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HF unveils housing designs for low income earners

20 March 2014, 10:48 Samuel Kisika

Nairobi - Housing Finance (HF) Group, an integrated financial services provider, has unveiled over 50 home construction designs aimed at making accessible quality and affordable housing to the middle and lower end customers.

The designs, to be marketed under the Makao housing plan introduced in 2007, will offer a seamless end-to-end building solution involving consortia of HF and building professionals comprising a team of architects, project managers, quantity surveyors, legal advisers, civil and service engineers and contractors.

The HF Chief Executive Officer, Frank Ireri noted that the demand for housing in the country is high and driven by the ever growing population and rapid urbanization.

"Makao seeks to address the key challenges home owners undergo during the construction period which include poor supervision, cost overruns and inflated building costs, fluctuating prices of materials, delay in completion of project, poor quality materials, theft of materials, diversion of construction funds and unqualified masons," said Ireri.

He added that the demand for affordable housing units has been insufficient in supply hence the introduction of the Makao scheme that is free from poor workmanship and use of low quality materials leading to high maintenance and repair costs.

housing finance, makao

"One of the notable benefits of Makao is that the home will be delivered within an agreed upon time period, comes with fixed costs and is quality assured," stated Ireri.

Ireri also stated that the home construction designs will include a KES 1.6 million design targeting the lower end market.

He reiterated that HF customers will also access 100 percent financing while Makao will offer them savings of up to 30 percent by taking away what would naturally be developer's profit.

"You can start by putting up one bedroom and increase the size and quality of your house incrementally as your income improves," said Ireri.

Moreover, he stated that Makao projects will have a delivery period of between three to nine months depending on design with the clients having a choice to determine quality of finish between basic, standard and high end.

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