Real Estate firm, Mizizi Africa Homes Monday announced its Sh. 54 Million off-plan housing project, Penguin Estate, completely sold out within three months after launch.
The company attributes the faster than normal uptake of its units to growing interest and preference in off-plan units over the last quarter of 2019 as customers shied away from costlier finished units on the back of unfavorable economic climate.
“Over the last quarter of 2019 and Start of 2020, buyers have been making cautious real estate investments with many showing interest on affordable projects with higher returns and those that give them some financial freedom,” said Mizizi Africa Homes Finance and Operations Director, George Mburu.
He said prospective homeowners were also looking for high quality finishes and trustworthy developers with clear and open project implementation plans.
Penguin Estate is a 16-unit real estate development that comprises of luxurious 3-bedroom bungalows selling at Sh. 3.2 Million each for cash buyers and targeted at middle income buyers.
Installment buying attracts Sh. 3.5 Million per unit upon paying a deposit of Sh 1.5 Million with the balance clearance in 10 months.
The project is located along Kenyatta road, before Kimuyu shopping center and is just 30 minutes’ drive from Nairobi CBD.
It is the most competitively priced development in Kiambu County with similar projects in the area going for Sh. 5 Million and above per unit.
“Our mission is to empower more Kenyans to own quality and affordable homes. We know most customers are now opting for investments that offer alternative to paying rent, offer flexible payments, higher returns and deliver financial freedom. We want to help them through their journey,” said Mburu.
Construction of Penguin Estate started in October 2019 and is expected to be complete by July 2020.
Over a 10-month construction period, the project attracts an average re-sale return value of Sh. 1.2 million.
“First time buyers can leverage on this opportunity to secure funds and collateral for re-investment in our next projects,” said Mburu.
Foreign investors with interest on re-sale opportunities have also been attracted to this project.