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Safaricom Investment Co-operative (SIC) has launched a Sh2 billion real estate development project in Kiambu county, targeting the upper middle-income market segment.  

The project, a gated community dubbed Zaria Village, consists of 331 quarter-acre serviced plots which will be retailing at Sh6.95 million per plot and expected to be significantly built up by 2021.

SIC will, however, not be involved in the actual building of the houses but will sell the quarter-acre plots to clients who will then build the houses themselves choosing from a list of four pre-approved designs comprising of mansionettes and villas. 

Speaking during the project launch in Nairobi, Chairman, Peter Gichangi, said the project would offer the plots at below market prices since the goal was to empower clients as opposed to making profits. 

Spend the money

“We identified that we could give more value to clients by helping them invest in this project,” he added.

Peterson Mwangi, a Zaria Village Director, said the co-operative will spend the  money on land and infrastructure such as roads, street lighting, water, power and storm drains.

“We believe that we are in the right market. These are people who really want to own their own homes. With about Sh17 million, you have a house you can go home to. We have financiers who can help you achieve that,” he said. 

Mwangi said Zaria Village, a joint venture between SIC and Palm Ridge, has partnered with four banks, namely KCB Bank, Commercial Bank of Africa, Bank of Africa and Co-operative Bank to offer loans to clients seeking to put up houses in the village. 

The project, which marks 10 years of SIC’s existence, is open to both members and non-members and is offering a five per cent discount for early buyers.