Mizizi Africa Homes, Kenyan local property development company, launched its 18-unit off-plan development located along Kenyatta Road in Juja.
The development dubbed ‘Heritage Estate’ will comprise of 118 SQM 3-bedroom bungalow units selling at Kshs 3.8 million.
Mizizi Africa Homes Operations and Finance Director, George Mburu said the company was responding to rising demand for off-plan units that are affordable in prime and strategic locations.
“The positive uptake of Penguin Estate and rise in number of inquiries shows a large appetite in our projects. We want to meet this demand,” said Mburu on the sidelines of the launch.
Mizizi is banking on its seamless customer engagement model that it said has started bearing fruits.
“Besides affordability, prospective homeowners and investors want assurance that the project will be completed within set timelines and deliver quality results as agreed at the start of the project. We are firming up on our customer engagement model to deliver even better results,” said Mburu.
Heritage Estate is an all ensuite 3-bedroom bungalow that introduces owners to modern luxury living.
“The project translates to Kshs 32,200 per SQM, compared to the Juja market average of Kshs 73,182 per SQM in 2019 as per the NMA Residential Report 2018/2019, attributed to more affordable development land,” according to Cytonn Real Estate.
Cytonn Driven by the heightened demand for affordable housing, satellite towns such as Juja continues to attract real estate investors driven by:
(i) availability of development class land at Kshs 18.5 million per acre, compared to Nairobi Metropolitan Area average of Kshs 139.4 per acre
(ii) infrastructural developments with the Thika Superhighway, enhancing ease of access to the area,
(iii) a growing demand for residential units from the working class from commercial nodes such as Nairobi CBD and Thika Road, evidenced by the annual uptake averaging at 16.6%, and
(iv) attractive returns recording average yields of 5.1%, 0.4% points higher than the residential market average of 4.7%.