The construction subsidiary, known as the Kenya Building Society (KBS), has already embarked on the construction of a residential housing project dubbed Komarock Phase 5A in Nairobi’s Eastlands area.
KBS was a key player in the Kenyan property development market in the 1980s and 1990s before it became dormant for more than a decade until its revival on Wednesday, May 9.
Housing Finance plans to use the subsidiary, which developed the existing phases of Komarock and Buru Buru estates, to build houses for the mass market.
“We are looking to partner with land owners to construct housing units to meet the rising demand especially from the middle and low income earners in the country,” Housing Finance managing director Frank Ireri said.
Mr Ireri said that the firm’s entry into the property development market will widen it’s products hence positioning the firm to make profit from every stage of the home supply chain while advancing acquisition of mortgages.
Early last year, Housing Finance launched a house construction package targeting land owners where it hires builders to construct homes while the land owners meet the cost in a mortgage-type arrangement.