Shelter Afrique, Everest Ltd complete Sh720 mn Everest Park Phase II ProjectJune 25, 2019
NAIROBI, Kenya, Jun 25 – The government has commended Pan-African housing development financier, Shelter Afrique for complementing it’s efforts to provide affordable housing one of the current administration’s development pillars.
Chief Administrative Secretary, Ministry of Transport and Infrastructure Dr. Chris Obure, lauded Shelter Afrique and Everest Limited at the launch of the second phase of Everest Park Apartments, a multi-million-shilling property jointly owned by the two companies.
The mixed-use complex located in Mavoko area along Mombasa Road targets the growing low to middle-income population with units selling at Sh2.95 Sh4.95 and Sh6.5 million, for one, two and three bedrooms respectively.
“We appreciate the initiative by Shelter Afrique which is a Pan-African company for facilitating the financing of affordable housing for member states. Kenya is a major shareholder in Shelter Afrique, we, therefore expect that our investment will in turn benefit our citizens. I want to thank Shelter Afrique and Everest Limited for initiating such a project and it is our expectation that through Shelter Afrique we will see more of these arrangements in order to reduce the housing deficit and reach our target of 500,000 housing units by the year 2022,” Dr. Obure said.
The development consists of 60 one-bedroom units, 100 two-bedroom units, and 40 three-bedroom units.
The project is developed by The Everest Park Development, a Joint-Venture between Shelter-Afrique and Everest Limited. The two companies own the and upon which the project sits. Shelter Afrique further provided debt to the tune of Sh398 million and a standby facility amounting to Sh50 million.
“The completion of Everest Park Apartments Phase II is a continuation and reinforcement of our relationship and strong partnership with Everest Limited and a testimony of joint commitment to the development of affordable housing in Kenya,” said Shelter Afrique Managing Director & CEO Andrew Chimphondah.
In 2011 Shelter Afrique entered into a partnership with Everest Limited and developed Everest Park Phase I. The 240 units were developed at a cost of Sh755 million, marking the beginning of a long-term partnership between the two organizations.
“We believe unit cost of between Sh2.95 million and Sh4.95 million though not very affordable is within reach of many Kenyans, especially those in the middle class. Shelter Afrique aim is to make houses as affordable as Sh1.5 million,” Chimphondah said.
Everest Limited Managing Director James Muriuki said despite the challenges phased with Phase I of the project, the market was reacting positively to the second phase.
“We have sold 96 of the 200 units with one and two bedroom units being on high demand. We are upbeat about the uptake of the remaining units,” Muriuki said.