HF Arm Pursuing Six Fresh Joint VenturesKenya Building Society, the developer arm of mortgage lender Housing Finance, is presently negotiating six joint ventures, three of which it hopes will crystallise this year.
The developer is already in two joint ventures two years into its revival after 13-year dormancy, raising HF's presence in the housing supply chain and boosting mortgage sales.
"We are negotiating about six potential joint ventures with big land owners and hopefully we'll close at least three in the course of this year," said Timothy Gitonga, HF's group business operations director.
The lender could not disclose the particulars on the joint ventures in the pipeline as yet, only saying they are "bigger" than the two it has entered into so far.
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HF's first JV was a Sh1.2 billion development in Riruta Satellite - christened Precious Gardens - sitting on 5.4 acres. KBS contributed equity of Sh186 million, with construction being co-financed by HF and pan-African housing lender Shelter Afrique. It will have 328 units of 1-3 bedrooms.
Kahawa Downs on Thika superhighway is the latest where it broke ground in November. It is valued at Sh1.5 billion and will offload 220 units of two- and three-bedroom. The homes are on offer for Sh5 million and Sh6 million respectively.
"This project is already more than 90 per cent sold-out in just over two months since we broke ground. This is testament of Kenyans' trust in us and the pent-up demand in the market," Ireri said.
The lender aims to be "a one-stop-shop" for housing solutions, he said, hence its involvement in the entire property supply chain.
KBS will break ground for a new development within two months on a 7.5-acre parcel of land in Nairobi's Komarock. HF has another 33-acre parcel in the same location and is drawing a master plan for development.
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