Nairobi Star (Nairobi)
James Waithaka
29 June 2011
A new development is coming up at Ruiru with the developer now embarking on the main phase of house construction. Site contractors Govar Builders have completed putting up the boundary wall around the 2.5-acre piece of land where the planned housing units sits. Project managers Limojade Management say the development has a build time of 12 months and the houses are therefore expected to be ready for occupation by July 2012.
Limojade managing director Jimmy Kamotho says the development is the first to be put up along the Thika Superhighway. It is located about 22 kilometres from Nairobi, a 15-minute drive, and three kilometres from the intersection of the Nothern and Eastern by-passes. The multi-million shilling development stands next to the Nairobi Institute of Business (NIBs) and the GSU base camp in Ruiru, which the developers, Jelimar Developers Ltd, say guarantees security for buyers.
The provisional price of the 38 units of maisonettes is Sh7.95 million for each of the houses but the project managers say they foresee a price rise by over Sh2 million by time of completion. This, they say, is informed by the development’s location along the superhighway which makes it prime both for commute and home officing.
Land prices in the area have more than quadrupled along Thika road since the expansion plan began. “The houses are a good buy for both owner-occupier and as an investment plan because the value is bound to appreciate,” said Mr Kamotho, adding that Sahara Ridge is offering a lifestyle to the residents which will be enhanced by the numerous shopping centres coming up.
Targeting the middle income market, the development also hinges itself on expected growth in Nairobi’s peripheral which will significant capital appreciation and high rental yields. Each of the three bedroom houses sits on a space of 25m X 7.5m, with two parking lots.
Most of the units have been sold off-plan, attracting a mixed set of local buyers. HassConsult are the sole selling agents for the development.
A recent report by the firm on Nairobi’s property market showed that demand for houses is rising compared to waning demand for high density developments such as apartments, which may force a downward price revision.
AllAfrica – All the Time
Taken from:
Construction of Sahara Ridge Along Thika Super Highway Has Kicked Off