The 10 projects will include commercial buildings, hotels, retail malls and residential projects with construction expected to begin between September 2014 and March 2015/FILE
The 10 projects will include commercial buildings, hotels, retail malls and residential projects with construction expected to begin between September 2014 and March 2015.
The company said it already had the money in its bank accounts financed by British American Investment Company (Britam), the majority shareholder.
Among the developments expected to begin September include Arboretum Square located in Kileleshwa that will constitute a shopping mall, a luxury hotel and residential units.
Last Year Britam acquired a 25 percent stake in Acorn Group, as it sought to position itself in the property market. Under the agreement Britam is to provide the financing for development while Acorn will focus on the actual development of the properties.
Britam has also listed its successful Sh6 billion bond whose proceeds will be used to for property development.
Acorn is managing a portfolio of 25 projects valued at over Sh20 billion in Kenya, Uganda and South Sudan.
Some of the developments by Acorn Group include the Head Office for Coca-Cola East and Central Africa in Upper Hill, Deloitte East Africa Head Office on Waiyaki Way, Equity Centre in Upper Hill, The Waterfront Gardens estate on Waiyaki Way, new abattoir facilities for Farmers Choice and Nakawa Business Park in Kampala.
In the latest Hass property Index dated June 2014, apartments took up 41 percent of the market, while detached houses took up 34 percent, semi detached houses took up 34 percent of the market.
Detached houses include bungalows, cottages and villas either on their own plot or in a gated community.
The report also indicates that rents have risen by 2.7 percent in the last quarter and by 9.7 percent in the last year.