13 February 2013

Kenya: Housing Union Plans Sh150 Million Building Spend

A Kitale-based housing co-operative society has set aside Sh150 million for investment in commercial buildings in the North Rift town.

Club 100 Housing Co-operative Society chairman Lucas Njogu said the society has acquired a plot next to Suam Supermarket at a cost of Sh7 million.

The 100-member co-operative also bought another plot near the town's Nyayo market - which it owns - at Sh6.5 million. Nyayo market was the union's flagship project in real estate.

Construction of two buildings is estimated to cost about Sh75 million each. Each member will be allocated space in either of the buildings which they will be free to let or put to their own use, according to Njogu.

"Demand for commercial buildings in Kitale town is high and that is why the society is working tirelessly to acquire more plots and invest in housing in this town," he said.

The union broke ground yesterday for to kick off construction at the two sites. The buildings will have parking space and are targeting the huge demand from universities and colleges setting up campuses in the town.

"The society is committed to empowering the members economically and turn Kitale town into a prosperous business zone," said Njogu. The union called upon Kitale Municipal Council to open up road networks in the local authority to woo more investors.

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