The sports category has moved to a new website.

South Africa to build multi-billion houses in Nairobi

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

___6795805___https:______static.pulse.com.gh___webservice___escenic___binary___6795805___2017___6___7___9___IMG_5219

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.

ADVERTISEMENT

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.

ADVERTISEMENT

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.

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

10 African cities with the highest crime index at the start of 2024

10 African cities with the highest crime index at the start of 2024

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Machoka at 70: Emotions run high during Citizen TV presenter's birthday [Video]

Diwali 2022: Is Monday a public holiday in Kenya?

Diwali 2022: Is Monday a public holiday in Kenya?

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Akothee finally reveals reasons for separating from Omosh 1 month after wedding

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Man, once a ‘billionaire’, recounts how he lost wealth, now sells his book on streets [Video]

Details of Ngina Kenyatta's luxurious restaurant

Details of Ngina Kenyatta's luxurious restaurant

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Zero Chills! Jackie Matubia's advice for Milly Chebby amid the unfollow drama

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

Nigerian royal dignitaries, including four kings and a queen, expected to attend Museveni’s 50th wedding anniversary celebrations

10 African countries with the strongest military power in 2024

10 African countries with the strongest military power in 2024

ADVERTISEMENT