Three bedroom apartment to let in Westlands

Five bedroom all-ensuite townhouse for sale

A spacious and luxurious townhouse to rent in Parklands

Three bedroom apartment to let in Parklands

Parkwood villas 4br syokimau

Tilisi 3br apartment

Great wall 3br apartment

Lavington offplan apartments

Makumbi apartments syokimau

Market, Along Manyanja Rd, Nairobi, Kenya

Umoja block sale apartment

4br townhouse own compound

MOONVALLEY 2br kileleshwa

Studio, 1-3 bedrooms Apartments

3-Bedroom Apartment

3-Bedroom Apartment+Dsq.

Studio,1,2 & 3 Bedroom Apartments for Sale

Yaya Centre, Argwings Kodhek Road, Nairobi, Kenya

One-Bedroom Apartment

2-Bedroom All En-suite

3 Bedroom Master En-suite + Dsq

3-Bedroom (Two En-suite) at Kileleshwa

One-Bedroom Furnished Apartment

2-Bedroom Fully Furnished & Serviced Apartments

2 Bedroom Apartment

Godowns For Sale in Industrial Area

E-Logistics Solutions Limited, The Eco Green Business Centre, Kenya

Grade A Warehouse

Commercial Building

Commercial Office Space

4-Star Hotel

The Kenya Mortgage Refinancing Company (KMRC) last week disbursed the first batch of affordable mortgage financing to banks, to the&nbsp;tune of Sh.2.75 billion.

The amount was allocated to participating primary mortgage lenders (PMLs) including KCB <a href="https://ke.kcbgroup.com/">Bank</a>, HF Bank, Stima Sacco and Tower Sacco, each receiving KSh.2.13 billion, KSh.514 million, KSh.69 million and KSh.29 million respectively.

Funds for the debut loan were drawn from the World Bank line of credit according to a statement by the mortgage lender and provided to the financial institutions at a 5 percent fixed rate. KMRC said the 5 per cent per annum fixed initial lending rate will help mortgage lenders create new mortgages in the market on long term-tenor within single digits rates.

&ldquo;Today&rsquo;s disbursement of funds marks historic new dawn in affordable housing finance in Kenya. It illustrates the legal, structural and strategic foundations that we have been putting in place since inception for a fit for-purpose mortgage refinance company,&rdquo; said KMRC Chief Mr. Johnstone Oltetia.

The KSh. 2.75 billion is part of a KSh.4.5 billion mortgage loan portfolios available for immediate refinancing to participating financial institutions.

He said a number of institutions are currently preparing their mortgage portfolios based on KMRC&rsquo;s eligibility criteria which will enable KMRC to review and release more funding in due course.

Mr.Oltetia also confirmed that KMRC is preparing to raise additional funds to support home loans through a bond issue in the third quarter of 2021 in partnership with the African Development Bank further support from the World Bank group.

The KMRC CEO said issuance of bonds will help cater for the market-based housing finance, beyond the refinancing of affordable mortgages which is capped at Sh.4 million within Nairobi metro; and KSh. 3 million elsewhere in the Country.

KMRC is looking to help the sector trim down non-performing mortgage loans with its focus on the lower income-owner occupier segment of the market. The <a href="https://kmrc.co.ke/">company</a> wants to grow the number of mortgage accounts to at least 60,000 by 2022.

Kenya Urban Roads Authority (KURA) yesterday announced it is ready to begin construction of the traffic management centre planned for Nairobi. The <a href="https://kura.go.ke/" style="color: #ff6600;">Authority</a> said it has completed the acquisition of a 10-hectare piece of land for the project, located at the junction where the Nairobi&ndash;Mombasa highway meets Airport North Road near City Cabanas.

&ldquo;On Monday, our engineers confirmed having finished the designs and the land is ready. We shall proceed with construction after funds have been made available,&rdquo; KURA chief corporate communications officer John Cheboi&nbsp;told the Star.

In November 2020, President Uhuru Kenyatta announced that the Nairobi Metropolitan Services (NMS) and KURA were planning a new traffic management system to modernize traffic management in Nairobi.

He revealed that the new system will utilize cameras, sensors and anonymized data to manage traffic by providing synchronized signals at 100 new junctions within the city. The KURA official said the new facility will be a three-in-one integrated building with several floors housing different stakeholders involved in traffic management in the city.

&ldquo;The centre will be a three-in-one where the Bus Rapid Transport (BRT), commuter rail and traffic will be controlled from. Engineers, traffic police, people who control traffic lights, cameras, road management will be housed at the centre,&rdquo; Cheboi explained.

NMS which is spearheading the project will oversee the new system, with the planned installation of additional traffic lights and signalization of 25 more intersections National Treasury CS Ukur Yatani last August announced that it had secured a loan from the South Korea Export-Import Bank worth KSh. 6.6 billion to finance BRT Line 5 (Nyati) that passes along Outer Ring Road.

