Under the affordable housing scheme by the government of Kenya, a Chinese firm is all set to begin development in Kiambu County. The Samara estate will support about 2000 units which will be going for as low as sh 1 million.
In 774 hectares of land at the Migaa Golf Course, Sycamore Pine Limited will construct 1,90 apartments as per the agreement signed with China Building Technology Group Kenya.
Other associates include Heri homes, HF group, KCB group and Bishop Mark Kariuki’s Tashia Global Holdings that was recently awarded the sales contract for the Sh11 billion estate. Besides, the HF group will be financing the project while the KCB will be providing mortgages.
Supported by the Safaricom Sacco Investment, Shelter Afrique and the Pan Africa housing, the Samara Estate is expected to be completed in 36months.
Also, the State Department for Housing and Urban Development has approved the construction of the Estate and granted them a certificate of construction under the low-cost housing and civil servants housing scheme. This means that it will be benefiting from up to 15% lower corporate tax and VAT exemption on materials. As part of the benefits of this partnership with the government, the developer will be allowed to market the units on Boma Yangu affordable housing platform which has 300,000 potential buyers, registered under the platform.
In Bishop Kariuki’s speech during the launch of the project on July the 4th, he stated that the Estate will serve as an inspirational living housing project that will be a testimony for many people. “The typical Kenyan no longer wants to rent or lease for a time. But, as this crisis continues to show us, owning a home is for the long run the most deliberate investment,” Bishop Haruki added.
Tom Kimani Zeng, the CEO of the China Building Technology Group Kenya promised Kenyans to achieve the whole project plus a proposed mall within 3 years.“The development is, without doubt, unparalleled in the residential market so far,” he added.