Property firm inks deal with lender to offer mortgages

Buxton currently ranks among Kenya's largest affordable housing projects consisting of 2,000 housing units. [iStockhoto]

GulfCap Real Estate has entered into a partnership with KCB Bank to offer mortgages to clients seeking to purchase apartments at their Sh6 billion Buxton project in Mombasa.

The partnership agreement was signed on Thursday at KCB's main branch in Nairobi and will see the bank offering the mortgage at a fixed rate of 9 per cent.

The mortgage payment plan will go for up to 25 years, according to the agreement signed between GulfCap Real Estate Head of Sales and Marketing Martin Kariuki and KCB’s Relationship Manager Mortgages and Property Sales Boniface Mutua.

GulfCap Real Estate said that it has further allowed KCB to sell the Buxton Point apartments to their clients.

Currently, phase two of Buxton Point is on sale with units starting at Sh2.9 million.

“This will go a long way in ensuring we fulfil our desire of making our affordable homes accessible to many Kenyans,” said Kariuki.

Mutua said the bank is excited by the partnership which will create opportunities for new homeowners who cannot afford to pay cash or the short-term instalments plan.

The bank is offering the mortgage plan in partnership with the Kenya Mortgage Refinance Company (KMRC).

The Buxton Point in Mombasa is being developed through a joint venture between the County Government of Mombasa and Gulf Cap Real Estate.

The project, which is being done in two phases, currently ranks among Kenya's largest affordable housing projects consisting of 2,000 housing units. 

Phase one, which is sold out consists of 584 units and will be handed over soon and Phase two will consist of over 1,300 units.

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