Three real estate developers are building low-cost houses along Mombasa Road targeting first-time buyers with prices starting at Sh1 million per unit. The developers — Rogam Investments, Karibu Homes and Peninsula Development Company — are pitching to buyers that the monthly mortgage payments for the units are equivalent to their current rent. At an interest rate of 15 per cent per year, a Sh1 million house would require Sh12,000 a month for a 20-year mortgage while a Sh2.5 million house would require Sh31,000 a month at the same interest over a similar period. Rogam Investments is undertaking the project as a mixed development of studios and apartments in Mlolongo, Machakos County. The project, dubbed First Homes, has a sale value of Sh500 million. The firm said that it was aiming at attracting first-time home buyers such as working recent graduates. Mr Aaron Gitonga, a director at Rogam Investments, said the firm chose to serve the low-end market because it is under-served, unlike the high-end one which has signs of saturation. “This is a market where there is a lot of demand but not many developers are looking at it,” Mr Gitonga told the Business Daily. First Homes has studio apartments…