Funds for the new traffic management system will be drawn from the loan.

Moroccan authorities have declared 59 cities slum free according to housing minister Nezha Bouchareb. As part of slum elimination efforts, the country has been encouraging developers to invest in low-cost housing by offering them tax cuts in addition to giving poor households loan guarantees to buy the houses.

According to <a style="color: #ff6600;" href="http://northafricapost.com/36011-morocco-uses-satellite-technology-to-curb-slums.html">North Africa Post</a>, Morroco has been using satellite technology to monitor and restrain the expansion of some remaining shanty towns. Satellite imagery have been used to identify and map slum areas for more than 15 years in the North African country.

The housing minister told MPs that 278,000 household or more than 1.3 million people have been upgraded from shanty dwellings to proper housing under a programme initiated to remove improper housing in 85 cities.

In 2004, the Morrocan government launched the Villes Sans Bidonvilles-VSBP (Cities Without Slums Program) as part of a larger government strategy to enhance affordable housing supply. The programme has turned out to be one of the most successful social housing improvements on the continent by reducing the presence of slums by more than half.

The milestone achievement in Morocco is evidence of what is possible in the push to solve Africa's affordable housing problems.

Related; <a style="color: #ff6600;" href="https://estatecloud.co.ke/ifc-chinese-consortium-in-partnership-to-provide-affordable-housing-for-african-countries/">IFC-Chinese consortium in partnership to provide affordable housing for African countries</a>

Morocco declares 59 cities free of slums

Mombasa remains the county with the second highest land prices in the country, after Nairobi, averaging Ksh. 49.8 after at the end of 2017. The coastal county last year saw an increase in land prices of 9.87 per cent, raising the average price per acre to Ksh. 49.8m compared to Ksh. 32.4m recorded at the end of 2012.

On average, land prices in the county have increased just 53.55% since 2012 according to Hass Consult’s county land price index. The performance was not very impressive when compared to the top performers like Kiambu County where land prices increased 98.73% over the same period.

The index analysed the performance of 10 counties across the country.

Growth in land prices in the county, has been attributed to an increase in economic activity in the tourism and commercial sectors and infrastructural development in the coastal city of Mombasa. Over the past five years, the county has recorded an average yearly increase in land prices of 8.96 percent, representing the third lowest average rate of growth across the ten counties surveyed over the same period.

Analysis over the five-year period revealed that the county had experienced a stagnation in land prices in the two years prior to 2015 due to frequent terrorist attacks after which land markets took off steadily following security actions taken by the government.

Major infrastructural developments such as the Standard Gauge Railway, the Mombasa-Miritini road, expansion of the Airport and Port Reitz roads, have made land in the county more attractive to investors.

Generally, the land markets have been driven by infrastructural projects although increasing interest in high-density development has also pushed land prices up in certain locations. Shanzu and Nyali areas have remained the hottest areas in Mombasa’s property markets with land prices per acre in being the highest Nyali at Ksh. 95.7m, up from Ksh. 66.5m in 2012.

Investors have now shifted their attention to promising new locations like Utange which registered the highest price increase in the county, of 13.12 percent in 2017 alone. A number of investors have identified Utange for potential projects, including an international school and a 100 acre mixed use development.

An acre of land in the area cost for Ksh. 20m as of the fourth quarter of 2017 according to the report. The Bamburi area has also seen significant improvement, recording an increase of 12.91 per cent in the previous year.

With election-caused market volatility now behind, the county’s property market is expected to rebound and higher prices are likely by the end of the year.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

Mombasa land prices stagger but find footing

KURA Ready to Begin Development of New Traffic Management System

The government's prospects of realizing its big four housing projections are in doubt after it emerged that so far only 228 units have been completed.

With just about two and a half years left to 2022, progress towards completion of the project appears more distant. The government had set out to deliver the promised 500,000 housing units within five years.

The project's implementation is listed under the state department of housing and urban development in the ministry of transport and infrastructure.

The Park roads project which is the flagship project was responsible for the 228 units so far completed. In December last year, the state department of housing revealed that 17,000 Kenyans had already made <a style="color: #ff6600;" href="https://estatecloud.co.ke/17000-kenyans-have-made-voluntary-contributions-to-the-affordable-housing-fund/">voluntary</a> contributions to the affordable housing fund, implying that demand is set to outrun supply under current delivery rates.

The 228 units are part of 1,370 units that commissioned for constructed as part of Ngara’s Park Road Project in the 2018/2019 financial year according to the National Treasury.

According to the Standard, the National Treasury has cited the lack of funds, litigation by bidders and limited access to ready land among other constraints in the implementation of projects.

