HF hands over KSh1.9 billion Richland Pointe Development to buyers

248 two and three bedroom apartments along Kamiti Road developed by HF selling at  KSh.8.5 million and KSh9.5 million respectively

NAIROBI 15TH MAY 2019… HF today held a handover ceremony for its KSh1.9 billion development project christened Richland Pointe launched in 2016 targeting middle-income consumers. The contemporary development located along Kamiti Road off Thika Super Highway consists of 248 two and three bedroomed apartments selling for between Ksh 8.5 million and Ksh 9.5 million, developed under a joint venture vehicle, Richland Development Limited, between HF and Richland Dam Estate Limited. Under the arrangement, Richland Dam Estate Limited provided land where the project sits on whilst HF provided equity equivalent to the land.

 

Speaking during the handover ceremony, HF Group CEO Robert Kibaara attributed the quick uptake to the recently launched Shika Nyumba campaign which has helped create widespread awareness of the listed lender’s projects.

 

‘’Our mission is to empower Kenyans to own property specifically affordable housing with modern features and amenities that improve the quality of life for individuals and communities both now and in the future. We have a strong legacy spanning over 54 years in property development and mortgage finance and we will continue to leverage this strength to turn our customers home ownership dreams into reality.’’ said Mr. Kibaara.

 

HF’s leadership in property development and finance has seen the development of landmark estates such as Buru Buru and Komarock estates in Nairobi’s Eastlands and more than 9,000 households empowered to own property.

 

The Group has recently embarked on a business transformation strategy anchored on building a digital bank, expansion into new banking segments and maintaining dominance in mortgage finance.

 

Earlier in the year, the Group launched the Shika Nyumba Na HF property sales promotion that provides customers with discounts of up to 30% on 700 ready homes, with mortgage financing available from HF. This campaign has seen an accelerated uptake rate with over 100 units sold in the first 2 months of the campaign.

 

‘’HF is committed to the affordable housing agenda and will continue to deliver on this fundamental human right and make home ownership a reality for the majority of Kenyans.. Moving forward, the business will concentrate its efforts on mortgage financing to end buyers,’’ said HF CEO Robert Kibaara.

 

HF is one of the few players that have invested in the Kenya Mortgage Refinance Company (KMRC), which is set to unlock funds for lending to developers and buyers. This is poised to accelerate affordability of housing in line with the Housing Pillar of the Government’s Big Four Agenda.