Harambee Investment Cooperative Society (HICS) is in talks with African Development Bank (AfDB) for entry into real estate as it seeks to grow its asset base to more than Sh1 billion by end of year. The investment vehicle of the giant Harambee Sacco is looking to venture into the real estate business beyond the acquisition and sale of land which it has been doing since inception in 2014. The society which largely serves the disciplined forces has acquired and sold over 200 acres in three years pushing its total asset base as at December 2020 stood to Sh616 million. A partnership with African Development Bank (AfDB) to ensure we do affordable housing for members in efforts to achieve the over Sh1 billion asset base at end of year.
HICS has paid its shareholders Sh8 million, being 15 percent in dividends, and 10 percent interest on deposits for the year to December 2020. The society’s first project was 10 acres at Kantafu along Kangundo Road, Nairobi, in 2019, which was followed by acquisition of 40 acres in Nakuru, another 20 acres in Kantafu and 145.5 acres in Eldoret. A total of 370 title deeds had been issued by close of 2020, making HICS one of the fastest investment cooperatives in the country.