Vaal Real Estate seeks to boost affordable housing uptake in high end areas

KENYA – Vaal Real Estate has commemorated three years in the Kenyan market with investors sharing their plans to provide more affordable housing in high end areas, reports Capital FM News.

Speaking during a Gala Dinner, Shah stated that so far, the company has sold over 300 units with the cheapest unit costing KSh5.4 million (US$54,000).

“Today alone for Wilma Towers, from all the previous buyers, we have sold 18 units which has been absolutely fantastic,” he stated.

“It is starting at a very small price, KSh5.4 million (US$54,000) is our cheapest unit. It was KSh4.9 (US$49,000) but all of them have been sold and it goes up depending on the square feet and the number of bedrooms.”

He pointed out that the initiative is tailored to cater for the needs of all Kenyans and ensure that they have an affordable payment plan.

“Before it used to be a case where you couldn’t buy something within these areas. Now you can. It is as simple as that. Something very affordable for everyone.

“The payment plan is three years, so you are looking at let’s say KSh100,000 (US$1,000) a month, very cheap payment plan,” he pointed out.

Chief Executive Officer Majeed Saad emphasized the need for everyone to take advantage of the initiative.

“Kenya is one of the fast-growing countries in Africa, especially in real estate sector and it is one of the countries that we had planned to open such businesses and we have big plan to go to Ghana in the beginning of next year.

“So, we have a very being development plan in Africa,” he said.

Amongst the properties by Vaal Real Estate include Wilma Towers and Elite apartments in Kilimani and Divine furnished apartments in Riverside Drive.

Founded 10 Years ago, VAAL Real Estate aims at reducing the hassle of finding and buying homes.

Its vision is to build better modern homes that are of international, and architectural standards with hopes of becoming the market leader in real estate, which is a fast-developing sector in Kenya that highly contributes to the country’s GDP.

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