CORPORATE INTELLIGENCE AFRICA ISSUE 0024

By Jared Opiyo R eal estate developers have turned their focus on rural areas in response to a growing demand for modern housing in the wake of devolution roll out. For instance, Kisumu county is for the first time witnessing stiff competition between companies in the real estate industry. Kisumu Real Estates Company has taken the market by storm in a land acquisition spree for construction of houses. The company has unveiled housing development project named wew Milimani West. The company’s director Wycliffe Abok says Milimani West project is a new concept triggered by the need for affordable housing in the Western region. “Milimani West will now be a development of 378 plots all measuring 0.02 hectares each, located on 60-acres in Kisian/ Kapuonja within Kisumu West Constituency,” says Mr Abok. He said the entire project will cost Khs1.6 billion to be implemented in four phases. The houses will be constructed in Kisian, 10 kms from Kisumu city and 500 metres off Kisumu-Busia highway. Phase One is located at the foot of a hill, with a house design for three bedroom mansions, parking for three vehicles, a kitchen garden and front garden. However, houses in phase two are four-bedroomed mansions located on the lower part of the slope with a beautiful view of Lake Victoria and Kisumu city, Mr Abok said. He said on the upper part of the hill where the land has been identified for phase three, design will be similar to phase two but with more space due to terrain. “This phase offers a clear view of Real estate developers now eye counties the lake, Kisumu town and parts of Kisumu International Airport while phase four is the most lucrative, situated on the upper part of the slope and plateau of the hill,” he added. The phase four houses will be fourbedroomed luxurious mansion, with parking for four vehicles, a kitchen garden and a front garden. “The houses will be built on three levels, ground floor, first floor and an attic for the master bedroom, which will enjoy a complete panoramic view of Kisumu city, Kisumu Airport, Lake Victoria and the surrounding beautiful hills,” said Mr Abok. The project is a controlled development within a scheme approved by the Kisumu county and a purchase package includes the cost of the plot, tittle, house designs, architectural and structural drawings among others. Amenities will also include a school, a shopping mall, resort, sports ground and four swimming pools. Apartments The firm is providing land to clients for the various phases and under phase One, 0.02 hectares is going for Sh65, 000 while the highest is Sh250, 000 after which buyers are expected to build according to the firm’s architectural plans. Sections of land have also been sold out in other phases in readiness for development. “Our main aim is to attract investors ready to invest more than Sh2 billion and so far the firm has already engaged financial institutions to help in loaning clients interested in the project,’’ he revealed. The director added that the idea of the Milimani West was mooted two years ago with an aim of targeting the lower and middle income earners who have interests in putting up their investments in real estates. THE CORPORATE INTELLIGENCE AFRICA FOR AUTHORITATIVE AND EXTENSIVE BUSINESS INSIGHTS www.corporateintelligenceafrica.net 19

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