By KBC Reporter
HF Group’s property development subsidiary, HFDI foresees a huge uptake in housing units of its biggest real estate project, Komarock Heights, on completion of the Sh 8.2 billion Outering Road project.
The ongoing expansion of the 64-kilometre road scheduled for completion in September 2017, will improve accessibility to 1,272 apartments that would be developed by the company over the next few years.
Already the property development arm has presold 15 percent of 480-units in Phase 1 expected to be complete by March 2017.
“We anticipate the uptake of the housing units to increase with the improved accessibility through the ongoing expansion of Outering Road,” said HFDI Executive Director, James Karanja.
Karanja ruled out the possibility of hiking the price of the housing units usually associated with developing areas.
“The project prices will remain within the current marketed range as we maintain our goal of providing affordable housing,” said Karanja.
Phase 1 of the Sh 7.5 billion project comprises of a mix of two and three bedroomed units totaling 480 apartments targeting the largely inclusive middle income population.
The project whose ground breaking was presided by President Uhuru Kenyatta in August 2015 is one of a kind in Eastlands, with passenger lifts in each apartment block, children’s play area, ample parking, excellent finishes, borehole water and dedicated day and night security.
HF Group’s biggest real estate project since Buru Buru in 70’s is located in a prime enclave with educational facilities in close proximity and the Komarock Mall, commonly known as K-Mall, 300 metres away, housing Tuskys supermarket, banks, eateries and Aga Khan University Hospital full-service clinic.
“There is a huge demand for housing, particularly decent, affordable housing. HFDI aims to roll out 10,000 housing units for sale annually by the year 2020,” said Karanja.
Majority of the current and upcoming projects undertaken by HFDI are under joint venture partnerships with select land owners. However, Komarock Heights is developed on the remainder of land that HF Group still had for development.
“A lot of customer feedback is taken into consideration during the project planning and design stages to ensure that as we strive to bridge the current housing shortfall, customer interests are taken into account,” he adds.