Mystery Investor seeks to build 100,000 affordable houses in Kenya

12 February 2019

Kenya’s Transport, Housing and
Infrastructure Cabinet Secretary James Macharia has disclosed that
an unnamed foreign investor is seeking to fund construction of
100,000 low cost houses.

“One investor has shown the interest in funding
100,000 units, making the project no longer a vision but reality,” said
the Cabinet Secretary.

Macharia pointed out that the low cost housing
blueprint has attracted high-profile financiers who have expressed
interest in building up to one million units countrywide. The government
had initially planned the construction of 500,000 houses, but this figure is
likely to double if the investors’ proposals succeed.

According to Macharia, the project is clear and set
to be launched. The first 2,000 units will be constructed in Park Road in
Nairobi. The project is expected to cost US $15bn and the government has
handed out generous incentives to lure some of the world’s top
financiers into the scheme.

“We have had talks with the Chinese government and
they are looking into investing in this fund. They are into big infrastructure
projects and given the returns that are expected when this housing project
comes into fruition, they definitely want to be part of it,” said Macharia.

The State, which will provide parcels of land to developers who will then prepare site and architectural plans for the identified projects, is fronting the use of precast wall panels and pillars as a means to expedite the project.

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