President William Ruto presided over the Ksh.20 billion Starehe Affordable Housing project on Monday, which has been hailed by many as a game changer for slum dwellers.
The Head of State was among the dignitaries who attended the groundbreaking ceremony in Kariokor, Ziwani Ward, Starehe.
The project is being developed by GulfCap Real Estate. GulfCap Real Estate is owned by investment banker Suleiman Shahbal who is also a member of the East African Legislative Assembly (EALA).
Shahbal also serves as the chairman of GulfCap Real Estate, which constructs affordable housing projects in Mombasa and Nairobi.
The Ksh20 billion Starehe Point affordable housing project will be carried out through a Joint Venture (JV) between GulfCap Real Estate and the National Government.
The project is being financed by both local and international investors including regional banks.
“GulfCap Real Estate‘s philosophy revolves around building a lifestyle, not just apartments hence the sharp focus on providing facilities touching on every aspect of the well-being of homeowners,” said Shahbal.
The state-of-the-art facility will include children's playgrounds, a swimming pool, a gym, greenery, sports facilities, community center, Early Childhood Development (ECD) center, outdoor communal recreational facilities, food courts, and many others.
This approach, he added, has earned them numerous awards at Buxton Point in Mombasa, even before the award-winning housing project, which is also being developed by GulfCap Real Estate, is completed.
Buxton Point whose Phase Two is currently on sale was ranked the best real estate developer by the Kenya National Chambers of Commerce and Industry (KNCCI) during the 2022 Mombasa Business Award.
At Starehe Point, the developer intends to build over 6,000 units composed of one, two, three-bedroom and shop typologies. The units will be available for sale starting at Sh1.155 million.
In its agenda, the government promised to support the construction of 200,000 housing units annually, along with the necessary infrastructure for Kenyans living in urban areas all over the nation.
“In addition to creating over 6,000 new homeowners, the project will create thousands of job opportunities directly and indirectly for the people of Nairobi, especially the hustlers,” said Shahbal
He further stated that more than 500 million shillings worth of project tenders would be allocated to the Jua Kali sector, with at least 50% going to women.
“We are grateful for the support that both the National and County Governments have extended towards this project which has also excited our local manufacturing players who will provide us with the required materials for the project,” he said.
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