KENYA – Housing Finance Company Limited (HF Group), a mortgage finance provider, has announced a partnership with Habitat Heights Limited to provide end user financing and sales and marketing of 8,888 affordable housing apartments currently under development in Lukenya, Athi River.
Habitat Heights Limited is a joint venture between Singapura Developers, a subsidiary of Singapore consortium AFRA, and Habitat Housing Cooperative Society Limited.
According to KBC, the units will include one, two- and three-bedroom apartments as well as studio apartments and retail shops.
“This partnership is in line with our strategy to focus on end user financing for affordable housing and create opportunity for Kenyans in the middle-income bracket to own homes.” said HF Group CEO Robert Kibaara.
“Our goal as HF is to facilitate decent housing for the middle class by connecting them with developers such as Habitat Heights Limited’’
Maheshwaran Suresh Kumar, Habitat Heights Chairman said Kenya will benefit from the experience the consortium has garnered through developing some of the best in class residential, office, retail, and amusement properties across the globe.
“This new development accords us a unique opportunity to create a true housing project that benefits the country for generations to come and will be a model for other countries around the continent and the world.
“We look forward to working with HF Group and leveraging on its knowledge of the Kenyan property market and legacy of making dreams possible to enable tens of thousands of families to own homes,’’ said Maheshwaran.
The project is split into 7 phases of construction with each construction phase projected to take 18 months. A new phase will be launched every three months to ensure timely delivery of the project.
The project will also tap into HF Group’s expertise in property sales and marketing to accelerate uptake of units.
“The features and design of this estate promote a wellness lifestyle with numerous sporting facilities that enable residents to lead a consistently active lifestyle,’’ added Maheshrwan during the MoU signing ceremony which took place at HF Group’s Rehani House headquarters.
Residents of Habitat Heights will benefit from convenience stores, cafes and bistros, a multipurpose hall, integrated solar heating for hot water supply, garbage management system, backup power supply and a smart city maintenance system.