The real estate sector in Kisumu town is set to experience another boom following the launch of a multi-million housing project.
The real estate sector in Kisumu town is set to experience a boost following the launch of a multimillion housing project.
The second phase of Victoria Estates Limited’s housing project is expected to help turn around the housing situation in the city, especially for the middle-class dwellers.
Speaking during the launch, Victoria Estates chairman Sam Munda said the project is estimated to cost Sh700 million to complete. “The establishment of the gated community project, an extension of Phase One, will take about 18 months to be complete,” he said.
Munda said the extended complex will have 55 housing units and is projected to ease the shortage of upmarket houses in the town once it is ready in 2020. “We are keen on ensuring quality housing development in the area as part of our big dream in making Kisumu the best destination for investment,” he said. Already the developer of Victoria Garden apartments has successfully completed Phase One comprising 36 maisonette units. In total, the developer envisages 91 units upon the completion of the phase two project.
The development is spread across 12 acres of a serene, naturally attractive setting with a two-bedroom apartment going for Sh10 million, three-bedroom maisonettes at Sh17 million and four-bedroom maisonettes at Sh20 million.
The Victoria maisonette apartments investment is expected to add to the other mushrooming developments taking shape in Kisumu city lately, especially on the outskirts, which has become a potential zone for further growth.
Munda admitted that a shortage of houses cuts across all classes in Kisumu, hence developers in the town still need to focus on building affordable houses to cater for both middle and high-class occupants. “The kind of developments we are coming up with should not only suit the upmarket segment, but also take into consideration the low-income earners,” he said.
As a result, the developer is planning to partner with other investors in constructing more affordable housing units in the city. Ounga Commercial Agencies Director Eric Ounga, who is one of the brains behind the gated community development and a Victoria Estates board member, said housing demand in Kisumu is on an upward trend, adding that this calls for more investment in the sector by both the government and private developers.
Ounga singled out old residential estates such as Ondiek, Makasembo, Arina and Nubian as preferred areas where more affordable houses should be put up due to their proximity to the town centre. “Developers should cash in on the promising demand for affordable houses within the town in order to make a difference,” he said.
Victoria Gardens is the largest middle-income housing development in the suburbs of Kanyakwar, which is one of the popular areas for new developers on the periphery of Kisumu town. The property is situated about 8km from Kisumu city CBD in the scenic area of Kanyakwar. Kanyakwar is a fast-growing area hosting Kisumu’s largest shopping centre, Lake Basin mall.