The 248-unit development comprise of two and three bedrooms
apartments selling at KSh. 8.5m and KSh 9.5m respectively.
Pan-African housing development financier, Shelter Afrique and the Investment and Development subsidiary of HF Group, HF Development & Investment Limited (HFDI), have completed the development of the multi-million-shilling property development, Richland Pointe which targets the growing middle-income population.
The modern apartments located along Kamiti Road in Kiambu County, are
developed under a joint venture vehicle, Richland Development Limited,
between HFDI and Richland Dam Estate Limited.
Under the arrangement, Richland Dam Estate Limited provided land where
the project sits on whilst HFDI provided equity equivalent to the land
and Shelter Afrique provided debt to the tune of KSh700 million.
“The completion of Richland Pointe reinforces Shelter Afrique’s strong partnership with HF Group and our joint commitment to the development of affordable housing in Kenya. The Richland Pointe project is a continuation of our relationship with HF Group,” said Shelter Afrique Chairman Daniel Nghidinua.
“In 2012 Shelter Afrique approved Ksh 647 million to HF Group for the development of 165 units in Komarock Phase 5A. A further Ksh 930 million was advanced to HF Group for the development of Komarock Phase 5B and K-Mall.”
Shelter Afrique Managing Director & CEO Andrew Chimphondah said the
challenge now was for developers and financiers to come up with housing
models that would address the middle to lower end of the market.
“KSh8.5 million or KSh9.5 million is still way up there and is out of
rich for many kenyans. As developers and financiers we need to think of
how do we bring down housing costs to below Ksh 4 million- and its
achievable,” Mr. Chimphondah.
Speaking at the same event HF Group Managing Director Robert Kibaara
said that HF is committed to making affordable home ownership possible
for Kenyans, adding that the Group is currently running a property sales
promotion dubbed ‘Shika Nyumba na HF’, which seeks to make existing
properties even more affordable to potential buyers locally and in the
“We have reduced prices up to 30% on some of our properties in various
prime locations in Nairobi and its environs. These include properties
owned by HF and those belonging to developers whom we have financed. Our ambition is to make home ownership a reality for the middle-income
market segment,” Said Mr. Kibaara.
In addition to the discount offer, HFC, HF Group’s banking arm will extend financing options to prospective buyers.
The property comes with lifts, backup generators, secure boundary walls
and is well oriented on sloped terrain to give a pleasing view of the
spacious affordable apartments.