The private developer offers fully serviced plots, guaranteeing buyers a return on their investment
Located in Isinya, Kajiado County, Moran Ridge is a private estate designed on 43 acres of land. It’s the first phase of the 220 acre piece of land owned by the company.
The estate has 285 fully serviced eighth and quarter acre plots. “We offer amenities that guarantee buyers a return on their investment, including a boundary fence, water (borehole), electricity, gate and gate house, and roads,” says Ken Kahara.
The developer has also offered extra features including a community centre (Moran Park), Kindergarten, and a commercial area comprising of shops, carwash and a clinic. These extra features create an ideal neighbourhood for a dream home.
Furthermore, when you buy into Moran Ridge, you get four free unique house designs – two bungalows and two Maisonettes.
The project, which broke ground in 2016, has had great reception. “People have been very excited about Moran Ridge, particularly those who came in during the construction of the road; they bought on the spot,” reveals Kahara. So far, 50 per cent of the plots are sold out.
The investments which have been put in place so far, according to Kahara, shows the seriousness of the project.
Moran Ridge is ideal for people who want more value out of the investment they make. It also targets those who are currently renting and want to own houses outside the congested Nairobi, in a spacious space where children can play.
The company has formed strategic partnerships with Home Afrika Limited, who are in charge of sales & marketing, and Kara Group Limited, responsible for design and construction.
Controlled development
Moran Ridge is a controlled development that is designed for people who want to build. That’s why; clients are issued with free house designs upon purchase of a plot. However, investors are not limited to those designs, but there are a set of guidelines that they must meet while constructing.
The idea behind the controlled development came from the understanding that the value of land is determined by that of its neighbours. “Making sure people construct the same type of houses means that we are able to maintain the project’s value.”
Home opportunities
“At Moran Ridge, we don’t consider ourselves as selling plots, but homes opportunities.”
The developer has also structured a project that not only retains its value, but also increases in value. This is what prompted the provision of various services that go beyond the basic needs of an estate.
The services are of high quality as explained by Kahara. “While building the roads for instance, we have gone an extra step by excavating the black cotton soil; a process that is quite expensive. We have done the base with hardcore and finished up with murram. The aim is to offer our clients the value addition that comes with quality roads.”
The idea behind this is to make it easier to construct a tarmac road in future, besides, ensuring durability within the project.
“We also extended out another 1.6 kilometres of roads serving the community, besides building dams, as water was a major issue in the area.”
Flexible payment plans
The plots are offered at highly discounted prices and flexible payment plans. An eighth acre plot sells at Sh 795, 000, and a quarter acre at Sh 1.5 M.
Clients are required to pay a 10 per cent deposit, and the rest is spread out over two years. “We are however very flexible, and are able to adjust accordingly depending with clients’ needs. At the end of the day, we want people to own homes.”
Price includes legal fees, stamp duty and title deed.
By ensuring that every plot has a beacon and a title deed, is a 100 per cent money back guarantee that the developer is selling genuine property. This is unlike other players in the industry who sell property, but take a long time prior to delivering title deeds.
Risk measures
The real estate industry is growing at a higher rate this year compared to 2017, especially after the long electioneering period and the handshake. The graph is going up, something that presents greater opportunities. With the implementation of Vision 2030, political stability and the Presidents Big Four Agenda, the market is expected to grow going forward.
Despite these opportunities and developments, Kahara says that there are many things that investors should put into consideration prior to buying property. To start with is doing an extensive due diligence. It involves doing a search on a property that is on sale, site visit and buying land from a genuine company.
There is also the issue of documentation. Filling the right documentation step by step is important to make sure your property is secure. That includes letter of offer, agreement of sale or purchase, land transfer documents, and title deed.
Road ahead
Kahara points out that ability to buy property is the biggest challenge in Kenya, especially now loans and mortgages have become had to secure. It’s therefore upon developers to structure out payment plans to enable buyers to slowly own property.
In regards to this, Moran Ridge plans to build houses and allow customers to rent with the intent of eventually owning the property.
The developer is also big on construction technology and innovative house solutions, with the intention of providing housing at the best prices, while maintaining quality.
“We are currently in talks, through one of our companies, to start constructing 3D-printed houses. We are also considering the steel technology,” offers Kahara.
The idea is to embrace more sustainable construction methods, by moving away from sand and cement, which have currently been overharvested. In fact, some counties such as Kitui have banned sand harvesting.
“We also hope to partner with the government, which is keen in constructing affordable housing in its bid to actualize the Big Four Action Plan. We plan to take advantage of the incentives that the government is offering to private developers to enable them deliver more houses,” concludes Kahara.
