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The Pangani affordable housing project is set to give occupation to the first group of 160 tenants to move into the government&rsquo;s affordable housing project by February 2021.

The government plans to hand over 160 units from one block of the project to the tenants in two months&rsquo; time, making them the first owners of the Pangani Estate project.

Work on the Ksh. 5 billion Pangani affordable housing project began in May 2020 with eight blocks under construction and a total of 1,562 units.

Nairobi County Lands, Housing and Urban Renewal Executive Charles Kerich said the first block of 160 units will be handed over in February, just nine months after groundbreaking.

The 160 tenants include the original 48 tenants who were evicted from the premises in June 2019 to allow for construction.

Chinese company China Wu Yi has been undertaking construction work on the 5.2-acre Pangani affordable housing project in partnership with Technofin Kenya.

Mr. Kerich said construction is ongoing at a good pace with nine floors already completed in the first block.

&ldquo;The foundations for the other blocks 2,3,4 and 5 are already complete while the foundations for blocks 6,7 and 8 have been excavated,&rdquo; he said.

The units have been priced at Ksh. 1 million for one-bedroom units, Ksh. 2 million for two-bedroom units and Ksh. 3 million for three-bedroom units with a deposit requirement of Ksh. 500,000.

According to Stima Investment Sacco, the Pangani affordable housing <a href="https://stimainvestment.co.ke/images/downloads/pangani_project/Pangani_Heights_communication.pdf" style="color: #ff6600;">project</a> also contains affordable premium three-bedroom duplexes priced at Ksh. 7.5 million.

Nairobi Metropolitan Services (NMS) Director of Housing and Planning Charles Sikuku said the first phase of the project comprising 1,000 units will be complete by December 2021.

A recent analysis by FSD Africa revealed that the Affordable Housing Program (AHP) requirement for the private sector to deliver at KES 50,000 per sqm with own land and financing in the Park road project was not feasible. The Pangani project is expected to be delivered at KES 40,000 per sqm for one-bedrooms.

The Institute of Engineers of Kenya (IEK) has lauded Chinese contractors for boosting Kenya&rsquo;s construction sector. 

Speaking during the launch of the 27th IEK International Conference on Wednesday, IEK president Nathaniel Matalanga said most of the public infrastructure projects are being implemented by Chinese firms. 

&ldquo;Chinese contractors have helped the country because they have better technology as well as new ways of labour-management that ensure projects are completed on time,&rdquo; he told <a href="http://www.xinhuanet.com/english/2020-11/18/c_139525024.htm">Xinhua</a>. 

Chinese contractors have been able to fill the gap for local contractors who lack the capacity, technology and financial muscle to undertake large scale projects. In addition, modern technology in steel and concrete gives them an edge over local contractors. 

&quot;We are also keen to learn how the Chinese engineering and construction community has been able to raise funds to undertake projects,&quot; said Matalanga. 

The conference will enable local engineers to exchange ideas and perspectives with global practitioners in the construction industry. Up to 1,800 visitors from 15 countries are expected to attend the three-day event to be conducted both virtually and physically.&nbsp;

Africa’s population is projected to reach 2.4 billion by 2050, that’s 1.3 billion more people than there is today. This growth means a huge demand for buildings and an estimated 80 per cent of those that will exist in 2050 are yet to be built. Data from the International Energy Agency shows that buildings and construction are currently responsible for almost 40% of global greenhouse gas emissions and by improving the energy efficiency of buildings, we could reduce energy consumption by 5-6% and subsequently reduce operational costs of a building.

SPACE – a two-day business exploring the business value efficient and smart build investment have on the African market – will debate whether building with sustainable methods and materials is also the most cost-effective way to ensure a long-term profit for real estate projects.

Matthew Weihs, founder of the SPACE event, said: “Although the green building movement is in its infancy in Sub-Saharan Africa, the past year’s developments show that great work is already taking place, with more than 25 projects in the pipeline for green accreditation. The temptation to avoid sustainability on the grounds of cost is a huge misconception. Environmentally friendly materials and building methods are becoming increasingly accessible, and in the long-term they prove not only better for the environment, but also cost-effective, and more profitable. Crucially, they show the potential to achieve better investment returns and higher valuations and it’s something that the big investors want to put their money behind.”

Weihs continued, “We’re really pleased that, as well as all the financial speakers at SPACE, we have the World Green Building Council participating as expertise from such councils is vitally important in the growth of this sector.”

Jane Afrane, recently appointed Regional Head of the Africa Regional Network at the World Green Building Council will be a keynote speaker at SPACE. She is focused on the setting up, establishment and advancement of Green Building Councils across the Africa region and spearheads project development and advocacy initiatives in the region to raise and promote awareness of green building. Afrane comments “WorldGBC is delighted to be participating at SPACE. This conference is taking place at a critical point in time where the green building discourse is gaining traction in the African region. The role of the private sector in meeting Africa’s infrastructure needs requires an enabling environment that is centred around sustainable development and awareness raising on green opportunities.”

