Residential property developer, Rocksand Homes, has launched Phase 2 Plains View estate in Kitengela, targeting the young middle-class population and older home owners with a unit going for Ksh5.5 million.
It follows the success of Phase 1, consisting of 32 stylish three-bedroom bungalows with a contemporary flat roof design that were snapped up primarily by millennials and a few Gen Z homeowners, creating a solid foundation for the second phase.
Among key features that appealed most to young buyers were the affordability of the units, safety, flexibility to customise units and an accessible roof that appeals to modern lifestyles, forming client feedback that the developer said will be used as a guide in phase 2 to deliver an enhanced version of this popular model.
“Our mission is to provide affordable and quality housing solutions for all demographics. Young people today are not just dreamers but proactive investors looking to secure their futures through home ownership. We aim to empower them with modern yet affordable housing options that match their aspirations,” said Rocksand Homes General manager, Ms Raisa Wamai. “More than 80% of phase one owners were millennials and 10 per cent were Gen Z’s- which is a considerable share that challenges us to cater for the dynamic needs of this clientele- the remaining percentage were older customers looking for a second home.”
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The construction of the project will take between 12 to 15 months, maintaining the same price point and unit numbers as Phase 1. The total cost of the Phase 1 project stood at Ksh165 million.
Rocksand Homes leverages its resources and client deposits to ensure timely project completion and quality assurance with customization at the heart of the company’s experience. “Homeowners also enjoy the flexibility to select from a range of interior finishes — including tiles, fittings, and paint colours — while choosing between an open or closed kitchen layout, ensuring that each home reflects their style,” said Ms Wamai.
In its first half of 2024 market Update for Kenya, Real Estate Firm Knight Frank shares similar sentiments where more knowledgeable and demanding clientele, especially the younger first-time home buyers, are becoming more discerning, seeking clear value for money. “Consequently, developers must rise to the challenge, offering unique, high-quality residences that meet the expectations of an increasingly knowledgeable and demanding clientele,” said the Knight Frank market update.
Knight Frank said buyers in Kenya are aligned with global trends where homeowners are increasingly interested in full-service residential buildings. These properties offer amenities, safety, and convenience, appealing to both younger first-time home buyers and older individuals seeking second homes. “This gradual shift in buyer preferences towards properties that provide comprehensive services has outpaced the supply of branded residences in Kenya.,” according to the Knight Frank market update.
Kenya Bankers Association (KBA) Housing Price Index (KBA-HPI) release in May shows homeowners are seeking affordable units due to the harsh economic times – affirming a marked demand uptick within the low-market segment in the last quarter of the year 2023, accounting for 62.3 per cent compared to 48 per cent recorded in the previous quarter.
Over the period, demand for Bungalows remained steady, accounting for 30% of the market share, with a preference for Maisonnetes growing notably to 29.91% from 15.2% in the third quarter.
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