KENYA – Housing financing company (HF Group), commercial bank, has signed a partnership with Tecnofin Kenya Limited, a developer and construction company, to provide 1,562 affordable housing units in the city’s Pangani estate under the Nairobi Urban Renewal Affordable Housing project.
The proposition for the partnership includes end-user financing, sales, and marketing of the project consisting of one, two- and three-bedroom apartments that will range from between Sh1 million and Sh3 million.
The project is aimed at dealing with housing problems in the country, HF Group Chief Executive Officer Robert Kibaara said during the signing ceremony.
“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,” Kibaara said.
According to Capital News, 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.
Tecnofin Executive Director Robert Muchoki said the project now aims at increasing the number of units on this property to meet the growing demand for housing in the city.
“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 affordable housing program is part of the government’s efforts to reduce the housing backlog that currently stands at 2 million.
It is anticipated that 200,000 units will be built annually in line with President Uhuru Kenyatta’s Big Four agenda.
Tecnofin Kenya Limited deals with the design of buildings for residential and commercial use.
It has created many new qualitatively advanced and cutting edge prefabrication systems that satisfy the needs of its customers both in Kenya and the region with great technological and commercial success.