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Housing Finance has unveiled a Kshs 800 million residential and commercial development in Thika town.
The Flame Tree Park development is a gated community consisting of 364 housing units with shops and commercial space fronting the Garrisa- Thika highway all situated on a 10 acre site.
During the handing over of Phase 1 of the project to the developers; Anfield holdings, Housing Finance’s Managing Director, Mr. Frank Ireri said the development is modeled along the concept of an integrated housing settlement, which offers customers access to all amenities at one location.
“Integrated settlements are the future because they create economic efficiency in usage since they bring together all the elements that customer’s demand which is ‘walk to work’ lifestyle, shopping complexes, facilities for leisure and entertainment,” said Mr. Ireri.
Mr. Ireri said the firm has lined up other large-scale housing based projects for financing through it’s building subsidiary, Kenya Building Society (KBS).
“The company is reviewing various large scale housing projects that have capital investment requirements of up to Kshs 1.5 billion so as to meet our medium term target of supplying 30,000 housing units annually ,” said Mr. Ireri.
Housing Finance is forging partnerships with developers, professional firms, land owners and investors for large scale housing developments both within the city and its satellite towns. The company is also involved in preliminary planning for major housing projects in Mombasa, Kisumu, Nakuru and Eldoret.
The housing supply strategy is projected to accelerate the firm’s established presence as a major supplier of affordable housing; spearheading appropriate product development for the informal sector and middle to low income earners. Currently, Housing Finance is providing finance and facilitating developers and buyers for ongoing developments spread across Nairobi and its environs for an estimated 3,400 housing units. Other developments are in the commercial and hospitality sectors. Through Property Point, Housing Finance has established a central dealership avenue for transactions among property vendors, buyers, service providers and material suppliers to improve on efficiencies in supply and acquisition of properties.
Mr Ireri said Thika and other satellite towns bordering the city will continue to attract huge interest from prospective home buyers as owning a home in the city has become a lot more costly.
“As the city and towns expand and traffic congestion becomes a common hindrance, integrated settlements such as Flame Tree will promise a congestion-free living environment within them and help in decongesting our urban centres. They offer enhanced standards of living and ambience at an affordable price,” said Mr. Ireri.
Mr. Ireri urged the government to be more vigilant in enforcing planning guidelines in development of urban areas to forestall encroachment of informal and unplanned development in these towns.
Most of the towns around the city still suffer from lack of continuous development planning and control such as to address the challenges of waste disposal, traffic management, public utilities given the increasing pressures of population growth and urbanization.
“In order to ensure appropriate linkages of infrastructure in such Peri Urban areas with Nairobi, care must be taken to ensure harmony in development and use of available resources,” said Mr. Ireri.
In a bid to decongest Nairobi, the Nairobi metropolitan region strategy proposes to create 15 satellite towns comprising: Kiambu, Limuru, Machakos, Mavoko, Ruiru, Thika, Kajiado, Karuri, Kikuyu, Kangundu, Masaku and Nairobi itself.
The population of Nairobi Metropolitan Region is estimated to reach 12.1 million persons by the year 2030.
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