Show house opens at Riverine Estate

The project will be completed in 2017

The project will be completed in 2017

The show house at Riverine Estate, Alexander Forbes’ Sh2.6 billion development in Kitengela, has been successfully completed.

The carefully designed three-bedroom maisonette has been fully fitted out and forms the centrepiece of the sale that runs until the end of the year.

The financial services firm last July commenced work on the development in Kitengela, 30km from Nairobi, in a bid to reduce its dependence on equities.

The gated community, which sits on 30 acres of land fronting the Nairobi-Namanga road, comprises 151 maisonettes and 60 apartments – 48 three-bedroom units and 12 units of two bedrooms – that are earmarked for completion in 2017.

The development will also feature a commercial centre, a resource centre with meeting rooms, a gym as well as a nursery school.

“Although the property is aimed at addressing members’ housing needs after retirement, some of the units will be sold to non-members at higher prices to maximise returns,” Ms Lucy Kambuni, the chair of AF Retirement Fund’s board of trustees said during the groundbreaking event last July,

Construction of the Riverine Estate is being undertaken by Landmark Holdings, a local construction firm.

Alexander Forbes has signed a deal with KCB to finance its members at concessionary mortgage rates based on their savings. The fund says the sale is also open to non-members who are, however, required to place a 20 per cent deposit and complete the balance by 2017 before they are allowed occupy the the units.

Strong returns from the Kenyan property market are luring pension funds to raise their real estate investments as they race to diversify their income streams.

This signals a structural shift by pension managers away from their traditional holdings of stocks and bonds into “real” assets such as property and infrastructure.

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