Safaricom Sacco unveils Sh1 billion housing project in Mlolongo

By Fred Obura
Safaricom Investment Co-operative has unveiled Sh1 billion housing project on a five acre parcel of land in Mlolongo.
 The 300 housing units dubbed, Blue Bells Garden will be constructed in two phases. They will be completed in 2015.
The project will be financed through a partnership with Co-operative Bank
Speaking during the ground breaking, Safaricom Chief Executive Officer Bob Collymore said the first phase will be ready in September 2014, while the second phase will be ready at the end of 2015.

“SIC has planned to invest more than Sh1billion in the entire project with the first phase having 160 units and the second phase having 140 units,” said Collymore yesterday.
“These houses will be a mix of two and three bedroom units and will contribute towards reducing the 150,000 housing deficit that the country experience annually.”
The project will also accommodate a commercial centre to serve its residents.
The development, which is targets middle and upper income earners working in Nairobi and Machakos counties is meant to address the rising demand for gated community housing around the country.
“This project is meant to bridge the annual housing deficit in Nairobi, while meeting the rising demand for gated communities,” said Mackrine Abukah, SIC Chairperson.
Abukah said that the pricing of the houses will range from Sh6.6 million for three bedroom and Sh5.6 million for two bedroom units respectively.
SIC will be rolling out similar projects targeting Kenyans in the Diaspora to enable them to effectively participate in the real estate space in Kenya.“As SIC we intend to raise Sh1 billion capital by the end of 2015 and already have various programs in place to achieve this.” she said. The other planned areas of investment include development of affordable housing, value addition in agricultural produce and student accommodation projects.