Sh40 billion real estate plan unveiled in Eldoret

A sh40 billion real estate development plan that offers residents the chance to own homes in a secure gated community has been unveiled in Eldoret.

Dubbed Sergoit Golf and Wildlife Resort, the ambitious project set on a 3,100-acre parcel of land, about 15 km north east of Eldoret town, involves the construction of 2,000 villas, shopping mall, three golf courses, private hospital, five-star hotel and an airstrip.

According to Mr Joshua Chepkwony, the chairman of Sergoit Holdings Limited – the firm behind the project, the Sergoit Golf and Wildlife Resort will be built in four phases with each phase taking a year to complete.

The company has set 2016 as the project’s date of completion. “Each of the four phases will cost about Sh10 billion and we expect to finish the first phase in a year’s time,” said Mr Chepkwony, who is also the chairman of Jamii Telecoms.

Mr Chepkwony said his firm was in talks with the Cooperative Bank and Kenya Commercial Bank to fund individuals seeking to invest in the property. He added that the development will be co-owned by directors of Sergoit Holdings Limited and private investors in the ratio of 52:48.

Sergoit Golf and Wildlife Resort, said Mr Chepkwony, is a hybrid of several ideas borrowed from Tatu City, Thika Greens and Migaa Golf Couse in Kiambu.

The first phase of the project will involve putting up 626 villas on a 400-acre piece of land close by the Sergoit Hill. The second phase will involve the construction of an airstrip alongside an 18-hole golf course, and a golf estate with luxury villas on varying plot sizes that will be sold upon completion