Urithi Housing Co-operatives launches Sh1bn real estate scheme in Thika

By SIMON CIURI
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Kiambu-based Urithi Housing Cooperative Society has launched a Sh1 billion residential project in Kilimambogo on the outskirts of Thika town, targeting its 6,000 members. The venture, which will comprise 600 housing units, is funded through the society’s cash reserves, including financing from local banks.

Under the scheme, members contributed Sh355,000 to acquire the land and the sacco will help them secure building loans from local lenders.

Sacco chairman Samuel Maina told the Business Daily on phone that the project seeks to equip members with decent and affordable housing.

“The project stands on 100-acre piece of land. We started the groundwork last month and we have given the project a timeframe of two years to be complete. It will be named City Edge Project,” said Mr Maina.

He added: “Urithi Housing Co-operative Society will act as collateral to our members who want to acquire loans from the banks to develop their plots. We are in talks with Unaitas, K-Rep Bank and Equity Bank for the members to access loans.”

He said the first phase of the scheme is expected to cost Sh300 million and would be completed early next year. “The idea is to acquire more land through our members and start income generating projects that can accelerate the growth of the society,” he said.

Read More Here http://www.nation.co.ke/business/Sacco-launches-Sh1bn-real-estate-scheme-in-Thika/-/996/2395626/-/o6o661z/-/index.html

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2 Responses

  1. Am not a member but am interested with your property.

    • Visit Urithi Housing Co-operative Society website http://urithihousing.co.ke/ for any inquiries. Cheers.

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