In Summary
  • Rama Homes’ entry is, however, backed with an Islamic financing model- the diminishing Musharakah.
  • The apartments will be served by an elevator and a stand-by power generator, and parking space for two cars. A bore-hole on-site will come in to complement county government water supply.
  • The location is ideal for people working or doing business within the city.

Developer Rama Homes Limited has broken ground for its Sh4 billion Gateway Park in Syokimau. A residential development, it features eight blocks of three-bedroom apartments, each six-floor high.

Rama Homes’ entry is, however, backed with an Islamic financing model- the diminishing Musharakah.

“This is an Islamic financing concept where the developer and the homebuyer partner in getting the unit done, then the customer will slowly pay back the cost in six years,” said Mr Adrash Hussein (inset), Rama Homes’ sales manager.

In Musharakah, the price does not change and there is no interest charged, he added.

“Construction of Gateway Park phase one commences immediately and is expected to be complete in the next two years,” he said. Each of phase one and phase two of the development will feature 256 units, respectfully.

The estate will feature a swimming pool, a football ground, a basketball court and a children playground. Other earmarked amenities include a fitness centre with gym, spa and sauna, a small shopping centre, a social hall for parties and meeting, and a lounge area.

“This is a concept used in Dubai to create residential communities within major cities. It is our first time to replicate this in Kenya,” said Mr Adrash.

The apartments will be served by an elevator and a stand-by power generator, and parking space for two cars. A bore-hole on-site will come in to complement county government water supply.

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