Jabavu Village Limited, a real estate development company, has denied claims in part of the media that the Jevanjee Housing Estate in Ngara, Nairobi, has stalled.
The company has also refuted claims it used a Nairobi County government title deed to fund the project.
In a press release to the media, Hussein Abdikadir, Managing Director of the Jivanjee Housing Project, stated that despite early setbacks brought on by the purchase of the land for construction, the COVID-19 pandemic, and a dramatic spike in steel prices after the war in Ukraine, the project is still on track.
“The project’s progress is currently at 50 percent, with affordable housing units set to be complete by September 2025 and market units by September 2026. There will be two towers of 400 units each rising to 14 floors. The construction of the structures for towers three and four is complete, with roofing for tower three almost finalised.” Clarified Abdikadir
The Special Purpose Vehicle (SPV) established for the project lawfully acquired the Jevanjee land, which had previously belonged to the Nairobi City Council.
Jabavu Village Ltd. presently owns 80% of the shares after being transferred to the SPV, while NCCG owns 20%.
The deal stated that the county would supply land while as part of the joint venture, companies were to find money to invest in the project.
As a result, the company applied for a Sh1.9 billion facility from a bank to finance a portion of the project. In accordance with work certifications provided by the contractor and assisting consultants, Jabavu Village has so far collected Sh450 million.
