Industry Highlights: Month ending June
Real Estate Sector
IFC disburses Ksh2.6bn to Centum RE to fund construction of 2,000 affordable homes
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Centum Real Estate has received Ksh 2.6 billion in funding from the International Finance Corporation (IFC), setting in motion plans to build 1,940 affordable housing units at the Two Rivers Development.
Source: The Standard
- Are county policies steering property trends in the right direction?
Buyer interests in suburbs and satellite towns are constantly undergoing silent reshuffles, often fuelled by price jumps, infrastructure developments, and sometimes county government policies.
Source: Daily Nation
- Watchdog bans real estate developers from exclusive deals with Internet firms
Real estate developers and residential estate managers have been barred from entering exclusive agreements with internet service providers (ISPs), in a move by the Competition Authority of Kenya (CAK) to open up consumer choices and curb rising monopolies in housing estates.
Source: Business Daily
Land Sector
Developer told to stop the eviction of the college in South C
The Environment and Land Court has barred a private developer from evicting the Insurance Training and Education Trust from land that is at the centre of a dispute in South C, Nairobi.
Source: Daily Nation
- How 5,000 homeowners facing eviction fell victim to occupants of KMC Athi River land
At least 5,000 homeowners in Mavoko, Machakos County, face imminent eviction from the Kenya Meat Commission (KMC) land, as fresh details emerge about the pain and despair of families whose dream of property ownership is now under threat.
Source: Daily Nation
- Equity, Co-op, NCBA attach Sh1.75 trillion land as collateral.
The worth of land and property that Equity Group is holding as collateral for loans has crossed the Sh 1 trillion mark for the first time, underlining the use of plots as security for debt.
Source: Business Daily
- CIC Insurance to sell its 512-acre Kajiado land to lift its cash position.
CIC Insurance Group is set to sell three parcels of land measuring a total of 512 acres in Kajiado valued at Sh 1.7 billion as it seeks to restructure its balance sheet and lift its cash position in what will see it book huge capital gains.
Source: Business Daily
Hospitality Sector
Serena Hotel’s owner in revamp of properties
TPS Eastern Africa Plc, the operator of the Serena brand of hotels, is investing hundreds of millions of shillings to upgrade its top properties in the region as the hospitality sector continues to register growth.
Source: Business Daily
Infrastructural development
Treasury cuts roads budget by Sh 11 bn
The National Treasury has slashed cash for road construction by Sh 11.7 billion in its latest budgetary review for the current fiscal year, citing below-target revenue collection.
Source: Business Daily
- Railway project raises environment, land rights concerns for Karen, Ngong residents
Residents of Karen and Ngong have been met with a wall of silence as their concerns about the proposed 12.5-kilometre metre-gauge railway line, expected to connect Riruta to Ngong, remain unanswered.
Source: Daily Nation
- Court clears the way for Kotulo-Modogashe road construction.
Construction of a Sh 98 billion road intended to open up northern Kenya is likely to begin after a court set aside an order barring the Kenya National Highways Authority from disbursing funds to families affected by the project.
Source: Daily Nation
Construction Sector
- Win for salaried workers in the affordable housing plan
Salaried workers will now be given priority in the allocation of affordable housing units, a statehouse meeting resolved. Additionally, the down payment was reduced from the current 10% to a 5% reduction, a major win for potential homeowners.
Source: Daily Nation
- State eyes extra Sh 129 bn debt for housing projects
The government plans to raise Sh 129 billion through the Nairobi Securities Exchange (NSE) using Sukuk bonds and real estate investment trusts (REITs) to expand the affordable housing programme.
Source: Business Daily
Energy Sector
- Agency orders KenGen to cancel, reopen power plant consultancy work
KenGen has been ordered to cancel a multi-million shilling ’tender awarded to an Italian firm for consultancy services for the planned Sh 31.9 billion ($247.5 million) Olkaria VII geothermal plant.
Source: Business Daily
- Kenya Power turns home as it seeks 2,555 transformers from local firms
Kenya Power is seeking local firms to provide 2,555 distribution transformers under a one-year contract as the utility aims to ensure a steady supply of critical equipment to facilitate the connection of new customers.
Source: Business Daily
