HF housing project to benefit county staff
HF Group, an integrated property and financial services company has signed a memorandum of understanding with the Kakamega County Government to put up 1,000 housing units.
HF Group will undertake the project on behalf of the county, providing all requisite financing. Its banking subsidiary HFC will in turn,
finance all mortgages while providing banking services to the county government staff.
The housing project which is the largest to be undertaken by a county government, will see Kakamega County Government provide land to facilitate the construction of houses for staff members in Kakamega County.
The parties are hoping to start constructing the housing units before the end of the year, after procuring required approvals.
Wycliffe Oparanya Governor, County Government of Kakamega said the County currently has a staff population of approximately 5,000 of whom 2,000 are stationed within Kakamega town.
NEXT INVESTMENT HUB
“It is estimated Kakamega town needs approximately 2,000 housing units, which we plan to reduce by half through the partnership with HF Group,” said Oparanya.
Oparanya said Public servants are often forced to wait for months before securing rental premises when posted to Kakamega.
“On average a person transferred to Kakamega will spend two months searching for a house to rent,” said Oparanya.
Commenting on the agreement, HF Group Managing Director, Mr. Frank Ireri, said the agreement provides for a framework for the negotiation and implementation of a Joint Venture Company for provision of housing to the Kakamega County Government.
“HF Group will provide Kakamega County with the requisite expertise in housing with a common goal of enhancing and boosting the County Government’s housing sector in order to provide for the housing needs of its staff members,” said Ireri.
Mr Ireri said Joint venture agreements between financial institutions and landowners in prime areas is slowly gaining prominence in the Kenya.
“With the opening up of the 47 Counties, there has been huge demand for offices, houses for staff taking up jobs in the counties and residential houses for those who view the various counties as the next investment hubs,” said Ireri.
Kakamega town is the County’s Headquarters and has continued to experience massive immigration.
HF Group is targeting to increase its presence in the county which is home to various educational institutions including Masinde Muliro University of Science and Technology, satellites campuses for University of Nairobi, JKUAT, KU and Private learning institutions such as Mt Kenya University.
Source: Daily Nation