KCB Bank Kenya will launch its annual property bus tour on Saturday, April 30, 2016 in Nairobi as it sets focus on low cost housing through business lines diversification.
The move is part of its long term vision to expand offering by actively participating in the lucrative property development market.
The Nairobi Property Tour will be flagged of at KICC Comesa ground from 7:00am.
Potential customers will be able to view houses and land readily available for sale.
To support these efforts, KCB said it has plans in place to launch the Property Center in June this year, which will host its construction arm.
KCB mortgage Director Sam Muturi, said that the bank is keen to tap into the rising demand for affordable housing by raising cheap offshore seed funds and leveraging on modern technology to help pass pricing benefits to the mortgage end buyer.
“We are ready to broaden our wings to the existing opportunities to house the majority Kenyans who feel left by the high cost of housing. The Bank will also continue to leverage on partnerships with like-minded corporations both locally and internationally to ensure we address the issue of cost of housing,” he said.
In February this year, KCB led a delegation of 30 East African developers to a successful Brazil property tour aimed to broaden business scope and also exposed them to modern architectural designs which they will transfer to Kenya.
The new technologies will help build houses priced at Sh1 million to Sh3 million catering for the deficit in housing.
According to the latest housing price index from the Kenya Bankers’ Association, released at the end of January, average housing prices edged up by just 1.14 per cent in the last three months of 2015.
This year, real estate investors are likely to ride on the growing demand for residential and commercial developments in the country, thanks to urbanization and growth of the middle-class.
KCB has other initiatives to help boost their book and offer an enhanced product proposition.
These efforts have seen the lender partner with Chloride Exide, East African Cables, and Crown Paints aiding customers to access building accessories at discounted prices.