HICS eyes Ksh1billion assets by the close of the financial year 2021.
By Co-op News
Harambee Investment Co-operative Society (HICS) is riding high in the real estate sector. The Society has established itself as a trusted institution enabling members to acquire and own property.
In a recent Annual General Meeting, the Society Chairman Macloud Malonza reported that total assets increased by 446 per cent to reach Ksh 616.4 million as of 31st December 2020.
“In 2018, Harambee Investment had total assets worth only Ksh 6.77 million, but through dedication, diligence and foresight, we grew the business to Ksh 112.9 by December 2019, a phenomenal growth of 1567% in are cord one year,” said Mr Malonza.
The Society targets to grow its asset base to over Ksh1 billion by the close of the fiscal year 2021.
Last year the Society fully subscribed members jumped by 29 per cent to reach 596.
Mr Malonza said the Society is planning to issue title deeds for its Shrine View Estate and Oldonyo View 2 Estate in Kantafu projects.
“Currently, beacons are being placed in Meadows estate. Our projection is to issue over 1000 title deeds before mid-2021,” said Mr Malonza.
“We bought over 40 acres at Nakuru’s Harambee Flamingo Estate, 20 acres at Shrine View Estate –Kantafu and 16 acres at Oldonyo View 2 Estate Kantafu and 145.5 acres in Eldoret Meadows Estate,” said Mr Malonza.
The Society had successfully issued over 370 title deeds to new landlords by the close of 2020. This makes Harambee Investment Co-operative Society one of the fastest-growing investment societies in Kenya.
The investment co-operative intends to venture into Nyanza, Coast, Central and Western regions to enable members in those areas to acquire affordable land and houses.
“Plans are on high gear to ensure the Society ventures into the real estate business to provide our membership affordable and comfortable housing units,” said Mr Malonza.
Harambee Sacco is the biggest investor in the investment society, with hundreds of Sacco members bought most of the pieces of land in its four projects, according to Dr George Ochiri, CEO Harambee Sacco.
“The management of Harambee Investment Co-operative Society ensures that members participating in any of our keynote projects get their title documents at the earliest opportune. We keep our promise,” said Gichuki Kabukuru, Acting CEO Harambee Investment.
