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Property developer Eboss invests Sh110m in private school
When complete, the 143 Brookview Membley project will feature 100 housing units, an education centre, a commercial hub and play area creating a modern, self-contained community in one of Ruiru’s fastest-growing neighbourhoods.
Property development firm, Eboss Investments Company, has injected Sh80 million to construct a new British-curriculum institution in Ruiru called Seven Oaks International as it seeks to ride on the middle class appetite for the international syllabus.
The developer, which is behind the 143 Brookview Membley project in Ruiru, received a Sh110 million loan from Co-operative Bank of Kenya with Sh80 million earmarked for the school, while Sh30 million will form a revolving fund to be used in developing residential units.
“The school forms the anchor of a mixed-use gated community that integrates residential housing, commercial spaces, recreational amenities, and other social infrastructure,” said Co-operative Bank in a statement.
“The financing package combines a Sh80 million mortgage facility, dedicated to constructing the school, and a Sh30 million revolving term loan tailored to the project’s phased development model."
Most middle class parents, who are the target market for the 143 Brookview Membley project that entails four bedroom houses selling at between Sh33 million and Sh35 million, have been shifting from the Competency Based Curriculum (CBC) and enrolling in schools offering international syllabus.
The shift is largely driven by uncertainty surrounding the CBC whose first batch of students is set to sit the Kenya Junior Secondary Education Assessment later this month.
Investors in middle and high-end private primary schools have moved to cash in on the demand, building extra classrooms while some have acquired franchises of international institutions.
It is not clear whether Seven Oaks International is related to a public school with a similar name in England.
Those along Thika Road have had few options of such international schools with Seven Oaks moving to plug into this gap.
Eboss Investments injected Sh120 million in 2020 for infrastructure development on a 20 acre gated community and has since completed three phases of the project riding on family resources and buyers’ deposits.
“Our financing approach follows the project’s natural growth. Once Eboss proved their ability to deliver in earlier phases, we structured support for the school phase through a mortgage facility,” said head of mortgage finance at Co-operative Bank of Kenya, Vincent Kihara.
When complete, the 143 Brookview Membley project will feature 100 housing units, an education centre, a commercial hub and play area creating a modern, self-contained community in one of Ruiru’s fastest-growing neighbourhoods.
The Seven Oaks School will serve as the educational anchor, offering families convenience and peace of mind while enhancing the value proposition of the entire development.
