China State Construction Hands Over Phase 1 of Park Road Housing Project

On Thursday, 16^th January 2020, China State Construction handed over the 228 2-bedroom units of the first phase of Park Road affordable housing project in Ngara to the Kenyan National Government.

According to Cytonn Investments, Phase 1 of the housing project consists of 1,370 units and sits on a 7.9-acre parcel of land in Ngara, Nairobi.

With Phase 1 of the project complete, Housing Principal Secretary (PS) Charles Hinga has said that 300 homeowners have so far paid up the 12.5 percent of the total worth of the units.

The 300 will wait for the allocation of the units which will be done through the running of a lottery (timelines not disclosed).

In December 2019, the government published guidelines that would be used in allocating residential units at the Park Road affordable housing project in Ngara.

The units will be allocated through the Boma Yangu Portal upon paying 12.5 percent of the house value as a deposit.

Analysts from Cytonn say that they except continued activities in the affordable housing sphere fuelled by the continued government focus to achieve the target of developing 500,000 housing units by 2022.

“In 2020, we expect the initiative to continue to gain traction with a significant number of potential home buyers registering for the affordable housing units in addition to the implementation of several projects in the pipeline, among them being; 1,142 units Park Road Phase 2, a 3,500 unit project in Starehe, 5,300 units in Shauri Moyo and 2,720 units River Estate in Ngara” a report by Cytonn reads.

The second phase of the Park Road housing project is expected to be completed by June 2020.

Once complete, the project will comprise of 30 SQM 1-bed, 40 SQM 2-bed and 60 SQM 3-bed social housing units selling at 1.5 million, 2 million and 3.6 million shillings, respectively.

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