The developer of the expansive Greenpark Estate in Machakos County, Superior Homes, has has rolled out a scheme that enables one to purchase a house at Greenpark Estate at a fixed price and to pay for it in installments over a period of up to three years.The product which goes by the name Buy Over the Long Term (BOLT) targets buyers who have good cash flows and who do not wish to purchase property through loans due to the volatile interest rate regime in Kenya.
Superior Homes Kenya Managing Director, Mr. Ian Henderson explained that once a purchaser identifies a plot and chooses a house type off plan, it will be offered to them and the price will be fixed by legal contract. The price will not change in any event including rises in interest rates, increases in the cost of building materials or increases in house selling prices to other buyers. He added that the instalment plan will usually include a deposit payment of at least 10% of the house selling price. The subsequent installments will be calculated to pay for at least 80% of the selling price by month 36.
BOLT will give customers an option of withdrawing from the transaction in case their circumstances change upon giving 30 days’ notice. In this case all the payments will be returned to the buyer in full. This is notable since the Kenyan property market scene is no stranger to fear and insecurities experienced by buyers unable to complete payments within stipulated period thus seeing their hard earned investments being repossessed by developers or banks.SHK plans to manage this fixed price installment product through the advance bulk purchase of construction materials at a fixed price locally and from overseas.
Located approximately 30KM from Nyayo Stadium along Mombasa Road, Greenpark Estate recently rolled out phase 5 of the construction with house prices ranging from Sh9.5 million to Sh35 million.