600 apartments targeting middle-income earners is set to be constructed at Nairobi’s Garden City Mall Complex in Kenya after Real estate equity investor Actis and Indian developer Shapoorji Pallonji signed a joint venture agreement for the development.
Actis Global Head of real estate, David Morley announced the reports and said the projects comes at a time when the country is facing a huge demand for affordable and middle-income homes.
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Affordable housing units
US $119m will be injected towards the development which is aimed at bridge housing deficit gap in the country. David Morley explained that their association with Sharpooji was aimed at fast-tracking delivery of homes at scale that reflects the needs of buyers.
“There is a huge demand for affordable and middle-income homes and the goal of the joint-venture platform will be to bridge the gap in this market. There is a notable lack of institutional quality home builders with the expertise, capital and consumer trust to truly address the opportunity at scale in Kenya,” said Mr David.
“Actis and Shapoorji Pallonji in India have delivered thousands of high quality, aspirational homes at affordable prices. We are confident that Actis investment experience in Africa coupled with Shapoorji Pallonji’s experience in construction and real estate development will unlock the significant opportunity,” David added.
The entry of Shapoorji Pallonji firm, onto the local scene will excite the market currently witnessing emergence of cheaper building technologies including new precast concrete and expanded polystyrene (EPS) panels used in walling and slabs especially in new projects.
Among the notable projects executed by Shapoorji Pallonji in Africa include the Seat of Governance and Presidential Palace at Accra, Ghana, New National Assembly Building of The Republic of Gambia and several mass housing projects in Algeria.
