Kenya is set to construct 300 housing units in Kiambu county through an American Investor, Karl Gibbons who has expressed interest in investing in Kenya’s real estate sector.
Mr. Karl Gibbons said that his firm, has partnered with Kenya to construct the housing units which will be two and three bedroom units in Ndenderu dubbed Fanisi Tigoni View.
“We are excited that Third Eye Management and Associates has chosen us as a vehicle to improve the housing sector in Kenya. The first project ‘The Fanisi Tigoni View’ is a fantastic project, with the first phase being launched on Saturday with about 90 units on a one acre piece of land,” said Mbugua, Sprinter’s Chief Executive.
The Fanisi Tigoni View will be a mixed use development that will sit on 8 acres prime land next to the western Bypass interchange. Additionally, the firm plans to build over 700 units this year targeting the middle income with their prices ranging between US $50,000 and US $70,000.
According to the World Bank, there is a shortage of 2 million low-cost houses in Kenya. 200,000 houses are needed each year in order to achieve the yearly demand for housing in Kenya but only 50,000 units are constructed annually. The Bank also states that 61% of urban households in Kenya leave in informal settlements.