Nairobi: Property developer Superior Homes Kenya has signed a Memorandum of Understanding (MOU) with KCB Bank Kenya to bridge the gap between property development and financing, aiming to boost the uptake of real estate products in Kenya.
According to Kenya News Agency, the partnership will enable Superior Homes Kenya investors to access tailor-made mortgage products from KCB Bank. These products are specifically designed to support the mid-income and premium housing market segments, aligning with their shared vision of empowering more Kenyans to achieve homeownership while driving sustainable urban growth.
This collaboration comes amid significant economic growth in Kenya’s real estate sector, which now contributes 6.7 per cent to the country’s Gross Domestic Product (GDP), up from 4.1 per cent in 2020. Despite this growth, the majority of Kenyans, 88.6 per cent, still construct their homes over a prolonged period, relying on personal savings rather than mortgage financing due to limited access to structured financial solutions. The partnership aims to address this gap by unlocking flexible financing for existing and potential homeowners looking to invest in Superior Homes developments.
Superior Homes Kenya Chief Executive Officer Shiv Arora highlighted that the partnership represents a key milestone in the company’s mission to provide value to its investors. ‘Our goal as a company is to create and drive the uptake of sustainable master-planned communities. Whether you are a first-time buyer, an investor, or living abroad, this partnership brings you one step closer to being a homeowner in a financially sustainable way, while also contributing meaningfully to the country’s housing agenda,’ said Arora.
Under this agreement, KCB Bank will offer competitive mortgage financing for Superior Homes Kenya’s pipeline of mid-tier and premium housing projects. The package includes structured repayment plans, longer tenure options, and dedicated customer support to guide homebuyers through the application and approval processes.
KCB Group Head of Projects and Investments Kenneth Luusa emphasized the importance of the partnership in providing affordable housing solutions in Kenya. ‘This partnership cements our relationship with Superior Homes in terms of being able to provide affordable housing for the populations in Kenya. Superior Homes has delivered timely and quality products over the last 20 years. Through this partnership, we are looking to offer the Kenya Mortgage Refinance Company (KMRC) mortgage facility which allows for 105 per cent borrowing. Not only will we be offering loan facilities but also cover some of the closing costs which allow investors ease in their transition into homeownership,’ said Luusa.