A Murang’a based housing cooperative has embarked on constructing residential houses in Murang’a town to enable residents access cheap houses in a gated community.
In first phase, Broad Boarders Housing cooperative will construct 510 units at a cost of Sh. 200 million with the investment seen as a way to complement government’s effort in providing decent houses.
Speaking during the cooperative’s annual general meeting on Saturday, the Sacco Chairman Mr. Jeremy Karemeri noted that they had already completed 150 units but they had not been occupied.
The other units are still being constructed and the houses will be the first gated community within Murang’a town, he added.
He said they will borrow Sh. 100 million loan to facilitated construction of remaining houses.
He noted the loan will enable the Sacco to expand its services saying since 2014, they have been engaged in selling of land to members and non-members.
In the recent past,Murang’a town has been growing due to upcoming learning institutions and the impact of devolution. This has led to demand for housing thus giving us motivation to venture in gated community, added the chairman.
He continued, Once completed, the priority will be given to members and then we shall sell the remaining units to non-members.
Currently people who work in Murang’a town are forced to commute from neighbouring towns due to lack of adequate housing in the town.
Karemeri noted that similar projects were being rolled out in Kirinyaga, Laikipia and Tharaka Nithi counties as its membership continues to soar.
He added that membership has grown from 1,400 in 2014 to 5,600 currently with a turnover of more than half a billion shillings that they project to increase to more than a billion in the next financial year.
The society also issued dividends worth Sh. 4.5 million at a rate of 12 percent of the share capital.
This is a remarkable performance considering we have just come out of a political year during which many companies closed down, he added.
He noted that the real estate firm has invested in more than 26 counties with fast growing towns.
We target low and middle earners who have previously been locked out of owning land and houses, he said.
Members, he said, are able to purchase parcels of land on credit and given time to pay in installments.
The Sacco also issues zero interest loans to members to help them purchase the land of their choice through the company.
Karemeri lauded shareholders for their continued support saying the future was bright for the firm that started as a land buying company.
Source: Kenya News Agency