Housing Finance, through Kenya Building Society, has partnered with the Kibathi Mbugua family – owners of Gretsa University and Sagret Hotels in a joint venture. The project is valued at Ksh 1.2 billion and it is located along the Thika superhighway on a 5.2-acre piece of land.
The project, dubbed Kahawa Downs, will comprise of 220 apartments. The units will be sold at Ksh 5million for the 2 bed-roomed unitsand Ksh 6 million for the 3-bedroomed apartments.
The project has obtained financing to the tune of Ksh 620 million from the East African Development Bank. This is the second joint venture that Housing Finance and private land owners to provide residential housing. The first joint venture project was the Precious Gardens project that was valued Ksh 1.2 billion and HF financed it to the tune of Ksh 186million. It comprised of 328 apartments.
Currently, the finance institution is pursuing six joint ventures with land owners. HF hopes to close three deals this year.