Leleshwa Homes, a company associated with the Aberdare Hills Golf Resort in Naivasha, is putting up a multi-billion mixed development in the area.
The real-estate developer said it is targeting middle-income buyers seeking a holiday home or investment in Naivasha property market.
“We are targeting both first-time and second homeowners who may fancy owning a holiday house or commercialise the property. As you are aware, Naivasha is big as a conference hub and tourist destination,” said chief executive Mungai Njoroge.
The developer said the estate would have 500 houses, club house, leisure park and commercial buildings on 100 acres.
Infrastructure development on the project has begun and the houses will be put out in three phases. The project is expected to be completed in mid-2016.
Leleshwa plans to build 144 houses in the first and second phases and 212 units in the third and last phase.
The bungalows are priced between Sh8.2 million and Sh9.2 million. Two-bedroom units will go for Sh8.2 million, three-bedroom houses will be sold at Sh8.6 million and four-bedroom at Sh9.2 million.
Mr Njoroge said his firm is looking for investors to put up a hotel, offices, a retail mall, health and education facilities and had set aside land for the purpose.
The company, he said, would use debt and equity to finance the mixed development. However, he declined to reveal the value of the project.
Naivasha is becoming a magnet for luxury estates, one of its attractions being the town’s proximity to Nairobi. The Sh120 billion Aberdare Hills Golf Resort, Longonot Gate and Osotua Villas are some of the high-end estates coming up in the area.
Property analysts expect the growth of golfing estates to continue due to rapid expansion of Nairobi which is pushing projects that require large tracts of land to the satellites.