Erdemann Property Limited (EPL), a Nairobi based property development company that specializes in building residential, commercial and industrial properties, plans to put up an extensive residential estate in the Ngara Area of Nairobi County.
The proposed River estate housing development which will sit on a plot measuring approximately 2.302 hectares, is in the neighbourhood of Ngara girl’s high school and is adjacent to the Nairobi River in an area that is predominantly residential.
The development will consist of eight apartment blocks, each having 34 floors in addition to ground and basement floors. On completion, the estate will have a total of 1632 units of housing available to the market.
Oot of the total number of units, 537 units will be three-bedroom apartments while 1088 units will be two-bedroom apartments. There will also be seven units of one-bedroom apartments in the housing scheme. Although the pricing details are still unclear, the project will add to the county’s inadequate housing stock.
Included in the plan are 60 shop units and 875 units of parking spaces to support the expected population of residents.
The River estate housing project will also include the rehabilitation of Jadongo access road which leads to the development. River estate will be one of EPL’s biggest projects since its inception in 2003.
The developer has previously been involved in projects like Metro Fairview Towers, Great Wall Gardens and the Lake Basin Mall in Kisumu as part of its portfolio.
Kenya’s urban markets have a recurrent annual supply deficit estimated at 150,000 units, most of it in Nairobi, while just about 50,000 units are built annually. Much of the housing efforts are now directed at affordable housing needs since a large proportion of Kenya’s urban population are low to middle-income earners.
The government through its recent affordable housing plan, has repeatedly urged investors to take advantage of the huge investment opportunities in the housing sector by creating incentives such as the recent pronouncement by State Department of Housing and Urban Development PS Charles Hinga, to allow developers the opportunity to put up high-end housing in 30 per cent of the allocated land under the government’s affordable housing scheme.
Affordable housing is a core part in the achievement of the government’s Vision 2030.