HF Group’s banking subsidiary HFC has partnered with farmers in Kiambu County to develop a housing plan worth Sh1.4 billion.
Farmers under Kigutha Limited will provide 58 acres of land in Kamiti Corner for the development of fully-serviced plots in four courts.
Dubbed Barista Gardens, the gated community presents four pre-designed house plans that will provide the buyers with design options, but still maintain a uniform and premium ambiance as well as access to social and commercial amenities.
According to HF Group MD Robert Kibaara, Barista Gardens will release 180 new homes, in a scenic gated community with a country lifestyle, for occupation or investment.
"Whether you are resident in Kenya or abroad, you can save for, buy or invest with HFC and enjoy living in a controlled environment with ease of access to social and commercial amenities,” Kibaara said.
He reiterated that the partnership is in line with its strategic shift from the capital-intensive property development business into strategic partnerships for the development of affordable housing concepts.
It also has end-user financing features; land owner wealth management solutions including project management and execution to unlock liquidity.
The chairperson of Kigutha Farmers Limited Nyokabi Kamau said that the association had partnered with HF Group due to its strong heritage in the real estate value chain and its track record in similar projects.
The project is expected to contribute towards bridging the gap in the housing market, with the housing stock deficit currently standing at over two million units.
The news came as the ruling coalition softens its stance on the hotly contested Housing Levy in the Finance Bill, 2023.
The government has cut the contributory levy to 1.5 per cent of the basic salary from three per cent to be marched by employers.
This is in an effort to boost President William Ruto's plan to erect at least 250,000 affordable houses every year to cut the deficit.
