HomeCretum launches US$25.2m real estate project in Kenya

Cretum launches US$25.2m real estate project in Kenya

Cretum Properties has launched a US$25.2m real estate project dubbed Green Isinya City. The launching was done at the Intercontinental Hotel in Nairobi on Tuesday this week, in the presence of the Managing Director Janet Wanjiru, Chairman Robert Mungai, and Crown Paints CEO Rakesh Rao.

The Green City will be a 5,000 units development on 1,000 acres located in Isinya – a town in the Kajiado County. It is central to the greater Nairobi Metropolis, the proposed Machakos City, and Konza Technopolis. Isinya is one of the fastest growing towns in Kajiado County.

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Construction works for the Green Isinya City project are set to begin within the next two weeks for the planned infrastructure, and then groundbreaking will be done next year February. Firms that will be partnering with Cretum in the project include Choice Microfinance Bank, Utabibu Investment Cooperative Society, Tarda Housing Cooperative Society Limited, Savannah Cement Sacco, and Crescent Takaful Sacco.

The Green Isinya City real estate project is a 150-unit, three-bedroom housing investment.

Private investors will also have a chance to purchase land in the proposed Green Isinya City with individual deposits of 50 per cent of the total cost of a unit. The cost per plot is going at KSh. 700,000 for the first 1,000 plots and Sh. 1.2 million thereafter. Part of the money will be spent on land and infrastructure. The infrastructure is expected to be completed in two years to allow investors to start building their homes.

The development will include construction of access roads within the estate, manicured grass, and a playground for children, a recreation centre, a football pitch, and installation of street lighting. Facilities to be constructed in the city will include office blocks, schools, police stations and high-end eateries.

Part of construction works also includes setting up a sewerage system, and perimeter wall with electric fence. Surveillance cameras and a police station for round the clock security will also be installed as part of the new city project.

Kenya has also witnessed other city construction projects in the recent past, with Tatu City, a mixed-use development already underway from last month. at the cost of US2.5bn. These ventures will allow private investors to take advantage of expanding middle-class economies and demand for housing in the region.

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