Pan-African housing development financier, Shelter Afrique and Everest Limited have completed the development of the second phase of Everest Park Apartments, a multi-million-shilling property jointly owned by the two companies.
The mixed-use complex located in Mavoko area along Mombasa road targets the growing low to middle-income population with units selling at Kshs.2.95m, Kshs. 4.95m and Kshs. 6.5m for one, two and three bedrooms respectively. It consists of 60 one-bedroom units, 100 two-bedroom units and 40 three-bedroom units.
The project is developed by the Everest Park Development, a joint-venture between Shelter-Afrique and Everest Limited. The two companies own land upon which the project sits. Shelter Afrique further provided debt to the tune of Kshs. 398 million and a standby facility amounting to Kshs. 50 million.
“The completion of Everest Park Apartments Phase II is a continuation and reinforcement of our relationship and strong partnership with Everest Limited and a testimony of joint commitment to the development of affordable housing in Kenya,” said Shelter Afrique Managing Director and Chief Executive Officer, Andrew Chimphondah.
In 2011, Shelter Afrique entered into a partnership with Everest Limited and developed Everest Park Phase I. The 240 units were developed at a cost of Kshs. 755 million, marking the beginning of a long-term partnership between the two organizations.
“We believe unit cost of between KSh2.9.5 million and KSh4.95 million is within reach of many Kenyans, especially those in the middle class,” Mr. Chimphondah said.
Everest Limited Managing Director James Muriuki said despite the challenges faced during Phase one of the project, the market was reacting positively to the second phase.
“We have sold 96 of the 200 units with one and two bedroom units being on high demand. We are upbeat about the uptake of the remaining units,” Mr. Muriuki said.
Speaking when he officially launched the project, Chief Administrative Secretary, Ministry of Transport and Infrastructure Dr. Chris Obure, lauded Shelter Afrique and Everest Limited for complementing the government’s effort in providing affordable housing.
“We appreciate the initiative by Shelter Afrique which is a Pan-African company with the aim of facilitating the financing of affordable housing for member states. Kenya is a major shareholder in Shelter Afrique, we, therefore, expect that our investment will, in turn, benefit our citizens,” Dr. Obure said. The mixed-use complex boasts of a playground for children, parking space facilities and a commercial centre still under construction.