Property developer, Lifestyle Apartments has launched a Sh 1.6 billion investment to tap into the growing middle class population that is facing acute shortage of housing.
The developer plans to build a total of 310 affordable and luxurious two and three bedroomed units over the next two years at a cost of Sh 4.5 and 5.8 million each.
The gated community project, Lifestyle Terraces, is financed by Kenya commercial bank and will be composed of 230 two-bedroomed units and 80 three-bedroomed units.
The developer, Peter Karoki said once complete, the project will meet sophisticated needs of the growing middle class population who have expressed touch of class in finishes and designs.
“Salient features of these units are polished granite kitchen tops, inbuilt television points, high quality finishes and spacious elegant rooms. Perfect for expatriates and middle level managers,” said Karoki.
The project will be strategically located near jomo Kenyatta International airport(JKIA), Syokimau railway station and the newly built Gateway Mall along Mombasa road.
Kenya’s real estate sector has witnessed significant growth over the past decade, attributed to stable macroeconomic conditions and improving infrastructure.
An increase in economic activity and income levels has also stimulated property developers in all the major urban centers in the country to invest in residential and mixed-use projects.
However, 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 centers.
