Vaal Real Estate seeks to boost affordable housing uptake in KenyaNovember 1, 2019
NAIROBI, Kenya, Oct 31 – Vaal Real Estate has commemorated three years in the Kenyan market with investors sharing their plans to provide more affordable housing in high end areas.
Sales manager Pritt Shah told Capital FM News that the initiative is expected to benefit all Kenyans in line with the government’s Big Four Agenda.
Speaking during a Gala Dinner on Thursday, Shah stated that so far, the company has sold over 300 units with the cheapest unit costing Sh5.4 million.
“Today alone for Wilma Towers, from all the previous buyers, we have sold 18 units which has been absolutely fantastic. It is starting at a very small price, Sh5.4 million is our cheapest unit. It was Sh4.9 but all of them have been sold and it goes up depending on the square feet and the number of bedrooms,” he stated.
He pointed out that the initiative is tailored to cater for the needs of all Kenyans and ensure that they have an affordable payment plan.
“Before it used to be a case where you couldn’t buy something within these areas. Now you can. It is as simple as that. Something very affordable for everyone. The payment plan is three years, so you are looking at let’s say Sh100,000 a month, very cheap payment plan,” he pointed out.
Chief Executive Officer Majeed Saad emphasized the need for everyone to take advantage of the initiative.
“Kenya is one of the fast-growing countries in Africa, especially in real estate sector and it is one of the countries that we had planned to open such businesses and we have big plan to go to Ghana in the beginning of next year. So, we have a very being development plan in Africa,” he said.
Amongst the properties by Vaal Real Estate include Wilma Towers and Elite apartments in Kilimani and Divine furnished apartments in Riverside Drive.
It is expected that the initiative will supplement President Uhuru Kenyatta’s initiative to provide affordable housing for all Kenyans in his Big Four Agenda.
The head of state had vowed to implement the construction of 10,000 affordable units before the end of his term in office in 2022.
To help boost financing for prospective home buyers, the government and private investors further started a mortgage refinance company whose aim was to double home loans.