Acorn Holding – a property developer is launching a 3591- room hostel on a five-acre plot in Karen.
The move is said to have been motivated by the presence of students from the Catholic University of Eastern Africa.
Environment impact assessment fillings by the firm noted that the plot was acquired from the university. Acorn fully owns the subsidiary Spruce Properties LLP will implement the Sh1.89 billion project.
“The parcel of land was acquired from CUEA with he sole understanding that it be developed into students hostels as the university had previously intended,” said Spruce in the Nema filings.
“The proposal is to develop the property into two residential brands, namely Qwetu and Qejani incorporating amenities blocks and a retail block, which will serve the students within the property.”
Acorn known for building student’s hostels including Qwetu and Qejani said the project in Karen would be completed in the next two years.
It will also comprise fo nine residential blocks facing Bogani road with three other blocks to be developed fronting CUEA main campus.
Acorn charges between Sh15,000 and Sh16,500 for a room on the premium Qwetu brand, and between Sh7,500 to Sh12,500 under the Qejani brand.
The collaboration between the university and the private property developer may be a solution for institutions for colleges that experience perennial student accommodation problems but lack the finances to build hostels.
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The projecting is targeting to accommodate more than 19,000 students in the are drawn from the CUEA (5,158), Kenya School of Law (605), Multimedia University (4,632), Co-operative University (3,724), Jomo Kenyatta University of Agriculture and Technology Karen (5,000), Tangaza University College (501) and Marist University’s 255 students.
The developer is building the bespoke hostels around Nairobi, targeting the underserved housing market.
It has already completed projected under Qwetu brand, Parklands, Jogoo Road, Ruaka, and Madaraka.