Developers raises Sh1.3 billion in Nairobi housing project sales

Clay City Developers chairman Matu Wamae. FILE PHOTO | NMG

By BONFACE OTIENO
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Summary

• Clay City Developers Limited has sold about six percent of its 5,200 affordable houses located at Clay City on Thika Road in Nairobi, raising Sh1.3 billion from the sale.
• The Clay City project, which sits on 36 acres is being built through a joint venture between Housing Finance (HF) Development and Investment and Clay Works Limited.
• The Sh11 billion project is being funded by a mix of debt, equity from foreign funds and contractor financing.

Clay City Developers Limited has sold about six percent of its 5,200 affordable houses located at Clay City on Thika Road in Nairobi, raising Sh1.3 billion from the sale.

The Clay City project, which sits on 36 acres is being built through a joint venture between Housing Finance (HF) Development and Investment and Clay Works Limited.

The Sh11 billion project is being funded by a mix of debt, equity from foreign funds and contractor financing.

“There are about 333 two-bedroom units in the first phase of the project that have been sold. A unit is going at Sh3.9 million,” Clay City Developers chairman Matu Wamae told the Business Daily.

The housing project consists 1,560 three-bedroom units selling at 4.6 million each and 2,080 two-bedroom houses selling at Sh3.9 million each.

There are also 780 one-bedroom units each selling at Sh2.4 million and 780 studio units selling at Sh1.5 million.

The project will be built in five phases. Work on the first phase of the project will run for 24 months, with the entire project set for completion after five years.

“Clay City has an advantage because it is close to major learning institutions situated along Thika Road, which also offers convenience in accessing the city centre, Industrial Area and is also a route out to the rural homes of many Kenyans,” said Mr Wamae.

HFDI is a wholly owned Property Development and Investment subsidiary of HF Group incorporated in 2013.

In the recent past, HFDI has developed estates like the 1,272 units in Komarock Phase 5A and 5B, Buru Buru, Precious Heights in Riruta Satellite and Kahawa Downs on Thika Road.