GulfCap Real Estate (GCRE) has been awarded and recognized as the most promising emerging affordable housing developer.
The Kenyan-based company won the award at a gala dinner during the 39 annual conference organized by the African Union for Housing Finance (AUHF) in Windhoek, Namibia.
The company grabbed headlines for its world-class Sh6 billion Buxton Point project in Mombasa.
It is also in charge of the Sh20 billion Starehe Point project in Nairobi.
Head of Investment, Sales, and Marketing Martin Kariuki, Chief Development Officer May Waihenya, and Chief Accountant Mahmoud Al Bakry were present to receive the award on behalf of the company.
Zambia Permanent Secretary Ministry of Infrastructure, Housing and Urban Development, Professor Albert Malama presented the award.
GCRE Chief Executive Officer Chris Ochieng said the company's commitment to providing affordable and high-quality housing solutions has earned them distinguished recognition.
“We are honoured to be recognized as the most promising emerging affordable housing developer in Africa. This award is a testament to our dedication to making affordable housing accessible to a broader spectrum of the population, thereby contributing to the overall growth and development of the African housing market,” said Mr Ochieng.
The event dubbed “AUHF Affordable Housing Awards“ officials said is aimed at identifying and showcasing developers, financiers, NGOs, and local government departments breaking new ground in the affordable housing sector.
AUHF is a body that promotes the development of effective housing markets and the delivery of affordable housing across Africa, working in the interests of the members and the industry as a whole
Since its formation in 1984, the AUHF has evolved into a member-based, industry association of mortgage banks, building societies, housing corporations, Development Finance Institutions, and other organizations involved in the mobilization of funds for shelter and housing on the African continent.
“The AUHF Affordable Housing Awards will become an annual tradition, pulling in and recognizing innovative projects and pioneering work by AUHF and non-AUHF members alike to recognize excellence across various categories,” said the organization.
The developer was awarded for delivering its flagship project, the award-winning Buxton Point project which was handed over to its owners recently.
The delivery of Phase 1 of the project made GCRE the first private developer in partnership with the government to hand over an affordable housing project in Kenya.
Currently, Phase 2 of the project is on sale with its construction scheduled to be complete in two years.
Phase one units have already been handed to its owners, marking a major feat for a project that faced uncertainty due to legal challenges.
The 584 units were built in partnership with the county government of Mombasa, which provided the land.
The project includes amenities such as children’s play areas, a basketball court, and a swimming pool, among others.
The recognition of the company comes just four months after Pan-African Housing Development Financier, Shelter Afrique urged African governments to prioritize partnerships in their quest to provide affordable housing to their citizens.
Research by Shelter Afrique’s Centre of Excellence (CoE) has revealed that the overall shortage of housing in Africa is estimated at over 56 million housing units, out of which, more than 90 percent are in the affordable housing bracket.
