KCB to build over 5,786 affordable residential homes in Juja

KCB to build over 5,786 affordable residential homes in Juja

The Kenya Commercial Bank is set to build over 5,786 affordable residential homes and commercial offices worth Sh. 6.035 billion. The bank has kicked off the search for strategic partners for the project.

The multi-billion project will be constructed on the lender’s land in Juja near the Thika Superhighway. According to a reliable report, KCB will enter into a joint venture (JV) with a real estate developer and create a special purpose vehicle (SPV) to finance and develop its 153.17 acres land.

The bank’s contribution to the project would be land estimated to be worth Sh. 2.3 billion based on the cost of acre in Juja at Sh. 14.9 million. The remaining amount will be provided by the JV Partner who will also meet other construction related costs.  The JV partner will have a majority 61 percent stake in the project while KCB will hold a minority 38 percent shareholding.

KCB to build over 5,786 affordable residential homes in Juja

The Kenya Commercial Bank is set to build over 5,786 affordable residential homes and commercial offices worth Sh. 6.035 billion. The bank has kicked off the search for strategic partners for the project.

The multi-billion project will be constructed on the lender’s land in Juja near the Thika Superhighway. According to a reliable report, KCB will enter into a joint venture (JV) with a real estate developer and create a special purpose vehicle (SPV) to finance and develop its 153.17 acres land.

The bank’s contribution to the project would be land estimated to be worth Sh. 2.3 billion based on the cost of acre in Juja at Sh. 14.9 million. The remaining amount will be provided by the JV Partner who will also meet other construction related costs.  The JV partner will have a majority 61 percent stake in the project while KCB will hold a minority 38 percent shareholding.

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