Karibu Homes, a leading developer of modern, inclusive communities in Kenya, has signed an agreement with Tatu City to enable it to develop over 1,000 affordable homes at the mixed-use, mixed-income development in Kiambu County, Kenya. Backed by US investment, the project’s cost will be in excess of USD 40 million and will provide increased opportunities for local employment in the area.
Karibu Homes’ site, located right on the Kiambu Road, will have 1-3 bedroom apartments with 24-hour security and numerous amenities including basketball courts, a club house and shops. It will be similar in scope to other developments delivered by the company and bring current homes in planning or under construction at Tatu City to over 5,000.
“This is a fantastic addition to the range of housing on offer at Tatu City,” said Nick Langford, Kenya Country Head for Rendeavour, Tatu City’s developer. “Provision of housing for the many, not just the few, is a priority for Tatu City. Karibu Homes will provide an important part of the mixed-income housing we are offering the market.”
Karibu Homes is a leading developer of large scale, great value housing in Kenya. It seeks to set the standard in the region for the development of affordable, thriving communities for hard working Kenyan families and it is well known for delivering quality homes at excellent value for money. Karibu Homes’ activities in the market have helped catalyse the provision of affordable housing within Kenya and its current development, Riverview in Athi River, was awarded Best Housing Development in sub-Saharan Africa at the Africa Property Investment Awards 2017.
“Tatu City is a unique development in a prime location for our target market,” said Ravi Kohli of Karibu Homes. “The pace of development around Tatu City is outstanding and we are delighted to be part of it. Our goal is to develop a flourishing community of decent, affordable homes, providing the best value for money within this high profile estate.”
With a shortfall of around 1.9 million housing units across greater Nairobi and approximately 70 percent being in the lower to middle income segment, Karibu Homes and Tatu City are well placed to assist in providing towards the goal of over 200,000 units per year to meet the shortfall.
Tatu City is a 5,000-acre, mixed-use development with homes, schools, offices, a shopping district, medical clinics, nature areas, a sport and entertainment complex, and manufacturing area for more than 150,000 residents and tens of thousands of day visitors. Schools and businesses are already open at Tatu City, and a range of houses are under construction to suit all incomes. A Special Economic Zone, Tatu City represents a new way of living and thinking for all Kenyans, creating a unique live, work and play environment that is free from traffic congestion and long-distance commuting.