Property developer Home Afrika is in plans to make multi-billion shillings investments in what it said are mega housing projects across different counties in its bid to tap into the county system of government.
The firm is embarking on a county focused strategy dubbed ‘Go County’ revolving around the devolved system of government. The firm said it expects to play a part in the decongestion of major urban areas by developing alternative satellite cities across Kenya.
In the plan, the listed property developer hopes to capture the middle and low income market segments that it notes have largely remained neglected by current market players.
Home Afrika already has three real estate projects in counties outside Nairobi and said it has lined up investments in other counties. These include Lakeview Heights in Kisumu County, Llango in Kwale County and the multi-billion Migaa project that is under construction in Kiambu County.
chief executive Home Afrika,Njoroge Ng’ang’a said the three counties would be the first in its ‘Go County’ initiative as it positions itself to tap into the middle income housing market segment outside the major cities.
“We have formulated our strategy to revolve around the recently formed counties. In line with this, we are looking to assist in decongesting the main cities by creating and supporting development of satellite cities,” he said during a tour of Migaa in Kiambu County last week.
The company is in plans to flout a corporate bond as well as become a Real Estate Investment Trusts (REITs) manager as it sources for funds to finance its mega projects.
Through its ‘Go County’ strategy the firm said it is looking to tap in the middle and lower income housing segments that have been neglected by other market players.
“The greatest need for housing is among the lower and middle income segments. Most developers have been concentrating on the high end and what we will see is a shift from this to affordable housing where there is a huge gap to be filled,” said Ng’ang’a.
“We feel that Home Afrika is perfectly placed to satisfy this demand. We seek to create communities in Kenya and around Africa by providing quality, sustainable and affordable housing. We want to position ourselves to take advantage of that solution that will close up the housing gap.”