Kitui Governor’s Press Friday, December 6, 2019,
By Barrack Muli,
Kitui County Government today signed an agreement with Prantex Properties Limited that will see the commencement of the affordable housing project in the county.
Speaking today during the meeting between the county government and the company officials in Kitui town, Governor Ngilu said the plan is aimed at delivering 800 affordable homes to enable residents own homes under the plan.
“Most of our people live in rentals in town. This project will help Kitui people realize their housing plans”. Ngilu said.
She said Kitui was among the counties in urgent need of affordable housing.
She added that locals will be given priority when allocating houses for sale.
The multimillion venture, the first of its kind in Kitui, is set to provide jobs for the youth and affordable home for the locals.
Prantex is the project special purpose vehicle set to undertake the construction dubbed Musyi development.
The company’s Managing Director Alex Kieme said the project will impact the county’s economy through construction jobs and supplies saying the residents will be the chief beneficiaries of the project.
The project is a partnership, where the county will provide land and the company will finance and undertake construction.
The county will be allocated number of units equal to the value of the land.
Mr Kieme said the cost of each unit will range from Sh1.6 million for one bedroom house.
He further said with no ready cash, those interested will access mortgage facility at less than 10% interest rate repayable over a period of upto 15 years.
The development to be done in phases will also see construction of two bedroom and three bedroom houses.
Mr Kieme further said the company had already secured banking finance arrangements for those with no ready cash of less than 10 per cent to be repaid over a period of upto 15 per cent.
The development will have children playground, shopping mall and kindergarten among other amenities.
The signing ceremony at the governor’s boardroom was attended by among others a section of Kitui MCAs, the County Secretary, Kitui Executive Committee Members, Members of the Chamber of Commerce and officials from the municipality.