What the construction of Musikoma-Kanduyi Highway means to the real estate industry in Bungoma Part 1
The County Government of Bungoma recently made a major announcement about its commitment to ensuring infrastructural development in Bungoma by upgrading the Musikoma- Kanduyi which is part of the Mumias road into a dual carriage highway that will not only help to ensure decongestion of Bungoma CBD especially during peak traffic hours but also give the entire Bungoma town the facelift it desperately needs.
This move is likely to have a big impact on the real estate industry in Bungoma in different ways. One of the likely impacts is the price of properties in the different estates that make up Bungoma.
Just like was the case when the government made the big announcement to award the then Kibabii College a charter to be a full-fledged university, property prices are expected to soar. Another impact is that this move is likely to attract more people who may want to be part of the action in the fast-growing Bungoma town.
The first part of this article looks at the likely impact of the just launched Musikoma-Kanduyi highway on the real estate industry paying special attention to three states in Bungoma:
Musikoma is comprised of such areas as Romima, Ruth’s and the St. Damiano Hospital Bungoma Area. The dual carriage highway is expected to begin at Musikoma junction. Musikoma junction is just about 2km from Bungoma town CBD.
Musikoma junction is pivotal to the whole project because it helps connect the Mumias road to Busia town through such places as Wekelekha and Kimatuni. Musikoma real estate has previously attracted many people.
While some have primarily looked at it as ideal for personal residential development, many have acquired pieces of land and gone for commercial residential real estate investment. It is not uncommon today to see quite a number of apartments in this part of Bungoma.
Musikoma is also recognised for the important role it plays in education in the county having such educational institution as Nabongo Teachers Training College. Generally, the price of a plot of land measuring 15000 sq feet ranges between Ksh. 450 and Ksh. 10m depending on location. With the coming of the highway, the demand for plots of land is likely to rise affecting prices in the same way.
Mjini estate in Bungoma is one of the fastest growing estates. Property is on high demand and this is expected to further rise with the advent of the Musikoma-Kanduyi highway. Mjini is one of the estates that are likely to benefit in a big way from this highway especially as far decongestion is concerned.
From Musikoma, the highway is marked to follow Mumias road all the way the Bungoma CBD through Mjini, Mashamabani , Marel estates and finally Kanduyi. The recent past has seen the enthusiasm in real estate investment in this estate with such developments as Nzoia Sugar Ville Appartments, Khalaba Apartments and the recently finished Executive apartments.
The story is the same as far commercial as real estate development goes. Real estate investors are keen on investing in Mjini now more than ever. Undeveloped plots of land are in very limited supply in this estate.Prices however, for plots of land measuring 15000sq feet (50*100) range between Ksh. 600,000 and Ksh. 12m depending on location and suitability for either residential or commercial development.
Chepkube is the hub for small scale traders in Bungoma comprised of majorly Mtumba, cereal and vegetable traders and sellers. This estate is hit most by congestion during peak traffic hours. It is the most likely to benefit from the decongestion that the Musikoma-Kanduyi highway will bring to Bungoma town.
The worst and highest traffic days are Fridays because this is a market day in Bungoma town. Chepkupe estate is a busy estate being a commercial hotbed in Bungoma. Owning property in this part of Bungoma not only assures you a decent return on your investment in terms of rents collection but also guarantees you the fastest property appreciation rates in the entire of Bungoma.
Chepkube estate is also ideal if you are interested in doing business in Bungoma as the large number of people give you a ready market for your products and services. Some of the well-known business establishments in this part of Bungoma town include the famous Flying Wings Hotel, the newly constructed and busy Jay Maharaj Hawdware and Green Hardware.
It is not uncommon to be blocked by the many trucks that bring in and take out commodities in Chepkube. It is almost impossible to find empty plots of land in this part of Bungoma town. Property in this part is by all definitions hot and range between Ksh. 1m and 50m.
These prices depend on whether you are purchasing an undeveloped plot of land or already developed property.These will only rise further with the coming of the highway.
This is a small price to pay considering the quick return on investment that follows thereafter.
It is no doubt that the prices of property in Bungoma will increase with the construction of the Musikoma-Kanduyi highway. This article article has focused on three estates likely to be most affected by the highway.
Be sure to read part 2 of the same article which will deal three more estate; Mashambani, Marell and Kanduyi.