Investors Bid to Cash in on Housing Shortage in Eldoret
DEVELOPERS are increasingly eyeing residences for sale in Eldoret as they move to cash in on a growing shortage in the highly urbanising town.
Three companies have bought prime land along the Eldoret-Kisumu road, seeking to build the new apartments.
They have projected to build more than 100,000 units in the
first phase of their masterplan.
Uasin Gishu county has approved the plan.
Lands and Housing executive Robert Ngisirey said the investors have been allowed to develop the new housing scheme to help ease the shortage in the town – the commercial hub of the agriculturally-rich North Rift region.
The residences will be mainly apartments targeting middle-income earners.
They will be sold for an estimated Sh2 million to Sh3 million per unit.
Ben Chelimo, a property dealer in the town, said there is a growing interest in apartments for sale.
“We have had increased enquiries on how the apartments will be sold and this shows there is market for the units,” Chelimo said.
The proposed apartments, he said, will be gated estates. This is meant to tighten security.
There are also plans for mixed-use development in the next phase, a growing trend in Nairobi and surrounding areas.
During the second phase, the developers plan to build shopping malls and, expand play grounds and parking space.
Governor Jackson Mandago said two of the investors, whom he declined to disclose, have committed about Sh3 billion for the planned projects.
He remained confident the ongoing developments will reduce the housing shortage by more than half in three years.
The Uasin Gishu county, he said, is working with the national government in upgrading infrastructure to spur investments, especially in real estate.
He said the county has prioritised facilitation of investments in the sector due to the rapid population growth in Eldoret, estimated at a million people.
Source: the star