Tatu City yesterday penned a development agreement with a leading real estate firm, Karibu Homes, to construct 1,000 affordable housing units at a cost of Sh4 billion.
Under the agreement, the US-backed developer will construct one, two and three-bedroom apartments with 24-hour security and numerous amenities including basketball courts, a clubhouse and shops.
Karibu Homes has already acquired 20 acres at Tatu city on Kiambu Road where the housing units will be built. The cheapest house under the plan will cost Sh2.5 million with first time home owners being the target market.
“Karibu Homes will be developing five housing typologies with a wide range of payment options from cash, installments and a mortgage backed purchase with financing available from a local bank,” the real estate developer said in a statement
The project will bring current number of homes in planning or under construction at Tatu City to more than 5,000.
“This is a fantastic addition to the range of housing on offer at Tatu City,” said Nick Langford, Kenya Country Head for Rendeavour, Tatu City’s developer. “Provision of housing for the many, not just the few, is a priority for Tatu City. Karibu Homes will provide an important part of the mixed-income housing we are offering the market,” he added
“Tatu City is a unique development in a prime location for our target market,” said Ravi Kohli of Karibu Homes.
“The pace of development around Tatu City is outstanding and we are delighted to be part of it. Our goal is to develop a flourishing community of decent, affordable homes, providing the best value for money within this high profile estate,” he added.