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Kenya’s low cost housing set to boom in 2014
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- Category: Building & Interiors
- Published on Friday, 11 April 2014 06:51
- Written by Super User
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The low cost housing sector in Kenya is set to see better days as developers and financiers begin to shift their attention to this segment of the market, which they previously viewed as unprofitable.
As the high-income housing market becomes saturated amid falling demand for high-end homes, many developers are now unveiling low cost housing projects targeting individuals earning less than 30,000 a month.
The Mortgage Company’s managing director Carol Kariuki says the focus on the lower end of the market is a natural shift by developers to generate a new income stream.
“The next market is the lower end of the pyramid. This is where most people who don’t own homes are, and many of these developers have realised that there is money in the numbers,” says Ms Kariuki.
Chinese investors to create Dubai-like Kenyan city
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- Category: Building & Interiors
- Published on Friday, 11 April 2014 06:45
- Written by Super User
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The ambitious plan, which involves at least 100 Asian investors, is being fine-tuned ahead of an anticipated visit to Kenya by Chinese Premier Li Keqiang early next month.
It is understood construction may begin later in the year.
The project, to be developed on land in Athi River, Machakos County, about 30km from Nairobi, is styled as a Chinese-controlled economic zone that will host corporates from the Asian giant and serve as its hub for Eastern Africa.
The design by Chinese architects, the Sunday Nation, includes building at least 20 skyscrapers. Those familiar with the project say it is supposed to match the glamour of Dubai and is also expected to be a shopping destination that stocks Chinese and other global products.
Read more: Chinese investors to create Dubai-like Kenyan city
Sh1.73 Billion AFDB Loan to Fund Construction in Kenya, Region
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- Category: Building & Interiors
- Published on Friday, 11 April 2014 06:38
- Written by Super User
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Shelter Afrique has signed a Sh1.73 billion loan agreement with the African Development Bank (AfDB), one of its primary shareholders.
The loan is intended to boost the trade finance instruments to small and medium enterprises involved in real estate and construction related activities in the country and Africa at large.
The AfDB's four-year facility will allow Shelter Afrique to expand its Trade Finance Program launched in June 2011, under a product diversification strategy to address the acute financing shortage facing real estate developers on the continent.
Shelter Afrique Managing Director Alassane Ba said the facility will contribute to addressing the critical shortage of building materials while creating jobs and income in the region.
"With strong partnerships with organisations like AfDB, we know we are not too far from finding lasting solutions," Ba said.
Read more: Sh1.73 Billion AFDB Loan to Fund Construction in Kenya, Region
World Bank signs loan deal for Kenya airport construction
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- Category: Building & Interiors
- Published on Friday, 11 April 2014 06:33
- Written by Super User
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News that the World Bank has signed a major loan deal with the Kenya government worth 17.5 billion Kenya Shillings, all due to be channeled into the reconstruction and expansion of facilities at the region’s main airport, Jomo Kenyatta International, will be received with some relief by the aviation fraternity currently working under difficult conditions at the airport since the fire last year in August destroyed the entire arrivals section.
The World Bank’s country director yesterday confirmed that the deal was signed, which should allow the Kenya Airport Authority (KAA) to fast track tender awards now that funds have been made available.
No details about the grace period, the level of interest or the repayment period could be obtained but it is thought that the interest rates will be hugely preferential over any form of commercial borrowing or even project finance arranged by contractors.
Read more: World Bank signs loan deal for Kenya airport construction
