Month: October 2019

• The 200 units developed at a cost of KSh 720 million comprise of one, two and three bedrooms apartments selling at KSh.2.95m, KSh4.95m and KSh 6.5m respectively.

NAIROBI: June 25, 2019: Pan-African housing development financier, Shelter Afrique and Everest Limited have completed the development of the second phase of Everest Park Apartments, a multi-million-shilling property jointly owned by the two companies.

The mixed-use complex located in Mavoko area along Mombasa road targets the growing low to middle-income population with units selling at KSh.2.4m, KSh4m and KSh 5.5m for one, two and three bedrooms respectively.

It consists of 60 one-bedroom units, 100 two-bedroom units, and 40 three-bedroom units.

The project is developed by The Everest Park Development, Joint-Venture between Shelter-Afrique and Everest Limited. The two companies own land upon which the project sits. Shelter Afrique further provided debt to the tune of KSh398 million and a standby facility amounting to KSh50 million.

“The completion of Everest Park Apartments Phase II is a continuation and reinforcement of our relationship and strong partnership with Everest Limited and a testimony of joint commitment to the development of affordable housing in Kenya,” said Shelter Afrique Managing Director & CEO Andrew Chimphondah.

In 2011 Shelter Afrique entered into a partnership with Everest Limited and developed Everest Park Phase I. The 240 units were developed at a cost of KSh755 million, marking the beginning of a long-term partnership between the two organizations.

“We believe unit cost of between KSh2.9.5 million and KSh4.95 million though not very affordable is within reach of many Kenyans, especially those in the middle class. Shelter Afrique aim is to make houses as affordable as KSh1.5 million,” Mr. Chimphondah said.

Everest Limited Managing Director James Muriuki said despite the challenges phased with Phase I of the project, the market was reacting positively to the second phase.

“We have sold 96 of the 200 units with one and two bedroom units being on high demand. We are upbeat about the uptake of the remaining units,” Mr. Muriuki said.

The mixed-use complex boasts of a playground for children, parking space facilities and a commercial centre still under construction.

Nairobi: October 16, 2019: Kenyan firm, Karibu homes, a leading developer of affordable housing solutions has won the Africa Property Investment (API) Award for Best Affordable Housing Development in sub-Saharan Africa 2019.

This Is the second time Karibu Homes has won the Award, having won a similar accolade at the inaugural API Awards held in 2017 held in Johannesburg, South Africa.

Karibu Homes Founder and Managing Director Mr. Ravi Kohli said the Award underscores the position of Karibu Homes as one of the continent’s leading innovators and promoters of affordable housing solutions.

“Karibu Homes is dedicated to provision of affordable, well-constructed homes that offers better quality of life as we believe everyone has the right to decent quality, affordable homes. We are very pleased to receive this recognition of our efforts and we will continue to strive to meet our goal,” Mr. Kohli said.

Karibu Homes project, a pioneering affordable housing project located in Athi River, is being developed in partnership with pan-African Housing Financier, Shelter Afrique.

Shelter Afrique Chief Executive Officer Andrew Chimphondah, who was also one of key speakers at the 2019 API Summit, congratulated Karibu Homes and noted that their recognition was further evidence that Shelter Afrique had made the right choice of partner. Chimphondah notes that over the past few years, Shelter Afrique had focused on the provision of affordable housing as its key priority by fostering critical partnerships aimed at expanding the supply of low-cost housing across Africa which sits right within the objective of Karibu Homes.

“As we embrace a new strategic direction, we have concentrated our efforts in driving developers to build low-cost houses through innovative and alternative building methods, especially for projects we finance or those we have stake in. We are humbled that one of the projects Shelter Afrique holds dear has been recognized at a continental level,” Mr. Chimphondah said.

Karibu Homes is a mass-market affordable housing project aiming to build 1,000 homes when completed. It consists of 1, 2- and 3-bedroom housing units with pricing ranging between KSh2.5 million and KSh5.8 million.

About Karibu Homes

Karibu Homes develops large-scale affordable housing communities in an effort to broaden home ownership within Kenya. It has been recognized by the London Stock Exchange as one of the 360 companies to inspire Africa. The Company is based in Nairobi and has two current projects, Riverview and the recently launched Amana Hills in Kiambu. For more information, please visit www.karibuhomes.com

For further information please contact:Babatunde Oyateru | Communications Manager | Shelter Afrique| Shelter Afrique Centre | Longonot Road – Upper Hill| Tel: +254 20 4978000 | Email: boyateru@shelterafrique.org