Real estate developer targets middle income class

Nairobi; Kenya: Property developer Lifestyle Apartments has launched a multi-billion-shilling investment in its bid to tap into the growing middle class population and bridge the huge housing gap in the country.

Kenya Property Developers Association (KPDA) and property firm HassConsult, in a joint report launched earlier in the year, notes that in 2013, only 15,000 houses were planned and approved for building, against a demand of 200,000 housing units per year.

This translates to 7.5 per cent of the demand, exposing an acute shortage of housing for the growing middle class in urban centres.

The Sh1.6 billion gated community project, dubbed, Lifestyle terraces, affirmed it seeks to play a big role in decongesting Nairobi city by developing alternative and secure living at affordable rates. In the plan, the developer is bringing to the market a mixture of three and two bed-roomed apartments to suit the needs of expatriates and middle-level managers.

Once complete, it will comprise a total of 310 unit apartments, of which 230 will be two bedrooms and the remaining 80 will be three-bedroomed luxurious units.

According to the developer, Peter Karoki, the two-year project to be financed by Kenya Commercial Bank will be constructed in three phases.

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