Real estate developer Mizizi Africa Homes Limited looks forward to a bright 2021. The company expects to complete and hand over several housing projects on Kenyatta Road, Ruiru, within the next 10 months.
Mizizi managing director and chief executive officer, George Mburu, says they have embarked on several projects, most of which will be ready for handover in 10 months.
However, Heritage Phase 1, currently 80 percent complete, will be ready for handing over to the investors by the end of January.
Peacock Phase 1, sold out and now 40 percent complete, will be handed over to the owners in April. It is the real estate firm's biggest and mixed project yet. It comprises seven maisonettes and 21 bungalows.
Mr Mburu describes the maisonettes as "very modern, with a flat roof, a spacious master en suite bedroom (out of four) with a bathtub, an extra private room that can be used as a library or office, and spacious parking."
Mizizi expects to complete and hand over Humming Bird Estate, comprising bungalows, next May.
Peacock 2, similar to Peacock 1, is a mix of bungalows and maisonettes, and comprises 28 units. These are also being currently sold. Buyers have already taken up eight units.
Located next to a police station and 50 metres off tarmac, it is an attractive proposition to investors. Those who buy cash pay Ksh4.5 million, while instalment buyers part with Ksh4.75 million. This project will be ready by September 2021.
Other projects set to be completed in the next 10 months are Heritage Phase 2 and Pigeon.
Should everything go according to plan, Mizizi thus plans to hand over at least six housing projects located on Kenyatta Road, just off the Thika Superhighway.
Of the 16 Heritage 2 units, investors have already bought eight. These are three-bedroom all en suite bungalows selling at Ksh4.25 million cash or Ksh4.5 million on instalment. The estate, located 500 metres off tarmac, is set to be completed by September 2021.
Mizizi handed over the completed Penguin Estate last September, with the owners receiving title deeds for their houses. The houses have already been occupied.
Other projects are ongoing and the real estate firm is optimistic that it will complete some early to mid-next year.
Mizizi's off-plan model, as exemplified by Penguin Estate, won the firm two awards last year. The real estate firm was declared "Most Promising Developer" during the 2nd Annual Real Estate Excellence Awards last August. Then it emerged the winner in "Most Improved Real Estate Developer in the use of digital solutions" category during the 3rd Digital Technology Excellence Awards.
Mr Mburu says all its projects, sold as off-plan houses, are affordable. "Off-plan is the key to tackling the housing shortage," he asserts.
He adds that using the right mechanism and professionals, the housing shortage problem can be solved through the off-plan approach. "This model is key to bridging the affordable housing gap," says Mr Mburu.
He says the housing projects are planned to take 10 to 12 months to complete. Buyers who prefer the instalment route pay a deposit of Ksh1.5 million to secure a unit and make monthly payments to clear the balance over the period the estate is being built.