VENTURES AFRICA – Four young Kenyan entrepreneurs have staked their fortunes on the high-flying real estate sector to create Sigona Valley, a 30-home multimillion shilling, gated community, in a serene environment in West Nairobi..
The exclusive estate which was launched in March 2012 is currently going through infrastructural installations and is expected to be completed between May and August, next year.
Already, half of the homes have been sold.
Although, the dream of the proprietors of Serene Valley Properties Limited was almost aborted when 12 different banks would not grant loans for the execution of the project. The project was eventually facilitated with secure non-bank, development funds from a Development Finance Institution (DFI), an establishment charged with promoting national development through funding private initiatives.
60 per cent of the project funding was provided by the DFI at a low interest rate, while the young graduates provided the development land as equity.
Mr. Kimiti Wanjaria, Director, Serene Valley Properties Limited, recounted: “We then approached Hass Consult to model and manage the project on a pre-sale basis to raise ongoing funds from buyers’ deposits.”
At Sigona Valley, the young investors have priced the houses to attract the middle-income market segment to an area with significant growth and capital appreciation potential.
The development is offering 3 and 4 bedroom villas in three different hous designs for between Sh12m and Sh16m ($142, 348 – $190, 000), in a tranquil gated community set on 4 acres, a stone’s throw from Waiyaki Way and 5km from Sigona Golf Club.