Housing boom continues despite the slow economic growth

By Today Financial News Reporter

Despite the predicted slow down in the real estate sector, a Sh30 billion housing project has been unveiled in Athi River, 28 kilometers from Nairobi Central Business District.Gated housing projects are becoming popular with investors

Iluluwe gated community housing project that is situated on a 1000 acre piece of land along Athi River will be a top residential facility nestled around a 18 hole golf course, top flight hotel, an ICT centre and a world class care facility.

The project targets the middle class and is meant to address the rising demand for gated community housing.

According to project developers it will also include plots to put up residential units of controlled development within a specific variation of house designed types of apartments, bungalows, villas, cottages, holiday homes and gold front homes.

“This unique housing project is meant to bridge the annual housing deficit in Nairobi, while meeting the rising demand for gated communities among the middle class segment,” said Mr John Mutua, director, Iluluwe Development Company.

Mr Mutua says the project will be done in five phases where in later phase, the selling and developing of the public and commercial facilities including a shopping mall, offices, business park and other supporting facilities, plus a four and five star hotel and fully fledged conference facilities shall start.

In Thika, Bahati Ridge plans to build 337 new homes on a 95-acre land as demand for homes remain high despite the high inflation and weak shilling that has made the cost of building materials more expensive.

Company chairman Mr John Kibe says his company would build a gated community housing project in the town that is expected to reap big from the ultra-modern Thika highway that is expected to be completed early next year.

“The focus of Bahati Ridge is now to provide 337 new homes across cottages, villas, town houses, bungalows, together with amenities including a shopping mall, school, business office park, medical centre, club house, conference hall and a hotel,’ he says.