GulfCap Real Estate has entered into a partnership with KCB Bank to offer mortgages to clients seeking to purchase apartments at their Sh6 billion Buxton project in Mombasa.
The partnership agreement was signed on Thursday at KCB's main branch in Nairobi and will see the bank offering the mortgage at a fixed rate of 9 percent.
The mortgage payment plan will go for up to 25 years, according to the agreement signed between GulfCap Real Estate Head of Sales and Marketing Martin Kariuki and KCB’s Relationship Manager Mortgages, and Property Sales Boniface Mutua.
In a press release issued by GulfCap Real Estate, the developer says it has further allowed KCB Bank to sell the Buxton Point apartments to their clients.
Currently, Phase 2 of Buxton Point is on sale where they offer one-, two- and three-bedroom apartments starting from Sh2.9 million.
“We are thrilled by this partnership as it will make it easy for clients to own houses at Buxton Point. This will go a long way in ensuring we fulfil our desire of making our affordable homes accessible to many Kenyans,” Kariuki said.
On his part, Mutua said the bank is excited by the partnership as they will create opportunities for new homeowners who cannot afford to pay cash or the short-term instalment plan.
“This is a milestone for us. We are happy to be involved in the affordable housing program in our own way. The goal is to ensure Kenyans afford a home,” he said.
The bank is offering the mortgage plan in partnership with the Kenya Mortgage Refinance Company (KMRC).
Buxton Point Affordable Housing is an award-winning development by GulfCap Real Estate located at the heart of Mombasa. The developer was recently awarded the largest affordable -housing project in Nairobi- Starehe Point which will have more than 6, 000 units.
The Buxon Point in Mombaa is being done through a Joint Venture (JV) between the County Government of Mombasa and Gulf Cap Real Estate whose philosophy revolves around building a lifestyle, not just apartments hence the sharp focus on providing facilities such as a community centre, Kindergarten, Social Hall, sports courts, green areas, swimming pool, shops, food courts, public exercise equipment, walkways, and more.
It is currently among the largest affordable housing projects in Kenya consisting of 2000 housing units. The project is being done in two phases. Phase 1 which is sold out consists of 584 Units which will be handed over soon and Phase 2 which will consist of more than 1300 units.
