Safaricom Investment Cooperative Targets Diaspora Investment for KSh 1 Billion Mlolongo Housing Project
The project of 300 housing units which is being put up in partnership with the Co-operative Bank, will take place in two phases and is expected to be fully completed in 2015.
The Safaricom Investment Co-operative is targeting diaspora funding to take an interest in its flagship KSh. 1 billion housing project in Mlolongo dubbed Blue Bells Gardens. Blue Bells Garden is the Co-operative's first housing project and the only one of its kind in Mlolongo.
The project of the 300 housing units which is being put up in partnership with the Co-operative Bank will take place in two phases and is expected to be fully completed in 2015.
The 1st phase will see the construction of 160 units houses with the remaining 140 coming up in the 2nd phase. Once completed, the houses will range from KSh. 6.6 million for a 3 bedroom unit and KSh. 5.6 million for a 2 bedroom house.
There is a growing need for good quality middle income housing and the real estate sector in this country has continued to be a lucrative area for investment. It is therefore quite heartening for me to see that the SACCO has put in place a robust plan to reach out to the Kenyans in the diaspora in order to mobilize more capital to achieve the long term goals of the institution. Mr. Bob Collymore - CEO of Safaricom Limited
Speaking during the ground breaking ceremony, the chief guest Mr. Bob Collymore, CEO of Safaricom Limited commended the Investment SACCO for taking steps to diversify its funding sources as it seeks to realize the long-term goals of its members most of whom are Safaricom Staff.
Blue Bells Gardens is a top residential facility nestled along the busy Nairobi - Mombasa Road Highway and ICT center. It will have a world class health care facility and a commercial center. When coming up with the concept for this project, one of our guiding considerations was to ensure that we factored in the space requirements so as to make it attractive for young families. Ms. Mackrine Abukah - Chairperson of Safaricom Investment SACCO
She urged the non-Safaricom staff members to consider investing with SIC in order to nurture the saving culture. Currently, the total SIC asset base by end of 2012 stood at KSh 503.78 million up from KSh 273.13 million in 2011.
The development which is targeting middle to upper income earners working in Nairobi and Machakos counties is meant to address the rising demand for gated community housing.