NAIROBI, Kenya, June 13 – Centum Real Estate Ltd has signed an MoU with Safaricom Sacco Ltd to support its members to buy residential homes in Nairobi, Kilifi and Entebbe, Uganda.
The homes are located at Centum Re’s 106-acre Two Rivers development in Gigiri, the 265 Elmer One development in Kasarani, the 10, 254-acre development in Vipingo Kilifi, and 389-acre Pearl Marina, a lake frontage city in Garuga, Entebbe.
The MoU will see Safaricom Sacco members get financing to acquire all properties under development by Centum RE at a lower price than the market rate.
The Sacco is offering up to 100 percent financing in the form of mortgages through Kenya Mortgage Refinance Company (KMRC)-backed home loans at 8 percent per annum on a reducing balance for a maximum period of 25 years, for homes valued at Sh8 million and below.
For homes valued above Sh8 million, the Sacco will finance the members at a rate of 12 percent per annum on a reducing balance for a maximum period of 20 years.
Centum Real Estate has distinguished itself as a leading developer in the region, offering a balanced portfolio ranging from affordable housing to mid-market and high-end properties.
At Two Rivers development in Nairobi, the properties are priced from Sh4.2 million to Sh45 million, at 265 Elmer One development in Kasarani, properties are priced from Sh2.5 million to Sh6.3 million.
In Vipingo, homes are priced from Sh1.98M to Sh19.95 million and in Pearl Marina, homes are priced from $56,000.
Kenya’s housing deficit estimated at 200,000 units per annum presents an opportunity for Developers like Centum RE to assist the government in delivering affordable housing, and partners like Safaricom Sacco to provide the much-needed financing towards promoting home ownership.
