Financing packages lined up for Eldoret project

24/06/2011 - Kenya property & investment news Posted by Bob Brunskell
Financing packages lined up for Eldoret project

Special financing packages have been set up for investors in the new Sergoit Golf and Wildlife Resort in Eldoret Town, Western Kenya.KCB and Co-operative banks will finance up to 90 per cent of the land and construction costs, Business Daily Africa reported.George Laboso, the sales and marketing manager of KCB's S&L mortgages, told the news provider: "We are offering one loan that can allow an investor to purchase a plot and construct at once, meaning they won't need to get money elsewhere to buy the land."Meanwhile, KCB will offer loans of up to 70 per cent for developers looking for financing to purchase plots.Cost of the real estate project is Sh40 billion and is the largest private sector investment in Western Kenya.Tourism minister Najib Balala unveiled the plans this week, the latest multi-billion-shilling development outside Nairobi.The project will include over 2,000 villas, three golf courses, a five-star hotel, shopping mall, conference centre, hospital, schools and a private airstrip, with an expected completion date of 2016.