Developer to build 1,205 housing units in Mavoko
A past photo showing handover of Great Wall Gardens 3 developed by Erdemann Property Limited in Athi River in line with the Government's Big 4 agenda on housing. The firm has commenced the construction of up to 1,205 affordable housing units in Mavoko municipality.
Property developer Erdemann Limited has commenced the construction of up to 1,205 affordable housing units in Mavoko municipality, Machakos County in a project estimated to cost more than Sh4.2 billion.
The project will form the fifth phase of the larger Great Wall Gardens venture that will bring the total tally of completed houses to over 7,185 units.
The new phase will comprise 24 blocks that will include 1,128 three-bedroom master ensuite units sized 104 square metres and 77 commercial shops.
“We appreciate Machakos County for creating an enabling environment for development and businesses to thrive under the leadership of Machakos County led by the governor. Our projects have been instrumental in reducing unemployment by creating direct and indirect employment to Kenyan youth,” said Erdemann Managing Director Zeyun Yang.
Once complete, the units will cost an average of Sh3.9 million.
Machakos Governor Wavinya Ndeti, who officiated the groundbreaking of the project on Wednesday lauded the investment saying it is in line with the government’s affordable housing agenda.
“The launch of the proposed housing units in Machakos County is meant to strengthen our partnership with the private sector. The programme aims at strengthening the capacities of communities, the private sector, and local authorities for the provision of housing, infrastructure, and services,” she said.
Mavoko, which is situated some 25 kilometres southeast of Nairobi, off Mombasa road, is a region known for its amenities including schools, hotels, and business parks.
The real estate business is in recent times attracting more institutional investors who are implementing large-scale projects in major cities and towns. Such projects are concentrated in the fringes of the central business districts where land is relatively cheaper.
Most of the units developed are one- to three-bedroom apartments targeting the middle class who have been priced out of the centrally located properties.
The average mortgage size last year increased to Sh9.2 million from Sh8.5 million previously, according to Central Bank of Kenya data, locking out low- to mid-income workers from a market of 26,723 home loan accounts.
Besides Erdemann, other major players in the affordable housing market include Mi Vida Homes which has set up an 800-unit housing project in Riruta, off Ngong’ road.
