SBM Bank Kenya and Fusion Estates, the real estate arm of Fusion Group, have signed a Memorandum of Understanding (MoU) to facilitate mortgage financing of up to 90% for homebuyers.
The partnership seeks to attract local and diaspora investors from the United Arab Emirates, the United States, and the United Kingdom, consolidating SBM Bank Kenya’s expertise in mortgage financing with Fusion Estates’ portfolio of real estate developments. SBM and Fusion Estates have previously partnered in a UK tour last year, which aimed at engaging Kenyans in London on the investment solutions available at SBM.
“For many Kenyans, the single biggest obstacle to owning a home has never been the desire,” said Mr Bhartesh Shah, the SBM Bank Kenya CEO. “It has always been the deposit. By offering financing of up to 90%, we are removing one of the biggest barriers to home ownership and making it possible for Kenyans to invest confidently in quality developments in the country.”
Fusion Estates manages three flagship developments: Narumoru, which has more than 60% of units in the current phase already sold; Kitengela which represents a smaller, targeted development within the company’s portfolio and the centrepiece; Oak Grove City in Juja, Fusion Estates which is a flagship master planned community that has both residential and commercial units.
Mr Daniel Kamau, Group CEO of Fusion Estates, said home ownership should not be out of reach for hardworking Kenyans. “Through this partnership, we can widen access to well-planned, quality housing across different income levels, including more affordable options within developments like Oak Grove City. Having the right partner will make it easier for diaspora buyers to invest in property back home,” Mr Kamau said.
Oak Grove City offers plots ranging from one eighth of an acre to a full acre and allows homeowners to design their own houses subject to architectural approval. The development is structured to serve multiple customer segments across income levels and plot sizes, with land priced from as low as Ksh3.3 million to Ksh 24 million.
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