makome, managing director of KCB-Kenya.

Source : in2eastafrica.net
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