LAPTRUST County Provident Fund (CPF) has rolled out an affordable housing project in Kisumu which is set to develop 1,394 housing units.
The Sh3.8 billion project at the old Anderson-Ofafa estate will be completed and ready for occupation in 48 months.
Located along Ngumbi road in Kisumu City, the project according to the architect Peter Wasilwa, will comprise 108 one-bedroom units, 717 two-bedroom units and 96 three-bedroom units.
The units, he said will be sold at an introductory price of Sh1.5 million (one bedroom), Sh2.5 million (two bedroom) and Sh 3.5 million (three bedroom).
For the one-bedroom units, he said priority will be given to the about 200 people who resided at the old estate.
The project, he added, will also come with premium two-bedroom and three-bedroom units to be sold at an introductory price of Sh3.5 and Sh4.5 million respectively.
As part of the scheme’s Corporate Social Responsibility, Wasilwa disclosed that the design also has 92 shops earmarked for the former residents to do business.
LAPTRUST/CPF Chief Executive Officer (CEO) Hosea Kili said the scheme has developed a relocation plan for the about 200 persons who occupied the old estate.
The scheme, he said has a diversified investment portfolio that includes affordable housing, as a way of unlocking value on existing properties across various counties.
Speaking during the unveiling of the programme on Thursday, Kili said housing presents an opportunity for pension funds to provide decent and affordable housing, stimulate economic growth and spur industrial growth to create job opportunities.
He urged the government to partner with pension schemes to help achieve affordable housing programs in the country.
“LAPTRUST/ CPF and other pension schemes have money which can be used to roll out this program so that government resources can be channeled towards other sectors and service delivery,” he said.
Kisumu Governor Prof Anyang Nyong’o said the project was in line with the county government’s affordable housing and urban renewal programmes.
Other old estates, among them Makasembo, Argwings Kodhek, Arina and Lumumba, he said will be flattened to pave way for vertical development of affordable units to meet the growing city’s housing demands.
He cautioned those opposed to the urban renewal programme through filing petitions in court that their days were numbered.
The county government, he added, has developed standard operating procedures for processing development applications to streamline operations in the building industry.
The Land Development Bill 2020, he said has been finalised and will be tabled before the County Assembly for debate.
“This bill when enacted will bring down all buildings that were constructed in Kisumu County without following due process of approvals. All in the spirit of making the built environment work towards safety and structural integrity of the buildings,” he said.
Kisumu City Physical and Land Use Development Plan, he added, has been developed to offer a spatial development framework for the urban area.
To support the President’s Affordable Housing agendum, the county government, he said was keen on enacting strict measures to regulate land costs and rates.