- On Monday HF Group and Tecnofin Kenya Limited signed the agreement.
- The affordable housing program is part of the government’s efforts to reduce the housing backlog that currently stands at 2 million.
- The housing units will be set up in Nairobi’s Pangani estate under the Nairobi Urban Renewal Affordable Housing project.
President Uhuru Kenyatta’s Big Four agenda on affordable housing has received a shot in the arm.
Kenya’s housing backlog which currently stands at 2 million and it is anticipated that 200,000 units will be built annually to address the acute housing shortage.
To realise this dream, Housing Finance and Tecnofin Kenya Limited have joined hands to build 1,562 affordable housing units in Nairobi’s Pangani estate under the Nairobi Urban Renewal Affordable Housing project.
On Monday HF Group and Tecnofin Kenya Limited signed the agreement.
“At the heart of this partnership is helping to address one of the biggest challenges the country is currently facing - a staggering housing deficit that keeps growing each year, while doing so at both an accelerated pace and within the reach of Kenyans. This is the second major deal we have signed in as many weeks underlying our strategic focus on affordable housing,’’ said HF Group CEO Robert Kibaara.
The proposition for the partnership includes end user financing, sales and marketing of the project consisting of one, two and three bedroom apartments that will range from between Ksh 1million and Ksh 3 million.
The Pangani Housing Project is an initiative by the Nairobi City County Government in partnership with Tecnofin Kenya Limited to renew and re-create Pangani Estate by way of providing dignified and affordable housing for residents of Nairobi.
Pangani Estate was developed in the 1950s and with time has suffered decay and disrepair.
Tecnofin Executive Director Robert Muchoki says the project now aims at increasing the number of units on this property to meet the growing demand for housing in the city.
“The Pangani development offers exceptional value across the board with innovative social and affordable house concepts that are efficient and spacious for families coupled with large green spaces that promote sustainability and freedom,’’ said Mr Muchoki.