Housing Finance, a mortgage finance provider, has signed a partnership with Tecnofin Kenya Limited, to develop 1,562 housing units in Pangani estate in Nairobi.
Under the partnership, HF Group will also carry out the marketing and sales of the units.
The project consists of two and three-bedroom apartments that will range between 1 to 3 million Kenyan shillings.
HF Group chief executive Robert Kibaara says, “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.”
“A strong PPP such as this one is critical in bringing on board the expertise, infrastructure, incentives, technology and the finances needed to make this program a success so as not to pass avoidable costs onto the end-buyers,’’ he added.
Tecnofin Executive Director Robert Muchoki said the project now aims at increasing the number of units to meet the growing demand for housing in Nairobi.
“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 Muchoki.
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.
In line with the realities of the time, Pangani Estate developed in the 1950s was previously accommodating 48 residents on a vast 5.2 acre property.