Indian firm to build Sh12bn homes at Garden City in Nairobi

Shapoorji Pallonji Real Estate, the property development arm of Indian Shapoorji Pallonji Group, has entered the Kenyan market with plans to build a multi-billion shilling estate in Nairobi. The Mi Vida Homes project at Nairobi’s Garden City Mall on Thika Road will be developed through a Sh12 billion fund established by Shapoorji Pallonji and its joint venture partner Actis. The joint partners will develop some 624 apartments, which will be sold to prospective buyers for Sh6 million (one bedroom) and Sh9 million for a two-bedroom unit. A three-bedroom unit will be sold for Sh14 million. The Mi Vida Homes project’s chief executive Chris Colson says the partners will next month open an experiential facility on-site to showcase the proposed homes to prospective buyers. “This August will see us open customer sales and an experiential facility where showroom houses will be built. We want to avoid a scenario where buyers hardly know what they are buying,” Mr. Colson said on Wednesday. Mi Vida (Spanish for ‘my life’) will be built in three phases. The first phase includes the construction of two blocks rising 13 floors with a total of 208 one-, two- and three-bedroom units. The segment will be completed in 26 months…

Starter Homes Are Still Unpopular Among Many

Phase One comprising 120 units is ready for occupation. The uptake of these units has been good. Question :Is the original goal of First Homes — offering starter homes to first-time buyers — being achieved? Answer:Our idea was to provide affordable houses for young people that have just started working to buy and avoid paying rent. However, most of our customers have been investors buying to let out the units and not the youth buying to live in them You had earlier intimated that the two-bedroom houses, which were selling for about Sh3 million, were in high demand compared to the bedsitters. Question:Why is that so? Answer: This could have been because people want to keep to what they are used to. Many are used to living in one and two-bedroom houses. The concept of studio apartments is relatively new in Kenya. However, this has since changed and the uptake of studio apartments is now better. Read more at: http://www.standardmedia.co.ke/lifestyle/article/2000201495/starter-homes-are-still-unpopular-among-many