Following the signing of a land agreement with Konza Technopolis Development Authority, the National Housing Corporation is set to build 5,000 homes at Konza City in Machakos County.
Konza City, which is a slowly developing technology city in Machakos county will experience a major milestone and will greatly benefit from the construction of the affordable housing.
Apart from Machakos county, NHC has also signed deals with other counties including Laikipia, Murang’a, and Kiambu to construct affordable housing in the respective counties.
In Kiambu for instance, the state corporation has signed a deal that will see the construction of 2,000 affordable homes in various parts of the county.
In Ruiru, the project is expected to deliver 500 units by the end of the year. This will be the first batch. The remaining 1,500 are expected to come up in Kiambu town, Thika, Migaa and other areas.
To cut construction cost, the NHC highly relies on EPS, new technologies, which according to the state company, can save up to 30 per cent on total building costs while reducing the construction period by up to 50 per cent.
The construction will be done in phases, phase one of the Konza Technopolis Urban Residential Housing involves construction of 100 units within the proposed technology city. The project will cost Ksh400 million.
Since the country has been experiencing growth in local and international investors with interest in the development of affordable housing, the project could gain funding from the investors. The investors include UK Climate Investments (UKCI) and FSD Africa Investments (FSDAI) who confirmed a Ksh5 billion funding commitment to a local green affordable scheme.
The venture has so far received 100 per cent of its targeted Ksh9 billion investor backing for the first close making the locally managed fund operational this year.
The targeted 10,000 housing units using green housing technologies will provide affordable ownership and rental opportunities with 100 per cent ownership at an average price of Ksh4.5 million and rentals ranging from Ksh15,000 to Ksh50,000 a month