President William Ruto, on Thursday, initiated the second phase of the Buxton Point project in Mombasa, which costs Sh.6 billion.
He also revealed plans to increase funding for housing projects in the country.
The President praised GulfCap Real Estate, the developer behind the project, stating that it aligns with the government’s Affordable Housing initiative.
President Ruto explained that Buxton Phase 2 will include different types of housing, such as social housing, affordable housing, and market units.
For social housing, previous tenants will have the opportunity to participate in the Tenant Purchase Scheme (TPS), allowing them to pay as little as Sh.3,000 over 20 to 30 years.
The President highlighted the importance of the new housing fund created by a recent bill, which will support the TPS program.
He assured former tenants that they would have the chance to live in these new homes.
Furthermore, President Ruto emphasized that affordable housing projects would provide job opportunities for young people, create homes for Kenyan citizens, and contribute to the country’s economic growth.
The housing fund will offer a 3% mortgage interest rate for social housing units, 6% for affordable housing, and 9% for market units.
Mombasa Governor Abdulswamad Nassir pledged that the county’s projects would be in line with the National Government’s Affordable Housing Agenda.
He urged Coast residents to stay united and not be divided by those who may not fully grasp the goals of the affordable housing initiative.
Suleiman Shahbal, the chairman of GulfCap Real Estate and a Member of Parliament, expressed his delight about the Tenant Purchase Scheme (TPS), which has been their goal since the beginning of the affordable housing program.
He emphasized their intention to provide quality living for people, similar to what has been achieved at Buxton Point.
The President also officially handed over the completed Phase 1 of the Buxton Point project, which includes 584 units.
This phase was developed in partnership with the Mombasa County government, which provided the land.
The project boasts amenities like children’s play areas, a basketball court, and a swimming pool, among others.
It’s worth noting that GulfCap Real Estate received recognition as the Most Promising Emerging Affordable Housing Developer in Windhoek, Namibia, further enhancing the project’s global reputation.
President Ruto expressed confidence that the Buxton project is evidence that Kenya can realize its dream of providing affordable housing for all citizens while simultaneously generating jobs and boosting the economy.
Pharmacy And Poisons Board Proposes Licensing Fee Increases Amid Struggling Sector
