HF Group plans to roll out services in all counties

By Obrien Kimani

HF Group plans to roll out services in all counties to tap emerging opportunities in the devolved units.

The company which has over 90 percent of her investment in Nairobi plans to open more branches in the counties this year in readiness for the county roll-out.

Managing Director Frank Ireri has told investors that the expansion will be financed using a mix of its balance sheet as well as credit.

The firm’s full year profit before tax grew 25 percent to 1.75 billion shillings.

Housing in Kenya has reached alarming levels with more than 200,000 people in urban areas joining the list of those in search of a shelter.

According to a report by investment management firm Cytonn Investments released early this year, students and middle income earners are the most affected by the housing shortage.

Despite various incentives by the government and the private sector, the current supply of 50,000 units is only sufficient to house a quarter of those in need every year.

HF Group which is one of the oldest mortgage lender in the country says its targeting to expand to all counties in a bid to tap growing demand for housing.

Managing Director Frank Ireri says the company is targeting the mid and lower income earners with new units in the Nairobi metro

The company that has over 50 billion shillings worth of investment in the real estate sector says that it is considering various financing option such as cash calls and financing deals.

The saw its annual profit before tax jump to 1.75 billion shilling last year from 1.4 billion shillings recorded in a similar period in 2014.

During the period under review, Housing Finance added 500 housing units in the market and its currently developing 480 units in Nairobi.

  

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