Jabavu Village Limited, a real estate development company, has refuted media claims that the Jevanjee Housing Estate in Ngara, Nairobi, has stalled. The company also denied allegations that it used a title deed from the Nairobi County government to fund the project.
In a press release, Hussein Abdikadir, Managing Director of the Jevanjee Housing Project, explained that despite early setbacks related to land acquisition, the COVID-19 pandemic, and a sharp increase in steel prices due to the war in Ukraine, the project remains on schedule.
“The project’s progress is currently at 50 percent, with affordable housing units expected to be complete by September 2025 and market units by September 2026. We are constructing two towers, each containing 400 units that will rise 14 floors. The construction of the structures for towers three and four is complete, with roofing for tower three nearly finalized,” Abdikadir clarified.
The Special Purpose Vehicle (SPV) created for the project legally acquired the Jevanjee land, which formerly belonged to the Nairobi City Council. Jabavu Village Ltd. now owns 80% of the SPV shares, while the Nairobi County Government holds the remaining 20%.
Under the agreement, the county government provided the land, while the joint venture companies are responsible for securing project funding.
As a result, the company applied for a Kes.1.9 billion facility from a bank to help finance the development. So far, Jabavu Village has collected Kes.450 million based on work certifications from the contractor and supporting consultants.
