By Winnie Kamau
Heri Homes last Saturday held their first project handover ceremony of Kikuyu Road Apartments that was built using the Equity model also known as REIT – (Real Estate Investment Trust). The event was attended by both local and international investors.
Speaking during the ceremony, Heri Homes Chief Executive Officer Ephantus Kimotho Kimani, said this was a confirmation that Equity model is gaining ground and through it, they are able to win confidence among the stakeholders and Kenyans who believe in investing while you earn.
“The Kikuyu Road apartment project has several equity partners and pre- sale customers who believe in us for developing quality, affordable and durable houses. Most of the development partners got a unit at 2.6 million while those who came three months after groundbreaking got a unit at 3.5 Million”.
Kimotho noted that for those who came 8 months later after the groundbreaking they got a unit at 4 Million. While creating opportunities for the partners, the director said as an entrepreneur they are able to solve people’s problems by providing a solution through cost sharing and savings.
As an entrepreneur, he is able to reduce the gap of housing by creating alternative investment opportunities which give a higher return than interest rate and inflation. That is what Heri Homes has been offering to its customers.
Most of the partners and homes owners who attended the event said they were able to buy a unit while at the same saving through the equity model whereby you only pay a deposit of 20 per cent and subsequent payment of the same for a period of about 2 to 3 years.
Diana Muthoni is an investor and bought a unit at 2.6 Million during the groundbreaking ceremony last year. According to her, the cost of buying a unit was a little bit cheaper, since she only paid a deposit of 20 per cent but after a period of another 8 months, she will have paid in full amount.
“The Equity model introduced by Heri Homes has really benefited me and I am now able to save for other projects they are doing since it’s a mutual benefit. First, I trusted them with my money, and they are now able to complete the project. Second, they gave me an opportunity to own a house while at the same time paying in installments, “ Muthoni explains.
The CEO while addressing the investors at the event challenged them to invest while at the prime age and the returns from that kind of investment like buying a house is always higher. By showcasing what Heri Homes has been able to achieve, they are able to bring factors of production together by creating a long lasting relationship with a finished product that has a social impact to the society.
Officiated by the Dagoretti South Jubilee aspirant John Kiarie aka KJ, the ceremony brought together not only the investors and partners but also a host of young people in late 20s and early 30s who are keen in buying houses at an early age.
Other projects, Heri Homes are involved at are; Heri Kitisuru View apartments, Her in Daystar Hostels and Heri Kikuyu Heights apartments, Rwaka 1 and Rwaka 2 apartments among others.
