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Home Real Estate

Housing Finance Company (HFC) Partners with Kigutha Farmers to Develop The 58.0-Acre Land

Patricia Mutua by Patricia Mutua
June 16, 2023
in Real Estate
Reading Time: 2 mins read
The Star

The Housing Finance Company (HFC) is a commercial bank and a subsidiary company of the Housing Finance Group. The company mainly provides integrated property and financial solutions, with a greater interest in real estate development, commercial banking, property financing, and insurance services. HFC does this by providing financing by partnering with developers, both companies and individuals, and by partnering with capital investors in joint ventures.

Read more: HFC,Madison Group Ink ‘Villa Kazi’ Housing Project Deal

With real estate having some of the highest returns, the joint venture is gaining more attraction in the country, where developers are partnering with HFC to form companies and draft profit-sharing agreements.

In its recent attempt to bridge the housing deficit in Kenya, which is estimated at 250,000 homes annually compared to an estimated supply of 50,000 homes, based on Habitat for Humanity data, HFC has partnered with Kigutha Farmers to develop the 58.0-acre land in Kamiti corner, Kiambu county, owned by Kigutha Farmers group. The chairman of Kigutha Farmers attributed the partnership with HFC to the group’s good history in real estate and experience in similar projects.

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Read more: Affordable Housing Program – A Step in The Right Direction

The project, which is dubbed Barista Gardens and is valued at Ksh 1.4 billion, will provide 180 new homes offering a country lifestyle with the option for investors to design their own homes while maintaining the classy ambience of the gated community. This is in addition to the partnership with Madison Insurance Company to develop VillaKazi Homes in Athi River, where the insurance company is to provide 100.0 acres of land valued at Ksh 3.0 billion, while HFC will provide end-user buyer financing, project management expertise, and sales support for the project.

In its latest ventures, the bank’s CEO, Robert Kibaara, states that the bank is strategizing for less capital-intensive property developments. This is in line with the government’s strategic shift from more capital-intensive projects to more affordable housing developments. HFC is shifting more into end-user financing by financing landowners and offering the best options available to landowners.

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Patricia Mutua

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