South Africa to build multi-billion houses in Nairobi

The development will be set up off the upcoming Ngong dual carriageway.

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The booming real estate business seems to be taking shape each and every day in the country with more investors pumping money in the multi-billion sector.

This could perhaps explain why the country’s housing demand is growing at an overwhelming 150, 000 units annually.

The growing demand for housing has seen a group of South African investors set their sights on putting up a 345-housing unit development in Nairobi’s Ngong Road.

The investors, Eris Property Developers Ltd., said that the development will be at Ngando area off the upcoming Ngong dual carriageway.

Eris is a joint venture between MMI Holdings Ltd (73.75 per cent) and Eris Property Group that owns 26.25 per cent, both of South Africa.

The development will compose of seven nine-storey blocks constructed to host 63 one-bedroom units, 63 three-bedroomed units, 195 two-bedroomed units, and 24 studio apartments.

The housing project will be funded under the investment vehicle Momentum Africa Real Estate Fund that raised Sh25 billion for real estate projects in Mozambique, Zambia, Kenya, Nigeria and Ghana.

National Environmental Management Authority (NEMA) has given the public at least 30 days to present their views on the project.

Eris’ development comes days after Chinese Investors announced plans to set up a 10-floor residential development in Nairobi.

In addition, Eritrea is on the verge of building a 15-floor multi-million luxury hotel in the Kenyan capital.

All these developments are a clear sign of how Kenya tends to stamp its authority as a leader in real estate development in the region.

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