03/09/2026
KSh 123.5M: APARTMENTS vs MMF vs TREASURY BONDS
If you had KSh 123.5M to invest, where would you put it?
APARTMENT DEVELOPMENT
G+8 | 2,745 m² | 50 units
34 One-Bedrooms + 16 Bedsitters
Construction cost @ KSh 45,000/m² = KSh 123.525M
Apartment rental income: ~KSh 16M/year
Plus potential capital appreciation
MMF @ 10%: ~KSh 12.35M/year
Treasury Bonds @ 13%: ~KSh 16.06M/year
Interestingly, the apartment development generates almost the same annual income as a 13% Treasury bond, while giving you an underlying physical asset with potential for appreciation.
The real question: Would you rather own the asset or simply earn the yield?
