A real estate development company has received a Ksh24 billion ($180 million) loan to facilitate the construction of an affordable student housing project in Kenya.
According to the United States fact sheet on Kenya’s winnings from President Ruto’s State visit, the deal was sealed recently and would facilitate the development of the complex through sustainable means.
“The Development Finance Corporation recently approved an approximately $180 million (Ksh23.4 billion) loan to, a real estate developer that constructs and operates affordable student housing in Kenya,” stated the White House.
U.S. International Development Finance Corporation (DFC) is America's development finance institution and partners with the private sector to finance solutions to the most critical challenges facing the developing world today.
A spot check by Kenyans.co.ke on the affordable Student Housing project revealed that the building will have 11 purpose-built housing blocks in Nairobi to be built in phases.
The buildings are expected to comply with IFC EDGE (Excellence in Design for Greater Efficiencies) standards for green building, reducing their environmental impact by at least 20 per cent.
When completed the housing blocks will provide 8,800 additional student beds over the next 5 years.
The development is expected to provide a mix of studio apartments and rooms with shared kitchen and bathroom facilities, a move geared towards enabling students with a range of income levels to access suitable housing.
As for accommodation amenities, the company will provide all students with access to 24-hour electricity, wi-fi, clean water and sanitation as well as social areas, gym access and safe transport to nearby colleges and universities.
Further, the developers have stated that security will be paramount with CCTV in operation and students accessing their blocks and rooms via biometric access cards.
Additionally, the company has pledged to source the construction materials domestically.
Further details of the housing units explain that female housekeeping and security staff will be employed to ensure that women feel safe in their student housing.
