5 December 2012

Kenya: Boresha Sacco to Spend Sh2.4 Billion On Low-Cost Housing

Boresha Sacco Society, formerly known as Baringo Teachers' Sacco before a recent rebrand, has disclosed plans to spend Sh2.4 billion on low-cost housing projects.

It will build affordable houses for its members in Eldama Ravine, Mogotio, Kabarnet and other towns in Baringo county where it owns land.

The Sacco's chief executive Moses Chebor said it will build about 1,000 units for onward sale to members. The houses are provisionally priced at Sh600,000 per unit. The project will be rolled out in April 2013.

"We have discussed it and the project has been approved," Chebor said, adding that the Sacco does not presently have the money but has ways of raising the capital to build the houses.

Boresha Sacco is targeting to initially raise Sh1 billion for the first phase, and will have raised the total amount of Sh2.4 billion within three years.

The Sacco may soon be offering new shares to the public as part of raising additional capital for both the project and expansion. Chebor said Boresha has been granted a license to operate countrywide, with the new Eldoret branch being the first in the expansion spree.

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