KENYA (Commonwealth Union) _ Unity Homes, a Kenyan property developer, has completed 10% of its KSh 5.4 billion Unity East housing project.
The property, which stands on a 10.4-acre plot of land in Tatu City, Ruiru Sub-County, has 64 of the 640 residences that will be built as the project’s second phase beginning in November 2021. According to Unity Homes, the project will be completed in phases, with the last phase of units being delivered by September 2024.
The developer also worked on Unity West, which was finished in November 2021, Unity Gardens, which was finished in 2018, and Silver Hill, which was introduced in October 2022. Ruiru apartments performed well, with an average selling price per square metre of KSh 89,418 in Q3 2022.
Notably, because to its superior quality and desirable position within Tatu City, the average price per SQM for apartments at Unity East is KSh 103,012, which is more than Ruiru’s market average. The high occupancies and uptakes realised in Ruiru, on the other hand, make the development viable because the developer is expected to earn larger returns.
When completed, the project is intended to assist Kenya reduce its accumulated housing shortfall, which stands at 2.0 million housing units, or 200,000 units each year. Furthermore, the initiative will provide decent homes to citizens and improve homeownership rates in the country, which have remained significantly low in urban areas at 21.3 percent as of 2020, compared to other African countries like South Africa and Ghana, which have urban home ownership rates of 53% and 47.2 percent, respectively.
In a related development, Kenyan real estate firms Heri Residences and Finsco Africa recently broke ground in Kiambu County to begin the construction of US$176 million homes. The project, called Legacy Ridges, would add an additional 4,000 homes to the real estate market, which is still struggling to keep up with demand, according to John Mwaura, CEO of Finsco Africa. The project is located on a 200-acre plot of land in Ruiru, off the Thika Superhighway, next to Tatu City. 2,800 of the homes would be two- and three-bedroom apartments, and the other homes would be maisonettes with staff quarters.
