HF Group sets up property management unit

HF Group sets up property management unit

The HF Group, through its real estate subsidiary HFDI, has launched a property management business in its quest to grow its revenues.

The traditional mortgage lender has been diversifying its business with the new arm aimed at giving it a greater foothold of the real estate market.

HFDI executive director James Karanja said the establishment of a property management unit is informed by the need to have a presence throughout the property market by offering capital, building expertise and now management of facilities.

“Our research has shown that there is an increased awareness among property owners and investors regarding the necessity to have professional management of their properties,” Mr Karanja said.

The property management unit is targeting to manage at least 5,000 homes, 10,000 square meters of retail space and 30,000 square meters of commercial floor space in the medium term.

The property management unit will initially manage HFDI residential properties and the K Mall in Komarock Estate.

Mr Karanja said the firm would provide a range of services to property owners including maintenance, renting, renovating, and security of residential or commercial properties.

“Property management in the real estate sector is growing very fast as most property owners are looking for one stop solutions. Only owning a property does not translate into earning a good rental income if you don’t undertake proper management and care of the property,” he said.

HFDI has at the same time appointed Daniel Baaru to head the new unit.

Kenya’s real estate sector has grown rapidly over the last decade with housing, commercial and retail outlets being constructed.

Mr Baaru said demand for property management services is set to rise, given that 30 percent of the office and residential buildings in Nairobi and its environs are managed by service providers.

“These modern properties require more sophisticated technical support and maintenance, which we will be providing,” Mr Baaru said.

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Story By Sophie Kinoti
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