NAIROBI (Xinhua) --
A Chinese firm is set to help ease the shortage
of middle class houses in Kenya, developers said on Monday.
Chief Investments Officer Elizabeth Nkukuu told Xinhua in
Nairobi that China National Aero Technology International
Engineering Corporation (CATIC) has been selected to construct
409 apartments targeting the growing middle class population in
the capital Nairobi.
“Construction of the
30 million U.S. dollar project began three months ago and is
slated to end in December 2018,” Nkukuu said when Cytonn
released the 2016 Kenya Listed Banking report.
Nkukuu said the
Chinese firm is already ahead of schedule and the project should
be completed in early 2018.
established a reputation of being very competent in executing
large projects in record time,” she said. “We also want to tap
into the Chinese construction industry expertise in order to
ensure that customers get value for money.”
She noted that there
is currently a shortage of houses for the middle and low income
residents as property developers have concentrated on building
houses for the high income earners.
The recent economic
growth has led to the expansion of the numbers of middle income
earners who are seeking to buy or rent modern houses.
According to Cytonn,
most Kenyans prefer to buy houses using their savings rather
than use loans from financial institutions.