Kenya’s Housing Finance to invest US$ 11.2m in housing project

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Housing Finance has disclosed plans to construct 115 four-bedroom mansionettes in Komarock Estate, Nairobi – Kenya.

The mortgage financier is going to construct the housing units at an estimated price of US$11.2m. The funds for the housing project are going to be made available through a rights issue by March next year. This is after it receives the go ahead from shareholders. The funds will be used to expand the company apart from boosting its capital base.

The project will be the sixth housing project undertaken so far by the company. The project, dubbed Komarock 5B, is coming after the successful completion of Komarock 5A where all the 162 four-bed roomed mansionettes constructed have already been sold. The units in Komarock 5B are going to be sold at a price of USD 103,230 and 117,180.

The financer is currently constructing a shopping mall in the area, in addition to this new planned housing project.

Housing finance company is the leading mortgage provider bank and Premier Property Company in Kenya. Their vision is to be the leading provider of integrated solutions for the acquisition, development and improvement of property in Kenya. The company was established in November 1965, to promote a savings culture and home ownership among the citizens of newly independent Kenya.

Alexander Forbes was also investing US$30m in a new Riverine Estate – a housing project in Nairobi.