“The slow implementation of capital projects occasioned by local contractor’s capacity inadequacy has gradually culminated in project delays, cost overruns and possible legal and contract challenges arising from arbitration and contractual issues impacting on project implementation,” said Treasury.

Availability of land has been a major setback in the implementation of public infrastructure projects both in the past and presently.

“Acquisition of sites, wayleaves and the escalating cost of land acquisition due to speculations, compensation variations between the market value and the local owner’s expectations and encroachment of land earmarked for development purpose caused project delays and increased costs of projects,” said Treasury.

Read; <a style="color: #ff6600;" href="https://estatecloud.co.ke/naivasha-to-get-2000-units-of-affordable-housing/">Naivasha to get 2,000 units of affordable housing</a>

Indian firm White Lotus Group has been ordered by the high court to pay KES 197 million to a supplier in the stalled city sky scrapper project, Pinnacle Towers.

High Court judge Alfred Mabeya late last month ordered the firm to pay Peri Formwork Scaffolding the sum of KES 187 Million owed to the supplier. The judge also ordered the <a href="http://www.whitelotusgroup.com/" style="color: #ff6600;">firm</a> to pay the supplier an additional KES 10 Million in damages with interest on general damages accruing from the date of the ruling.

&quot;An award of general damages is a remedy for the loss incurred by the injured party due to the breach of contract. The plaintiff demonstrated that it suffered losses due to the depreciation, tampering with, removal, and dealing with the supplied material as they lay in waste in the defendant&#39;s possession,&rdquo; the ruling states.

The court found the construction firm liable for breach of contract noting that the company did not challenge the claims brought to the court by Peri Formwork.

&quot;Since the plaintiff&rsquo;s evidence was unchallenged, I hold that the plaintiff was able to prove, on a balance of probability the existence of the said contract; its performance and the breach thereof,&quot; he said.

The KES 20 billion Pinnacle project which was launched by President Uhuru in 2017 with a three-year completion timeline stalled shortly after construction work started following some disputes causing delays that are said to have scared away investors.

In October 2020, a notice by the National Construction Authority prompted the project&#39;s developers to issue a statement saying the project is not dead. The developers said they were working on securing finance and redesign of the 300-metre tall tower project.

Pinnacle-Linked Indian Firm Ordered to Pay Supplier KES 197 Million

Murang’a County Women SACCO (MCWS), a five-year-old savings and credit cooperative with a membership of 25,000 has broken away from tradition when funding women’s businesses. Moving from the standard model of funding small holder farms and personal enterprises, the Sacco decided to invest instead in real estate.

By collectively pooling their savings, starting from as little as $0.10 per day, MCW Sacco members managed to raise $1 million towards the construction of a five-storey apartment building due to be opened in September. Once complete, the group intends to use returns from the apartments to build more financial muscle for branching into other businesses.

Grace Ndegwa, a small holder farmer and one of the group members explained that the building has opened a lot of opportunities for her. She sees that the building will put her in a more credit worthy position, giving her the ability to access bigger funds from banks and Saccos as she intends to venture into other businesses in future.

Ndegwa who says she has held the dream of one day starting a ‘meaningful’ business for fifteen years now sees the realization in sight. In a few months, she might finally reach that goal when she becomes a landlord in a country where only six per cent of women own any land according to Kenya Land Alliance.

In building the 102-room apartment block, the group had targeted to carter for the growing student population in Murang’a. Demand for student housing in many major towns has grown rapidly in recent years following the establishment of many tertiary institutions to bridge the higher education gap.

According to the Kenya National Bureaus of Statistics, university student enrolment increased by 107.6 per cent in public universities and 78.2 percent in private universities. The number of public universities has also increased from 18 to 53 within a short period of time.

With the numbers beckoning, MCWS decided to take action. “We learned that Murang’a University College’s next intake will see the number of students double from the current 2,500. After we realized the magnitude of the housing problem in the county, we decided to invest in student hostels,” MCWS chairwoman Rose Wathigo says.

The apartment has a capacity to host 408 people at full capacity, generating over $10,000 in rent. Already MCWS management has planned to buy 2000 acres of land in Laikipia using the returns from the investment, which will be subdivided and each member given a portion.

Although members will be free to decide what to do with the land, for all of them, the greatest milestone appears to be the chance to overcome the cultural and financial limitations that prevent so many women in the country from owning land.

This article first appeared on <a href="https://www.newsdeeply.com/womensadvancement/articles/2018/07/03/kenyan-women-pooling-their-cash-to-become-landlords">News Deeply</a>

Estate Cloud

Estate Cloud

KMRC Makes Debut Lending for Affordable Housing

By Estate Cloud - over 2 years ago - Kenya

RELATED ARTICLES

CONTACT

CONNECT

SUBSCRIBE