SPACE will take place at the Radisson Blu, Nairobi Upper Hill from 13-14 March 2018. Prominent speakers include: Prashant Kapoor, Principal Industry Specialist-Green Buildings, International Finance Corporation (IFC); Gloria Mamwa, Head, Property, East Africa &amp; Kenya at Standard Chartered Bank; Raphael Mwito, Business Development Manager at BRITAM; Myles Kritzinger, Deal Maker, International Housing Solutions; Koome Gikunda, Associate, Principal and Director, Actis Capital; Bruce Walker, Chief Executive Officer, Verde Hotels; Ritu Kumar, Director, Environment and Social Responsibility, CDC Group; Elizabeth Wangeci Chege, Chairperson, Kenya Green Building Society and Abraham Muthogo Kamau, Director, Business Origination, Miradi Capital.

Real estate professionals to gather in Nairobi to explore ROI of efficient buildings

Studies have shown that student debt can be a major obstacle in the way of achieving financial freedom for millennials. A large majority of the millennial workforce have benefited from student loans, which they have to repay. Upon graduation, many who are lucky enough to enter the employment market find themselves in an intricate financial maze. Among the financial decisions baying for their attention include family aspirations, retirement savings, student loan repayment, rent and home ownership not to mention basic survival.

The balancing is tough considering the median salary for entry-level employees for the first few years rarely exceeds KSh. 30,000. It’s for this reason that most millennials have resigned themselves to tenancy. As it happens, in major urban centres like Nairobi, it is estimated that over 75% of dwellers rent houses. One of the key financial milestones for any adult is home ownership. However, achieving home ownership can be an uphill task if you have multiple streams of cash outflows and a paltry salary to count on.

So what’s keeping millennials away from home ownership?

Recent research has shown that servicing of student loans is one of the burdens which derail millennial types from achieving home ownership. In the US for instance, a recent study by the National Association of Realtors and American Student Assistance found that millennials delayed owning homes for more than 7 years due to student loans.

Millennials have fallen victim to life in a more complex operating environment with inflation, interest rates, population growth and other systemic uncertainties that threaten economic stability. Not only is it harder now to secure a student loan, repaying the loan is the more bewildering puzzle.

This loan repayment conundrum has over-spilled into the home ownership dilemma. Most millennials begin their careers in fast-growing cities with aspirations of home ownership while paying rent and other living expenses. In the case of mortgages, the most common strategy for home ownership is to save for the down-payment over time since it is usually the largest installment to pay for the mortgage.

However, many find it an uphill task owing to the countless expenses together with the obligation to submit a monthly amount to the higher education loans board. As a result, some choose to dedicate their meagre earnings towards loan repayment before embarking on the home ownership expedition. This may take a few years depending on the loan amount and the interest, and along this uncomfortable trip, loan defaulters are never lacking.

Recent data from the Higher Education Loans Board (HELB) shows it has over 85,000 loan defaulters owing KSh. 9.7 billion while another 132,233 beneficiaries are servicing loans worth Sh19.8 billion. The total is KSh. 29.5 billion. Given an average house price of KSh. 2 million, this amount could afford 14,750 houses.

As it stands, more than 75 per cent of urban dwellers are tenants, a good number of them are millennials, constrained from home ownership by among other factors, student debts.

Millennials Delaying Home Ownership Over Student Loans

Chinese contractors lauded by IEK

Cytonn Investments plans to transform a 100-acre Kiambu coffee plantation into a Sh13 billion residential-cum-commercial development hosting 6,500 people and a five-star hotel.

Through a special purpose vehicle jointly formed with local and foreign investors, Cytonn Investment Partners Five LLP will also build a five-star waterfront hotel comprising 34 luxury rooms, 36 cottages and four water cottages on 1.97 acres reserved for the hotel development next to an eight-acre dam.

Details disclosed to the National Environment Management Authority (Nema) reveled the planned project will have three zones. A high-class Zone A section will comprise 105 maisonettes, a luxury hotel with a spa, four meeting rooms, a lake pub, two restaurants and two pubs.

Zone B has been reserved for a school, a commercial centre housing a mini-mart, retail shops as well as food and beverage outlets.

Zone C has been set aside for the middle class. This will see two and three-bedroom apartments in 20 apartment blocks rising four, five and eight floors. A separate section of Zone C will have 105 five-bedroom maisonettes. Some sections have also been reserved for an amusement park and recreational facilities.

Last Friday, NEMA gave Kenyans 30 days to submit views on the planned project.

The property will sit between two other mega mixed-use projects — Migaa by Suraya Properties and Tatu City by Rendezvous Group. The Environmental Impact Assessment audit said the project would greatly benefit locals in terms of jobs as well as housing.

Cytonn has several mixed-use development projects underway including the recently commissioned 35-floor triplex Cytonn Towers valued at Sh20 billion that will house 160 serviced apartments, offices on its 30 floors, three-bedroom duplex apartments and penthouse suites as well as a hotel boasting of 180 hotel rooms.

The firm has in the past been boosted by partners especially Finland-based private equity firm, Taaleri.

Source;<a href="http://www.businessdailyafrica.com/markets/news/3815534-4183910-hx9wxuz/index.html">Business Daily</a>

Almost two thirds of companies in Kenya are facing warehousing shortages, according to a poll released today by Tilisi Developments Limited, the first mover in Kenya’s emerging Grade A logistics real estate sector.

