20 February 2013

Kenya: Huge Capital Gains for Early Buyers At Migaa

Early buyers at Migaa Golf Estate have raked in huge capital gains in just two years after the development went on offer.

Land and off-plan home buyers who placed their orders between 2011 and 2012 at the development have seen their properties appreciate in value by between 16.6 per cent and 30 per cent.

An eighth-acre plot, which was initially on offer for Sh3 million, is now priced at Sh3.5 million, a 16.6 per cent gain. A quarter-acre plot cost Sh5 million in 2011 and is now priced at Sh6.5 million, a 30 per cent increase. One-acre plots are also on sale.

"We introduced the eighth-acre plots much later after launching the development when we realised that there were people missing out. Some were young professionals seeking comfortable payment plans while others were parents looking to pay a lump-sum deposit for their children who would then start paying the remainder in instalments," said Christine Wahome, Migaa's marketing manager.

There were only 60 units of the eighth-acre plots, most of which have been sold out.

Construction of houses in the first phase, dubbed Mitini Scapes, is nearing completion as the golf estate becomes a reality. The phase, which master developer Home Afrika Ltd is developing for sale, will have a total 74 units in a mix of cottages and apartments.

"2013 is the year we actualise what we have been selling off-plan. Most of the units in Mitini Scapes are sold out," Wahome said.

One-bedroom units are on sale for Sh6.5 million and Sh14.25 million for a 4-bedroom value cottage. A 3-bedroom cottage with a servant quarter is priced at Sh19.95 million, while a 4-bedroom cottage with SQ is priced at Sh24.95 million.

Wahome said the infrastructure, with roads and a 12km perimeter wall currently under construction, will be fully in place by 2015. Most self-developers are expected to kick off construction before the end of the year.

The development sits on 774 acres in the suburban Kiambu county, 20km from Nairobi's CBD. It is nestled between two rivers and has two natural dams that will be rehabilitated for water sports.

Migaa will have an 18-hole golf course, with holes 10 to 18 all set for completion by December. It will also have sports facilities for tennis, squash, rugby, soccer and basketball, which will be accessible to residents and the surrounding communities.

"We will establish a golf academy but are already training young golfers at the 18th hole which is ready. We are living the promise," said Wahome.

It also includes a commercial centre with a shopping mall and retail spaces, and hotel and conferencing, education and medical facilities.

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