US$ 4m residential developments are set to be constructed in Kenya by Funguo Investments Ltd, a company partly-owned by parastatal ICDC. The real estate project will target the middle class community.
Funguo Investments Chief Executive Officer, Mr. Kenneth Muchina, confirmed the reports and said that this initiative will also involve the sale of developments that will include students housing and industrial real estate.
“Our investment in real estate is focused on mid-sized deals, to serve the middle income market in sub-sectors such as residential housing, students housing and industrial real estate,” he said.
Also Read: Kenya’s Transport and Housing Ministry to construct 8,000 houses
The real estate portfolio mix
The real estate portfolio mix that the company is targeting will majorly involve development for sale projects but with a size-able minority of the investment going to assets to be held for periodic income flows.
This project comes barely days after Kenya Pipeline Company Pension Scheme confirmed the construction of US $9m housing units to be set in Kajiado County. This will be its first real estate investment of such an amount in a 101-maisonette gated community in Kitengela, Kajiado County.
Additionally, the Transport and Housing ministry in Kenya is planning to construct 8,000 houses in Mavoko, Machakos County. The houses will be set up on a 55-acre piece of land and construction will commence soon.
About Funguo Investments Ltd
Funguo Investments Ltd has 390 shareholders and is biased towards private equity investments. It also has interest in listed equities, money market securities, fixed income securities and real estate.
