NAIROBI, Kenya, Mar 21 – Pan-African housing development financier, Shelter Afrique and the Investment and Development subsidiary of HF Group, HF Development & Investment Limited (HFDI), have completed the development of the multi-million-shilling property development.
Richland Pointe apartments located along Kamiti Road in Kiambu County, are developed under a joint venture vehicle, Richland Development Limited, between HFDI and Richland Dam Estate Limited.
Under the arrangement, Richland Dam Estate Limited provided land where the project sits on whilst HFDI provided equity equivalent to the land and Shelter Afrique provided debt to the tune of Sh700 million.
“In 2012 Shelter Afrique approved KSh 647 million to HF Group for the development of 165 units in Komarock Phase 5A. A further KSh 930M was advanced to HF Group for the development of Komarock Phase 5B and K-Mall,” said Shelter Afrique Chairman Daniel Nghidinua Nghidinua was speaking at an event to officially launch the project with HFDI following its completion.
Shelter Afrique Managing Director & CEO Andrew Chimphondah said the challenge now was for developers and financiers to come up with housing models that would address the middle to lower end of the market.
“KSh8.5 million or Sh9.5 million is still way up there and is out of rich for manKenyansns. As developers and financiers we need to think of how do we bring down housing costs to below Sh4 million- and its achievable,” said Chimphondah.
HF Group Managing Director Robert Kibaara said that HF is committed to making affordable home ownership possible for Kenyans, adding that the Group is currently running a property sales promotion dubbed Shika Nyumba na HF, which seeks to make existing properties even more affordable to potential buyers locally and in the diaspora.
“We have reduced prices up to 30 percent on some of our properties in various prime locations in Nairobi and its environs. These include properties owned by HF and those belonging to developers whom we have financed. Our ambition is to make home ownership a reality for the middle-income market segment,” Said Mr. Kibaara.
In addition to the discount offer, HFC, HF Group’s banking arm will extend financing options to prospective buyers.
The property comes with lifts, backup generators, secure boundary walls and is well oriented on sloped terrain to give a pleasing view of the spacious affordable apartments.