Alexander Forbes has broken ground for its first real estate development, a Sh2.6 billion housing project in Kitengela dubbed Riverine Estate.
The fund managers’ project, which is financed through its retirement fund, comprises 211 maisonettes and apartments in a gated community. The development will also feature a nursery school, a commercial centre with a mini-mall, a gym and a resource centre with meeting rooms. It is scheduled for completion by December 2016.
Lucy Kambuni, chair of AF Retirement Fund’s board of trustees, said though the property is aimed at address members’ housing needs after retirement, some of the units will be sold to non-members at higher prices to maximise returns.
“It is pitiful to have the senior members of our society live like paupers. Securing a home goes a long way towards the holistic management of one’s retirement plan,” Kambuni said.
The Riverine Estate sits on 30 acres of land fronting the Nairobi-Namanga road where the mini-mall will be built. AFRF has contracted Landmark Holdings for construction works. It said homebuyers will be financed by KCB and it is in talks with Housing Finance and The Mortgage Company to widen home loan financier options.
The firm has also allow members to utilise up to 60 per cent of their retirement benefits to secure mortgages. It did not disclose the offer prices for the units.
AFRF, an umbrella retirement fund, is a recent addition to Alexander Forbes’ traditional actuarial services in Kenya.
– The Star