The owners of
The Kibathi Mbugua family, which also owns
The Mbugua family built its wealth through coffee farming but has now diversified into education sector with
"Our father thought of doing something different and started looking for partners," said Kibathi Mbugua a director of Kahawa Downs. Their father,
They are five siblings but only
"We already are putting in equity of Sh104 million that is why we sought debt so as not to be overly exposed in the project," said
The mortgage lender said more than 90 per cent of the units which were priced at between Sh5 million and Sh6 million have already been bought. The market value of the project is Sh1.5 billion, with HF expecting to finish it by end of the year.
This is the second joint venture by
Last year, the
The lender has dodged wrangles that have bogged down similar projects that have stalled due to disputes.
The Sh30 billion Fourways Junction in Kiambu is yet to be completed four years since inception following wrangles between land owners, the Gatabakis, and the developer
The landowners felt short-changed by the developers of the 500 units project strategically located close to the upmarket
The same scenario has bedevilled the Tatu City project. The multi-billion- shilling development was to host 25,000 houses and 62,000 people on a 2,400-acre land in Kiambu.
The Mwagirus, who are believed to own the land on which Tatu City is to be built, however, have been to the courts claiming that they have been sidelined in management of the project estimated to be worth more than Sh324 billion on completion.
The joint ventures have allowed developers to avoid the complicated and long process of land acquisition.
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