National Housing Corporation (NHC) says its planned Sh10 billion bond to finance the construction of 6,000 houses using pre-fabricated panels will be issued before the end of the year.
Speaking while introducing the new chief executive officer, NHC chairman Sammy Chepkwony said some finer details concerning the bond are still being worked on and will be released to the public once done.
“We may be late but definitely we will be there,” he said. The new CEO, Andrew Saisi, said real estate is the best destination for investors leaving the stock market at the Nairobi Securities Exchange (NSE) because of low returns on investment.
He said NHC has constructed houses in Mombasa, Kisumu, Mavoko, Nairobi and Nakuru, adding that old buildings in Nairobi will be pulled down to pave way for the modern houses. NHC is also targeting commercial property development to support its housing projects.
“The corporation is targeting commercial projects in Nairobi, Nakuru, Nyeri and Meru,” said the CEO. He said in the last two years the commercial segment of real estate has gone up by seven per cent while that of residential segment has gone up by four per cent.
“The real estate sector is expected to grow with demand for housing and related development, which will continue to play a crucial role in our economic development,” said Saisi. Saisi said the corporation will intensify use of its EPS technology to accelerate the delivery of housing units to bridge the current housing gap.