Three Foreign Companies to Build 300,000 Housing Units Under Affordable Housing Project in Kenya
Three foreign firms are set to boost Kenya’s housing sector considerably after proposing to build 300,000 units.
Two companies from Qatar and one from China have submitted a proposal to put up 200,000 units and 100,000 houses respectively.
This was after the Transport and Infrastructure Cabinet Secretary James Macharia toured the two countries for talks with Qatari Prime Minister Abdullah bin Nasser bin Khalifa Al Thani, and Transport and Communications minister Jassim bin Saif Al Sulaiti.
“Discussions with the Qatari investors are progressing. This will go a long way towards achieving the Big Four Agenda target of building 500,000 affordable homes across the country,” said Macharia.
Early this year, the United Nations Office for Project Services (UNOPS) also made a similar move by committing Sh1 billion towards building 100,000 units.
Adding of the same, UNOPS Executive Director Grete Faremo said that the move would attract more investors to chip in and assist with the project saying that they aimed to raise Sh65 billion.
Once the housing agenda is through, a one-bedroom house will be sold at Sh600,000, a two-bedroom at Sh1 million and a three bedroomed house will be Sh1.4 million.
This will enable a Kenyan worker earning as low as Sh14, 999 purchase a house under the social housing units while a Sh99,999 earner will be allowed to purchase under the mortgage plan.