Pan-African housing lender Shelter Afrique and real-estate developer Kingspride have broken ground for a 240-apartment residential development in Kiambu town.
Kingspride has begun constructing Glenwood Gardens which is a development featuring a mix of two and three-bedroom units.
The Kiambu-based apartment complex is part of the Sh2.6 billion Glenwood Gardens project that will see 440 units put up in Kiambu and Ruaka towns.
In Ruaka 200 apartments also called Glenwood Gardens are coming up.
Shelter Afrique, which contributed Sh550 million in debt financing, says there is a lot of room in the mid-housing market which is underserved by high-quality housing units.
“The impression is that the market is saturated, and that is only true for the top tier of the market, we still have some way to go in providing affordable housing,” said Shelter Afrique chief executive James Mugerwa.
Shelter Afrique has been teaming up with developers to rollout large housing projects in a number of counties.
This year it has announced the financing of the second phase of Everest Park, a project that will comprise of 200 housing units and a commercial centre in Athi River town.
Shelter Afrique and Everest Park are investing Sh755 million in the joint venture which is expected to be completed by the end of the year.