Government's housing project woos established investors

With the government having announced it will partner with private developers in putting up low-cost housing projects, various companies are now positioning themselves in consideration

Already, several private companies in the real estate business are competing for the prize of winning these rewarding contracts in the affordable housing program (AHP).

The government has assured the developers of incentives from the government in realizing the agenda of availing 200, 000 housing units yearly.

For instance, lowering interest rates on loans to ensure more people access capital to unlock homeownership opportunities.

Brownstone Capital, a real estate developer,  is among such companies.

Peter Ng’ang’a Kibugi, the company’s investor and sales associate says the firm is ready and committed to enhancing the government housing agenda.

“Our firm enjoys arguably the highest rental yields in the market,” Kibugi says in an interview. The company, he says, is committed to offering tailor-made needs not only to its clients but that is also best suited for the contemporary market.

“Our focus is purely towards investors and not homeowners. We believe that over time, investors can achieve long-term returns by diversifying their investment portfolios into real estate,” the company said.

Through the AHP, the government is keen to see more Kenyans own homes.

It states that by refocusing from purchasing land to income-generating property, investors will be able to achieve a better balance in their portfolios, especially with maintained discipline on reinvestment of earned rental income.

Started four years ago, Brownstone Capital has already introduced its sixth project, Amaziah DMW in Muthiga along Waiyaki Way in Nairobi which it says will long way is addressing the housing needs of the city.

The new development will feature 348 units of studio, one and two-bedroom units.

“We also offer post-construction management for our clients to avoid any challenges that may arise,” he says.

It has developed more than 500 units with investor returns of more than 25 per cent.

“Our goal is to create an inspiring living environment in the middle and lower market by creating a beautiful built environment with all the conveniences of modern living,” Kibugi states.