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:
- The Master Development Plan of Town. (This is complete.)
- The Plan Approval. (Approved as per Kenya Constitution 185 (4))
- The Strategic Environment Assessment. (Complete & Approval given.)
- Physical Planning. (Completed and approved.)
- The Land Allocation for Apartments (Complete)
- The Preliminary Designs (Complete)
- The Environmental Impact Assessment (EIA) (Ongoing)
- The Detailed Designs and Approvals. (Ongoing)
- The Construction Finance. (Ongoing)
- The Construction of the roads and infrastructure servicing the apartments.
- The Construction of the Apartment buildings.
- The Apartments registration titles.
- The Apartments Management System.
- Lease the Apartment at Completion.
APARTMENT DEVELOPER ROLE
The Developer role as follows:
- Express Interest (Ongoing)
- Apartment Development Agreement Signing.
- Open Escrow Account at Bank.
- Progressively make deposits in the Escrow Account.
- During Apartment Completion have over 20% of the Apartment Development Cost Deposited.
- Pay for the completed Apartment Development Cost through Deposited Amount plus Mortgage/Loan issued by bank.
- Apartment registered under Developer name. (Developer may opt to sell before registration.)
- Occupy, Sell or Lease the apartment. (DU Trust will lease on completion.)
BANK ROLE
The Bank role is as follows:
- Open Escrow accounts for the Developers.
- Progressively receive the deposits of the Developers.
- Give deposit interest.
- Give loans to Developers for completed units.
Express Interest for Apartment Development