Firm to put up Sh2 billion affordable housing units

Bamburi Greenview Apartments showhouse in Mombasa County, April 24, 2024. [Kelvin Karani, Standard]

A private construction company has launched a Sh2 billion affordable housing project in Bamburi, Mombasa County, which will see the construction of over 500 units.

The development will feature one-, two-, and three-bedroom units within a gated community, spanning a five-acre parcel of land in this fast-growing area.

During the groundbreaking ceremony over the weekend, Fairdeal Properties’ Head of Sales and Marketing, Vin Patel, stated that the project would be developed in three phases, with completion expected in three and a half years.

“Phase one kicks off immediately and will consist of 200 units. The subsequent phases will commence as soon as the first is finished. The entire project will be completed in three and a half years,” said Patel.

Located adjacent to the Bamburi Palm Villas and opposite Braeburn International School Bamburi, the project aims to offer home buyers several amenities, including a swimming pool, children’s play area, and a clubhouse.

“The goal is for Bamburi Greenview Apartments to become the desired affordable housing scheme in Mombasa, offering attractive returns for investors and a home to be proud of for first-time home buyers,” Patel said.

A one-bedroom house will cost Sh2.35 million, with buyers required to pay a Sh300,000 signing fee and a Sh530,000 deposit upon breaking ground. Buyers interested in two- and three-bedroom apartments will pay Sh3.49 million and Sh4.39 million, respectively, with a signing fee of Sh500,000 and deposits of Sh710,000 and Sh890,000 upon breaking ground. The remaining amount will be paid in monthly instalments of Sh38,000 over 40 months.

“There will be 68 one-bedroom units at Sh2.35 million each, 182 two-bedroom units at Sh3.49 million each, and 278 three-bedroom units at Sh4.39 million each, totaling 528 apartments. The project is expected to cost around Sh2 billion,” said Patel.

This Fairdeal project follows Buxton Point as a pioneer in Mombasa's affordable housing program, which began with the construction of 2,000 housing units at a cost of Sh6 billion.

Patel noted that the project will significantly contribute to the country’s growth and create job opportunities, with the company planning further projects in Mombasa, Nairobi, and Naivasha.

Marketing Manager Avin Bhat said they are in discussions with financial institutions to offer financial support to customers.