Madison Life Assurance and HF Group’s banking unit HFC have reached an agreement to develop VillaKazi Homes, a planned mixed-use development in Athi River.
The 100 acres are being provided by Madison for a cost of Ksh. 3 billion, while HFC will provide project financing for end users, project management knowledge, and sales support.
“We’re committed to enriching lives by providing Kenyans with homeownership opportunities and financing options.” HFC wrote on Twitter.
VillaKazi Homes is a gated community with pre-designed house plans intended to give customers a seamless start to their homeownership journey as well as to provide a uniform and premium environment.
The project will be carried out in two phases on a 60-acre plot of land and a 40-acre tract, respectively, in Athi River. The partnership, according to HF Group CEO Robert Kibaara, is in line with the company’s objective to offer Kenyans comprehensive banking and real estate ownership options.
Kibaara also stated that the Villa Kazi housing project will help address the housing shortage faced by thousands of working-class Kenyans living in the fast-expanding industrial areas of Athi River and the neighboring satellite towns.
“Every Kenyan deserves dignified and accessible living. This project is strategically located less than one kilometer from the expressway interchange along Mutongoni Road connecting Mombasa road to Kangundo Road,”
According to Madison Life MD Githua Ngaruiya, Madison Life Assurance entered into this partnership because of HF Group’s solid reputation in the real estate industry and its track record of success on similar projects.
Madison Group Limited is a locally owned financial services holding company that specializes in Insurance and wealth management services.
The Group comprises of Madison Life Assurance Kenya Limited, Madison General Insurance Kenya Limited, and Madison Investment Managers Limited.
Housing Finance Company of Kenya(HFC)was incorporated as the premier mortgage Finance Institution in Kenya licensed under the Banking Act with the CDC and the GoK owning 60% and 40% respectively.
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