President Ruto commissions Mzizima Housing Project, Tononoka, hands-over Buxton Housing Phase I
President William Ruto earlier today commissioned the Second Phase of the Sh6billion Buxton Point Housing Project in Mombasa as he announced plans to enhance funding for housing projects in the country.
Speaking at the groundbreaking ceremony, the Head of State commended the developer of the project, GulfCap Real Estate, saying the initiative is in line with the Affordable Housing agenda that his government is spearheading.
At the same time, besides commissioning Mzizima Housing Project and Tononoka, Ruto handed over Buxton Housing Phase I.
Ruto said that Buxton Phase II will involve both social housing, affordable housing and market units.
He poined out that for the social housing units, the former tenants will be granted Tenant Purchase Scheme (TPS) program that will allow them to pay from as little as Sh3, 000 for between 20 to 30 years.
“I am here today to tell you the former tenants that you will have the opportunity to live here. It has been possible because we have passed a bill on housing fund. The kitty will allow us to issue TPS. We are going to fund the TPS.” President Ruto said.
The President, who also broke ground for the neighbouring Mzizima Estate, said the affordable housing projects will allow the youth to get jobs, and create homes for
Kenyans and help in boosting the country’s economy.
Ruto said the housing fund will offer 3 per cent mortgage interest for social housing units, 6 per cent for affordable and 9 per cent for market units.
Mombasa Governor Abdulswamad Nassir promised that the county projects will align with the Affordable Housing Agenda of the National Government.
He urged Coast residents not to be divided by people who do not understand the affordable housing agenda.
GulfCap Real Estate chairman and EAL MP Suleiman Shahbal said he was delighted to have the Tenant Purchase Scheme (TPS), saying it was the intention since they started the affordable housing program.
“My intention is to have our people live in a good place and enjoy a lifestyle like the one we have built here at Buxton Point. We have gone through difficulties here, but today this project has been a benchmark for other developers.” He said.
The president also officially handed over to the owners the completed Phase 1 of the Buxton Point which has 584 units.
The 584 units were built in partnership with the county government of Mombasa, which provided the land.
The project includes amenities such as children’s play areas, a basketball court, and a swimming pool, among others.
The Sh6billion project has attracted global attention after GulfCap Real Estate was awarded the Most Promising Emerging Affordable Housing Developer title in Windhoek, Namibia.
President Ruto said the Buxton project is proof that Kenya can attain its dream of delivering affordable housing to every citizen while at the same time creating jobs and growing the economy.
