A modern estate within Makadara

by Harold Ayodo

Private developers are adopting a new design of combining mansions and bungalows within an estate. Banque Villa Estate in Makadara is among such new residential developments.

Players in the property sub-sector say the assorted designs are meant to suit emerging tastes and preferences of prospective homeowners.

The hood that is among developments changing the face of Makadara entails 146 units of two and three bedroom medium and large mansions.

A walk within the new estate reveals an architectural design that provides residents with social amenities — a shopping centre and a nursery school.

Proximity to other amenities like Capital Centre and St James Hospital along Mombasa Road are other advantages.

The Banque Villa, which sits on five acres, is also near Mater Hospital and Jomo Kenyatta International Airport. A nearby police post, availability of water and electricity further increase the value of the hood. Our Lady of Mercy and Highway Secondary School are among the few learning institutions near the estate that is barely two years old.

The estate has a common gate with contracted guards and streetlights to ensure security of the dwellers, most of who are bankers. Unlike most uptown hoods, Banque Villa has no slum bordering it. It has alternative routes to the city centre — either through Enterprise Road, Mombasa or Jogoo roads — to beat traffic jams.

A borehole sank two months ago within the estate could save residents the nightmare of water shortage in the city.

Mortgage scheme

Kenya Bankers Sacco Society chairman Elly Oyugi says the Sacco put up the estate for its members.

"We have a mortgage scheme to enable members own the units at interest rates of 12 per cent payable within 15 years," Oyugi says.

Two-bedroom units sell at Sh3.6 million while three-bedroom ones go for up to Sh4.6million. Large mansions sell at Sh4.9 million. "The prices are far much lower than market rates as they are meant for Sacco members…all the units are en suite," Oyugi says. The estate, however, has entered an agreement with the owners not to sell their units for at least three years.

"We want to maintain the serenity of the area…our agreement with owners have clauses to that effect," Oyugi says.

Agreed period

Construction of the estate took a record 24 months and the developers have acquired an adjacent parcel of land to put up phase two of the estate. "Prospective homeowners like the designs and most units in the second phase already have down payments," Oyugi says. Phase two that entails 150 housing units is set to commence in February and should becompleted within 20 months.

"The demand for the units is overwhelming…the cost of five acres of land in the area where we are to construct has shot to Sh50 million," Oyugi says.

Oyugi says the Sacco received a loan from the Co-operative Bank to construct the estate, which it is sure to repay before the agreed period.