Firm to complete Sh1.6m homes for low-end buyers in March

Karibu Homes which is targeting the low income market segment is offering 281 units in the first phase of a 1,082-unit project in Athi River off Mombasa Road for sale. One-bedroom units go for Sh1.6 million each, two-bedroom house will be sold at Sh3.23 million while three-bedroom house will cost sh 5.25million. Phase one of its mixed development is expected to be complete next month. According to Karibu Homes co-founder and managing director, the prices are based on the principle that rent or monthly mortgage payments should not be more than one third of disposable income. A couple with a net salary of Sh40, 000 can pay at least Sh17,000 in monthly mortgage in the scheme [...]

Men beat women in credit cards uptake

Research by Financial Sector Deepening (FSD) shows men hold the bulk of the 208,352 credit cards issued by local commercial lenders while women take up more debit cards. Credit cards allow people to spend beyond the money in their accounts while debit cards are limited to what is available in one’s account. FSD also indicated that the average size of card transactions was between Sh3,500 and Sh4,500 which is higher than average mobile money transactions which stood at Sh2,602 last year [...]

Turnover halves at NSE as foreign interest shows

Sales dropped to Sh416.6 million in Monday trading from Sh994.9 million end of last week indicating a reduction in turnover by more than half.  Sales dropped to Sh416.6 million in Monday trading from Sh994.9 million end of last week, but market capitalisation remained at Sh2.4 trillion. Foreign investors interest in blue chips including East African Breweries Ltd (EABL) which posted an increase in half-year profitability has, however, been rekindled after a lull following the new capital gains tax. More activity is expected as companies release full-year results. CfC Stanbic and Equity banks are expected to release end-year results this month [...]

Bid Shah family targets schools with 170 acres

The Bid Shah family says it has carved out a 170-acre piece of land in Thika for investors wishing to put up educational facilities at the Sh3 billion Albizzia Downs Estate project. The land is part of 612 acres where the family and a consortium of wealthy Thika investors are set to put up a controlled mixed use development complete with parks, residential and commercial zones. Already, the family has sold nearly 100 acres to Oshwal College, Safaricom and Braeburn Schools for construction of educational institutions. The Oshwal College bought 25 acres for the development of an university to be completed in 2016. Oshwal and M-Pesa Academy are located west of Albizzia Downs Estate [...]

Kenya to save billions monthly as KenGen cuts reliance on hydro-power
Kenya stands to save about Sh2.2 billion monthly as the country shifts the bulk of its power generation towards renewable energy, cutting reliance on traditional hydroelectric power generation. According to the State-owned generation firm, KenGen, the country has seen electricity generation from geothermal and wind sources increase three fold in the past one year. The rise in geothermal energy has largely been attributed to the injection of the 280 megawatts (MW) at KenGen's Olkaria plant, which the power producer says has stemmed power rationing [...]