By: SIMON CIURI
Real estate developer Kings Pride has started building 373 two-and three-bedroom houses in Runda, Nairobi, targeting the upper middle class, as well as expatriates.
The firm is carrying out three projects: Runda Royales, Windsor Gardens and Runda Park, financed through a mix of debt and equity.
“The investment is backed by National Bank, Equatorial Bank and a Pan-African mortgage oprovider at a cost of over Sh2 billion,” Kings Pride Chairman David Karau said. The developer has previously financed projects with funds from the Co-operative Bank.
“Runda Royale will consist of 85 housing units while Windsor Gardens will have 88 units and Runda Park 200 units consisting of two- and three-bedroom houses,” said Mr Karau.
The prices of the houses, which will be completed by mid-next year, will range from Sh5.9 million to Sh12.5 million, depending on the size of the houses, Mr Karau said. .
“There has been huge demand for decent and luxury houses in the area and we saw an opportunity to invest in, and deepen, our investments in the area. These are high-return investments with a ready market,” Mr Karau offered.
He noted that Kiambu Road, particularly Thindigua area, had become a major attraction for potential homeowners due to its proximity to the central business district. Employees of the United Nations and foreign embassies prefer the area.
Kings Pride said the zero deposit concept, where a potential home owner occupies the house and pays an agreed amount later, has proved a major boost to its investments.
Thindigua Heights is another developer putting up apartments in the area.
Meanwhile, investors are taking advantage of the good road network and availability of social amenities to increase the prices of houses in the area.
SOURCE: DAILY NATION