Safaricom Investment Co-operative launch US$6.4m real estate project

KENYA – Safaricom Investment Co-operative is set to begin the construction of a KSh750 million (US$6.43m) real estate project in Ruaka, Kiambu County to meet the growing need for affordable housing in the county.

Dubbed The Miran Residence, the three-acre urban development nestled in the Western end of the Nairobi Bypass is an integration of modern and sustainable infrastructure and architecture.

The development will comprise of 450 units made up of studio apartments selling at KSh2.75 million (US$23,564), studio lofts at KSh3.9 million (US$33,419), one-bedroom at KSh4.45 million (US$38,132) and two-bedroom apartments selling at KSh5.9 million (US$50,557).

The development includes holistic wellness facilities, a fully equipped gym, a kids’ play area and a jogging track promoting the ever-growing desire for an all-round lifestyle.

“Ruaka is known for its beautiful landscape and cool climate and has an endless array of activities to enhance residents’ everyday lifestyles. The Miran Residence is an ideal investment for people looking to invest in a family home or looking to put up an investment like an Air BnB,” said Safaricom Investment Co-operative CEO Sarah Wahogo.

According to a Hass Consult report released this month, Ruaka solidified its position as the largest supplier of apartments in the satellite towns accounting for 30 per cent of all advertised units.

The commissioner of co-operatives David Obonyo hailed the efforts by Safaricom Investment Co-operative for the role it has played in uplifting the lives of its members.

“Co-operatives have over the years been very instrumental in uplifting the economy of the country by offering desirable investment solutions to their members,” said David Obonyo.

“Despite the difficult period the world experienced during the Covid-19 pandemic, many co-operatives have remained resilient and have continued to grow.

“As a government, we will continue to create a conducive environment through sectoral reforms to ensure that co-operative societies like Safaricom Investment Co-operative continue to grow.”

The Miran Residence is the fifth housing project by Safaricom Investment Co-operative Society. The other housing projects include Ruaka Ridge in Ruaka, BlueBells Apartments in Syokimau, Kantafu Serene Homes in Kantafu and Rongai Villas in Rongai.

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