Kusco’s Sh1.3 bn estate in Kitengela nearly done

The Kenya Union of Savings and Credit Co-operatives (Kusco) is set to complete a Sh1.3 billion estate in Kitengela as it diversifies into real estate to increase its earnings.

The 120 three-bedroom maisonettes, which target middle-income earners, are going for Sh10.5 million each.

Kusco is the umbrella body for saccos in Kenya and is engaged in advocacy and representation on the saving societies’ matters.

Saccos have embraced the property boom of the last decade, with some moving beyond selling land to developing homes for sale targeting the middle- and upper-income segments.

“The recent developments in the counties further prove that strong economic fundamentals have fuelled the rapid growth of the property sector in Kenya,” Mr Daniel Ojijo, chief executive of Villacare Ltd said.

The houses are set on an eighth of an acre each in a gated community with auxiliary facilities like  a swimming pool, paved roads, borehole and a shopping centre, which have become a defining feature of such developments.

Villacare, which is marketing the development, said that the project is expected to be ready by August.

The estate, located about 1.5km from the main Kitengela Road near Kitengela International School, is set on an 11.5-acre piece of land.

The Kusco Housing Fund is also offering a mortgage loan for buying the houses at an interest rate of 14 per cent, provided one is a member of a sacco. The loans are capped at Sh7 million and for a maximum 15 years.

Kitengela has grown to host multiple estates targeting  the middle class, who are seeking to settle outside Nairobi where property prices have become prohibitive.

The gated communities are popular with those who want to own  homes rather than apartments.