Housing Finance managing director Frank Ireri. File
By EVELYN SITUMA
In Summary
- The firm is seeking architects, quantity surveyors, structural engineers, services engineers and other real estate professionals for its projects.
- Housing Finance’s advertisement is also testament to the biting shortage of skilled consultants in the construction sector.
- It is estimated that Kenya has a deficit of 15,000 plumbers, electricians, carpenters and masons.
Mortgage provider Housing Finance
is hiring consultants for its new subsidiary, Kenya Building Society
(KBS), in a pointer that the company intends to undertake new projects
to meet the high demand for houses.
The firm is seeking architects, quantity
surveyors, structural engineers, services engineers and other real
estate professionals for its projects.
One of the requirements is that the consultants
should have managed at least three large building schemes in the past
five years one of which must have been valued at least Sh500 million,
indicating that the mortgage firm has plans for big projects.
Managing director Frank Ireri told the Business Daily
that the HF subsidiary, which was recently revived after being inactive
for more than a decade, seeks to build a database of professionals to
tap into on a need basis.
“Kenya Building Society is looking to open up new
real estate development frontiers, locally and regionally,” said the
mortgage company in a statement. “As part of this effort, the company
would like to embark on comprehensive housing developments in Komarock
and other areas.”
Kenya has a severe housing shortage, with majority of the urban population living in slums.
Housing Finance indicated that it aims to build “affordable housing selling below Sh8 million per unit”.
The Nairobi Securities Exchange (NSE) listed home
loans provider revived KBS last year after a 13-year dormancy to deepen
its involvement in construction, as a strategy for earning more revenue
across the real estate development chain.
It is banking on alternative building technology
to cut construction costs, aiming at passing the benefits to borrowers
by way of cheaper houses.
The subsidiary is currently running two massive housing projects and is also set to break ground on three more.
Among the locations KBS will construct the houses are Komarock, Kahawa and Riruta in Nairobi.
Housing Finance’s advertisement is also testament
to the biting shortage of skilled consultants in the construction
sector. It is estimated that Kenya has a deficit of 15,000 plumbers,
electricians, carpenters and masons.
The National Construction Authority (NCA) has
cited upgrading of polytechnics to universities as one factor that has
contributed to the shortage, as it has reduced tertiary training
institutions. “It’s a big challenge,” said chairman Stephen Oundo.
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