EXPRESSION OF INTEREST - APARTMENT DEVELOPER

$500 MILLION REMITTANCE PLAN

The remittances plan will achieve the mortgages for the following properties:

  • 3,500 Townhouses.
  • 3,200 Apartments.
  • 45 Residential Houses.
  • University Properties.
  • Town Properties.
  • 200 MSMEs Properties.

3,200 APARTMENTS DEVELOPMENT PLAN

The apartments shall be built on 7 plots (Sizes: 4.6 acres, 9.2 acres, 7 acres).

48 acres of the 1,500 acres will be applied in the building of 4 story apartments.

48 Acres Plan: Bulding Footprint,20 acres; Car parking 12, acres; green areas, 16 acres

The apartment’s residents will have access to the University Fields and Parks 69 acres; 47 acres Town Park, 3 School and Fields of 14 acres and other Town Parks on 28 acres.

3,200 Apartments to be developed and estimated budget:

Property Type Size (sq. ft) Price (Ksh) Price (USD)
1 Bedroom 640 Ksh 1,962,500 $13,900
2 Bedroom 1,280 Ksh 2,800,000 $19,800
3 Bedroom 1,280 Ksh 3,250,000 $22,900

NOTE: The estimated budgets may vary based on economic factors and shilling to dollar exchange rates.

DEVELOPMENT APPROACH

There shall be three entities in the developing system as follows:

  • Diaspora University Trust
  • The Developer
  • The Bank

DIASPORA UNIVERSITY TRUST ROLE

The Trust role as follows:

  1. The Master Development Plan of Town. (This is complete.)
  2. The Plan Approval. (Approved as per Kenya Constitution 185 (4))
  3. The Strategic Environment Assessment. (Complete & Approval given.)
  4. Physical Planning. (Completed and approved.)
  5. The Land Allocation for Apartments (Complete)
  6. The Preliminary Designs (Complete)
  7. The Environmental Impact Assessment (EIA) (Ongoing)
  8. The Detailed Designs and Approvals. (Ongoing)
  9. The Construction Finance. (Ongoing)
  10. The Construction of the roads and infrastructure servicing the apartments.
  11. The Construction of the Apartment buildings.
  12. The Apartments registration titles.
  13. The Apartments Management System.
  14. Lease the Apartment at Completion.

APARTMENT DEVELOPER ROLE

The Developer role as follows:

  1. Express Interest (Ongoing)
  2. Apartment Development Agreement Signing.
  3. Open Escrow Account at Bank.
  4. Progressively make deposits in the Escrow Account.
  5. During Apartment Completion have over 20% of the Apartment Development Cost Deposited.
  6. Pay for the completed Apartment Development Cost through Deposited Amount plus Mortgage/Loan issued by bank.
  7. Apartment registered under Developer name. (Developer may opt to sell before registration.)
  8. Occupy, Sell or Lease the apartment. (DU Trust will lease on completion.)

BANK ROLE

The Bank role is as follows:

  1. Open Escrow accounts for the Developers.
  2. Progressively receive the deposits of the Developers.
  3. Give deposit interest.
  4. Give loans to Developers for completed units.

Express Interest for Apartment Development

PROPOSED APARTMENTS PICTURES