PROPERTY BRIEFS: Shelter Afrique receives loans to boost project financing

Shelter Afrique receives loans to boost project financing

Pan-African housing lender Shelter Afrique has received a Sh2.5 billion ($25 million) loan from the Islamic Corporation for the Development of the Private Sector (ICD), and another Sh836 million from the African Development Bank for onward lending.

The two loans are meant to help the Nairobi-based housing company improve its project financing.

Shelter Afrique has been focusing on the low- and mid-level housing market by lending to developers who target these segments, and accessing cheaper funds from development agencies, a trend that its management has said would go on.

The lender and real-estate developer Kings Pride recently broke ground for a 240-apartment residential development in Kiambu Town and a 200-apartment development in Athi River town.

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CMA puts Propertyzote’s crowd-funding plans on hold

Plans to raise capital for real estate projects through crowd-funding have been put on hold by a month after the Capital Markets Authority (CMA) demanded that its promoters file regulatory requirements.

Propertyzote Crowdfund Ltd had planned to begin raising funds next month but was forced to postpone the plans to April after the CMA demanded they file a prospectus with it.

The authority launched investigations into the offer last week after the company sent out a letter to potential investors pooled from their e-mail list.

Crowd-funding is the process of raising money from many donors using an online platform such as the Internet or social media to finance a project or business venture.

The company is asking for a minimum investment of Sh5,000, with a promise of at least a five per cent annual return.

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High-end villas on Kiambu Road ready for occupation

Fourteen new rental villas going at Sh400,000 a month have been opened for occupation along Kiambu Road.

The villas, dubbed Hidden Creek Homes, are targeting the upper middle class and expatriates.

The project is owned by a consortium of local investors  seeking high returns in the lucrative real estate segment.

The houses stand on three-and-a-half acres of land in the Runda Palm area and come with an in-house office area, including furnished family rooms.

The project started 18 months ago and was funded through a mixture of debt and members’ contributions.

The Kenya Women Microfinance Bank lent Sh260 million to the project while members contributed Sh50 million, bringing the total cost to Sh310 million.

Two of the 14 villas will be sold, with a four-bedroom unit going for Sh65 million while tafive-bedroom one is going for Sh70 million.

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Finally, colonial village squatters  in Nyeri get title deeds

Five hundred squatters in Nyeri County were on Monday issued with title deeds as the government moves to issue the documents to settlers in colonial villages.

Those issued with the titles by Land Secretary Prof Jacob Kaimenyi live in Ithenguri, Gatitu, Kihatha, Kihuyo and Riamukurwe colonial villages.

During his recent trip in the area, President Uhuru Kenyatta promised that the government would issue titles to the squatters.

A total of 2,850 title deeds are set to be issued to all the 220 colonial villages in the county by the end of April.

The Jubilee government in 2013 promised to issue three million titles during its first term, which ends next year.