Britam deepens foray into real estate with new Kajiado project

Financial services firm Britam has deepened its foray into the real estate with the acquisition of a 21.4-acre piece of land in Ngong valued at Sh300 million, on which it plans to put up commercial and residential units.

The Nairobi Securities Exchange-listed firm said in a statement that it seeks to capture growing demand for housing facilities in Kajiado County, which is a fast-growing town within the Nairobi metropolis.

“We’re still at the change of user stage and once this is complete the actual disposal method will be determined. We will select a project manager and master planner to guide us through possible designs for adoption,” said Benson Wairegi, the group managing director in a statement issued on Monday.

Britam’s interest in property development is driven by the high returns offered by the sector and consistently high returns in the sector.

The new development comes at a time when the firm is currently constructing a Sh5 billion 31-storey office tower on a prime land in upper Hill in Nairobi billed to be the tallest building in Kenya.

Other Britam investments include Thompsons Glade residential units, Apple Walk Park and Hurlingham Park in the city. This has seen the company launch its real estate investment strategy aimed at expanding into new property markets.

The parcel of land is located 25 kilometres from the central business district on the busy Ngong-Kibiku road and overlooks the Nairobi National Park.

The firm said it sought to provide decent housing facilities for Nairobi’s middle class who will have access to neighbouring Mavoko in Machakos County.

With the devolved government having taken effect earlier in the year, Britam is looking at establishing similar projects across the country.