Real estate company Rama Homes has announced the launch of a mixed use commercial complex in Kilimani area, Nairobi.
The 20-storey building will entail three and four bedroom apartments with a seven-year payment plan. Each unit will cost approximately Ksh19 million.
Rama Towers, the name of the new building, will cost Ksh6 billion to complete, and construction will start in the next two months.
“This is one of our mega projects, and will take at most three years to be complete,” said Adrash Hussein, assistant general manager for Rama Homes.
This comes at a time when the company has announced completion of all its current projects by 2020, with most being sold out.
In February, the company completed and launched Euromax project in South C, which took two years to construct. The project, which has 50 units of two and three bedrooms was sold out in 2017, even before it was completed.
“Most contractors go for a two year payment plan, that is why all our projects take two years to complete. The Euromax project was sold out at inception, a show of how customer trust with our ability to deliver,” says Hussein.
The company has a payment period of six years for clients, which Hussein confirms has no interest. However, according to Margret Njoki, a sales Executive at Rama, clients can have their own schedule of payments (shorter), depending on their financial muscle.
“We are an Islamic firm so we do not charge interest,” says Ms Njoki.
The firm is also undertaking other projects including Jumeira Heights, Deira Heights and Marina Heights all in Parklands and Gateway Park in Syokimau.
Jumeira has 90 percent of its 103 units sold. It has both three and four bedroom apartments, some with an SQ and others without. Its prices range between Ksh15 to Ksh20 million and will be completed in May this year.
Marina has 80 percent of its 104 units sold even as it nears completion in April 2020. The four-bedroom apartments have a swimming pool and are going for an average of Ksh20 million each.
Phase I of the Gateway apartments will be complete by October 2020, with 90 percent already sold out.
A three-bedroom apartment goes for Ksh8.5 million, but the company has an Easter offer where they are offering a Ksh500,000 discount. Phase II of the project is set to be launched soon.
Gateway Park. [PHOTO/ COURTESY]To own one of the apartments, one is required to pay a 10 percent deposit and a total of 47 percent in two years before proceeding to pay rent to own for the rest of the payment time.
“We decided to venture into the ‘rent to own’ programme to fill a deficit that had been left by banks and other real estate firms. The middle class also was shying away from bank loans that are characterized by high rates that they cannot afford. We came in to fill that gap,” concludes Hussein.