Migaa green community introduces property exchange concept that is likely to excite the market

By Today Financial News Reporter

The Migaa green community in Kiambu has unveiled a completely novel life-time housing model allowing any Migaa resident to upgrade, or downgrade their houses.

A home owner can exchange his house across the range from two-bedroom apartment to five-bedroom villa, as their family needs change over the years.

The property exchange program, swap-to-grow, will enable Migaa home owners who want to either get a bigger house or move into a smaller home to put them into a housing pool overseen by Migaa’s management company.

The owner of a two bedroom house will be able to swap his house for a four bedroom house within Migaa and pay the difference; while the owner of the four bedroom house seeking to downgrade will buy the two bedroom house and be paid the balance profiting from the shift.

The pool will enable members of the Migaa community to access directly buyers within the community, without commission fees, and with minimal agency fees. For buyers, the pool will enable guaranteed genuine transactions.

“With swap-to-grow Migaa is offering home owners’ flexibility in their investment, something that is unheard of in real estate, as well as absolute guarantees of genuine transactions, zero commissions, and minimal agency fees, said Mbugua Kamau, chairman Migaa.

The new life-time ownership model comes as Migaa is selling the last residential plots in the development and closing all opportunities for future buy ins.

The Developer has now sold 78 per cent of its 505 plots since beginning sales four months ago, in July 2010, and is shifting focus to the commercial side of the property.

The property exchange solidifies Migaa’s community model, as investors buying into the property will move in and expand or reduce their housing requirements according to their needs.

Children will be able to grow in a stable community with all amenities including schools available within the complex, and without the need for changing area or community as they grow up.

In September this year, Migaa broke ground with the Mitini a subsection of the project and will begin building the subsection’s houses early in 2012.

Infrastructure works is ongoing with the gatehouse now complete and the main roads under construction. The 775-acre project is expected to take 5 years to complete, in a series of milestones that place early emphasis on amenities, with the golf course now being seeded for all incomers.