SBM Bank Kenya and Fusion Estates, have signed a Memorandum of Understanding (MoU) to facilitate mortgage financing of up to 90% for homebuyers.
The firms seek to attract local and diaspora investors from the United Arab Emirates, the United States, and the United Kingdom, banking on their respective mortgage financing and real estate expertise respectively.
In a statement, Bhartesh Shah, Chief Executive Officer of SBM Bank Kenya, said, “By offering financing of up to 90%, we are removing one of the biggest barriers to home ownership and making it possible for Kenyans to invest confidently in quality developments in the country.”
Fusion Estates currently manages a project in Narumoru with more than 60% of units in the current phase already sold, Kitengela which represents a smaller, targeted development within the company’s portfolio and the centrepiece- Oak Grove City in Juja, a flagship master planned community that has both residential and commercial units.
Oak Grove City offers plots ranging from one eighth of an acre to a full acre and allows homeowners to design their own houses subject to architectural approval. The development is structured to serve multiple customer segments across income levels and plot sizes, with land priced from as low as KES 3.3 million to KES 24 million.
“Through this partnership, we can widen access to well-planned, quality housing across different income levels, including more affordable options within developments like Oak Grove City,” said Daniel Kamau, Group Chief Executive Officer of Fusion Estates. “Having the right partner will make it easier for diaspora buyers to invest in property back home.”