Of 52 companies polled across Kenya’s manufacturing, FMCG, pharmaceuticals, logistics, import, export, retail and e-commerce sectors, 62 per cent reported that they had experienced some kind of warehousing shortage in the recent past.

"Of the 62 per cent of warehousing users that have experienced warehousing shortages, 35 per cent said they had to rent out extra space, 10 per cent were forced to deliver the goods directly to the clients’ premises rather than storing them, incurring extra costs, 12 per cent expanded their own warehousing space, while six per cent did not find any solution,” found the report.

The companies polled also reported constraints caused by the quality of their warehousing, with 60 per cent of users, spanning both warehouse owners and warehouse tenants, highlighting quality issues.

These included poorly ventilated spaces, leakages, power shortages, and poor structural planning, which was causing difficulties in accessing goods within the warehouse. Respondents said this had increased the rate at which their stock was getting contaminated, and in cases where food and flowers were being stored, it was accelerating their deterioration.

"Kenya has experienced exponential growth in various sectors of its economy and population. Yet, this has been in contrast to the slow growth of quality warehousing to support and sustain it. This has led to a country experiencing a demand that is vastly outstripping its supply," said Kavit Shah, co-CEO of Tilisi Developments Limited

Tilisi launched the country’s investment in a Grade A Logistics Park as a new real estate segment two years ago, last month selling 49 acres of serviced warehousing land to Africa Logistics Properties, which has been funded by the IFC, CDC and others to drive a new wave of warehouse building across Africa.

“We are now seeing other warehousing projects emerging too, and it is clear that the need is acute,” said Kavit.

Of the companies polled by Tilisi, half said they had sought new warehousing facilities, but pharmaceutical and food producers reported a scarcity in warehousing with cold storage, and of temperature controlled warehousing.

The international logistics companies also reported that modern well-configured logistics space and height was scarce, with the majority of Kenya’s warehousing currently falling short of international standards and constructed for small traders, rather than large companies. 

However, investment in warehousing remains low. The 2017 Nairobi City County Permit Activity Reports from the Kenya Property Development Association (KPDA) reported 2,303 planning permits approved by Nairobi last year. Of these, only 199 were in the warehouse class, while commercial properties registered 809 applications.

Yet, Kenya is among the top five flower exporters in the world, alongside The Netherlands, Columbia, Ecuador and Ethiopia. In 2014, Kenya earned $531m from floriculture industry, exporting 125 tonnes of flowers. But research has shown that poor cold chain management sees about 20 per cent of the value of flowers wasted, equating to a loss of $100m for retailers, in addition to considerable losses for producers.

This has led to some occupiers developing their own storage space, but now reporting space constraints in achieving further warehouse expansions. 

Of the respondents with in-house storage space, proper planning has ensured they have no issues with truck movement around their warehouses. But the respondents who were renting warehouses reported difficulties in both truck access and parking, with 40 per cent of the companies reporting that truck access to their warehouses was problematic.

The research also found that warehouses around the airports and shipping docks were providing better quality facilities than those located away from towns, but that this had led to higher demand for the urban facilities, and rising rents.

"The reality is that in achieving adequate storage, companies are being forced to turn to Do-It-Yourself solutions in this one area of the real estate industry, in a way that is pushing them into building approvals, planning and servicing, adding new paper trails, and raising profound infrastructure challenges,” said Ranee Nanji, Co-CEO of Tilisi.

Kenyan growth cramped by warehousing shortage - affecting two-thirds of companies

StanChart bank has announced a number of measures to cushion mortgage holders and other of its customers from the ongoing COVID-19 economic crisis.

Customers will receive a 3-month repayment moratorium on mortgages. Included is an option for mortgage customers to pay interest only for a six-month window, without making principal debt repayments

The bank said it had also agreed with the Central Bank of Kenya to extend mortgage repayments by up to 12 months.

StanChart said its relationship managers were reaching out to all commercial and global clients to help them manage the economic impacts of the pandemic.

StanChart bank is Kenya’s third-largest holder of mortgage accounts in the country after KCB and Housing Finance, with 2038 accounts as of 2018 according to Business Daily.

The move will offer cash relief for many mortgage customers who may already be experiencing the adverse effects of the crisis on cash flows.

This is the first explicit move by any bank to cushion mortgage owners from the far-reaching effects of the crisis. The break will also apply to other loan holders.

The government has not communicated any direct measures to mortgage owners apart from the general reduction in corporate tax from 30% to 25%.

Tenants have also called on the government to declare a 3-month rent break to cushion them from the effects of the pandemic. The Urban Landlords and Tenants Association (ULTAK) has spoken the matter to landlords, however, the government has remained silent on the matter.

Read; <a style="color: #ff6600;" href="https://estatecloud.co.ke/value-of-building-approvals-projected-to-decline/">Value of Building Approvals projected to decline</a>

Estate Cloud

Estate Cloud

Pangani Affordable Housing Project to Receive 160 Tenants

By Estate Cloud - over 2 years ago - Kenya

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