Madison, HF ink deal to develop mixed use project in Athi River

The project, located in Athi River, will be implemented in two phases. [iStockphoto]

Madison Life Assurance and HF Group's banking subsidiary HFC have signed a partnership to bring to life VillaKazi Homes, a planned mixed-use project in Athi River.

Madison is providing the 100 acres valued at Sh3 billion while HFC will provide end-user buyer financing, project management expertise as well as sales support for the project.

VillaKazi Homes is a gated community with pre-designed house plans aimed at providing "a uniform and premium ambience while also giving buyers a seamless kickoff to their homeownership journey," the two firms said.

"We are looking at bringing to life a mixed-use community that will have over 600 homes. The community will provide residents with holistic living including social, commercial and education amenities,'' said Madison Life Managing Director Githua Ngaruiya on the initiative.

The project is located in Athi River and will be implemented in two phases on a 60-acre plot of land and on a 40-acre parcel, respectively.

HF Group Chief Executive Officer Robert Kibaara said the partnership was in line with its strategy to provide Kenyans with holistic banking and property ownership solutions.

"This partnership reinforces HF Group's commitment to enriching lives by providing Kenyans with relevant homeownership opportunities and financing options," he said. This project will contribute towards alleviating the housing deficit amongst the thousands of working-class Kenyans in the rapidly growing industrial area within Athi River, and nearby satellite towns, the two organisations said.

Mr Ngaruiya noted that Madison Life Assurance has entered this partnership due to HF Group's strong heritage in the property space as well as its successful track record in similar projects.