Barclays Bank, Centum Real Estate moot homes plan
Friday, October 11th, 2019
Barclays Bank of Kenya has teamed up with Centum Real Estate, the real estate arm of Centum Investment Company Plc, to finance buyers of houses currently under development.
The agreement will see Barclays finance residential units - both off-plan and established - developed by Centum Real Estate in Nairobi and the Coast of Kenya.
Centum is a developer of mixed-use urban nodes and has embarked on a five-year strategy under to deliver up to 10,000 units across East Africa, with focus on the mid-market to affordable housing segment.
The firm has broken ground on different projects across the portfolio with a total size of 2,822 units.
Several units have been identified under this collaboration, including those situated in Kilifi county along the Mombasa-Malindi Highway namely Palm Ridge Estate and Awali Estate, both under Vipingo Development Limited.
The Palm Ridge Estate, which comprises 1,255 residential units, goes for between Sh2.5 million and Sh4.6 million for one, two or three bedrooms and are part of efforts to support ongoing government’s affordable housing ambition under the Big Four Agenda.
Others are residential units at Two Rivers Development at Ruaka, Kiambu county christened, The Riverbank Apartments, a high-end 168-unit housing project, ranging from Sh16 million to Sh30 million.
Cascadia Apartments is a mid-market 400-unit housing project comprising of one to three bedroomed units and duplexes, ranging from Sh8.5 million to Sh23 million.
Barclays will provide up to 100 per cent financing for properties below Sh10 million and up to 90 per cent financing for properties above Sh10 million.
Barclays Bank’s director of Retail and Business Banking, David Hardisty says the partnership is in line with the bank’s purpose of bringing possibilities to life.
Centum Real Estate’s Managing Director Samuel Kariuki said the company was focused on launching residential nodes across its three sites in Kenya and Uganda.