Alexander Forbes, a leading retirement funds consulting and administration provider is set to enter into the Kenyan real estate industry by constructing housing units for their retirement fund members.
The project has been named Riverine Estate and will be conducted at a cost of US$30m. The firm indicated that the housing units are meant for their members after they retire, but some of them will be sold at a higher price so as to maximize on returns. The project is expected to be complete by December 2016.
The estate will be located on the Nairobi-Namanga road and on a 30 acre piece of land. The project will constitute 211 mansionettes, a nursery school, a gym, a commercial centre with a mini mall, and a resource centre with meeting rooms.
Landmark Holdings is the contractor for the project and members will be able to get mortgage loans from KCB, Housing Finance and the Mortgage Company after talks are complete with these financiers.
Members are allowed to use up to 60% of their retirement benefits to finance their mortgage.
Alexander Forbes is the leading provider of financial and risk services internationally.
Alexander Forbes offers a wide range of products tailor made to meet both individual and corporate needs.