- Published on Friday, 21 April 2017 08:40
A real-estate developer has announced plans to build 450 apartments worth Sh3.5 billion on a 10-acre parcel of land at Tatu City, a proposed city-within-a-city near Nairobi.
Speaking during the ground breaking ceremony, Lifestyle Estates chief executive Peter Karoki said the projects set to accommodate 2,250 residents would be ready for occupation by December 2018, providing two- and three-bedroom units within the high-end gated community in Kiambu County-based Tatu City.
The first phase of the firm’s holding totalling 30 acres will be undertaken by Canton Building and Construction Company. The remaining 20 acres will be developed later, he said.
“Tatu City offers Lifestyle Heights the full complement of infrastructure to provide our prospective residents with a controlled and gated community within a wider organised development,” said Mr Karoki on Thursday.
Tatu City country head Nick Langford welcomed the development, saying it would offer more Kenyans an opportunity to own homes while injecting fresh capital towards realisation of the larger city-within-a-city vision.
Lifestyle Estates was behind building of Lifestyle Gardens, comprising 70 four-bedroom units off Mombasa Road in Nairobi.
Other projects are Lifestyle Terraces, a 280 two- and three-bedroom units off Mombasa Road adjacent to the Jomo Kenyatta International Airport and the third project in Lavington dubbed Lifestyle Signature, which comprises of five-bedroom villas.
The new development comes hardly two days after Tatu City majority owners, Rendevour Group, announced breaking ground for Tatu Waters Estate comprising of 2,715 residential houses worth Sh35 billion.
The project will consist of 402 two-bedroom, 1,294 three-bedroom and 1,019 four-bedroom units constructed as either apartments or townhouses.
Upon completion within the next two decades, Tatu City is expected to comprise homes, schools, offices, a shopping district, medical clinics, nature areas, a sport and entertainment complex as well as a manufacturing hub for its 150,000 residents.
This week it was also announced that Nova Pioneer, formerly Nova Academies, would next month break ground for a Sh400 million primary school within Tatu City, as the South Africa-based firm grows its offering which currently consists of two high schools.
Earlier, Chandaria Industries announced plans to build a Sh5 billion tissue paper manufacturing factory in Tatu Industrial Park expected to double its production capacity. Other firms including Bidco have also said they would set up in the industrial section.
Source: Business Daily
- Published on Friday, 21 April 2017 08:38
Listed Indian firm Tata Housing Development Company has announced plans to raise Sh15 billion for residential and commercial properties in major towns in Kenya, Tanzania and other countries.
The firm, part of the Tata Sons associated with billionaire Ratan Tata joins Reliance Industry, owned by India’s richest man Mukesh Ambani, in the Kenya real estate space. Mr Mukesh’s Delta Corp East Africa has invested billions in commercial office space and residential estates locally.
In a statement, Tata Housing said it has inked a deal with the 30-year old Indian National Housing Bank and an unnamed real estate firm to venture into international projects starting with Kenya and Tanzania.
The statement signed by Tata Housing managing director Brotin Banerjee said the company targets to develop more than 4.5 million square feet of mixed-used townships starting January 2018, over a four-year period.
Mr Barnarjee said the two projects, which target middle-income earners, will retail at between Sh7.5 million to Sh10 million each.
“The investment in both projects is expected to be more than Rs 1,000 Crores ($150 million) across both the phases over the next 3-4 years,” the company said in a statement.
“Our early success in Sri Lanka and the Maldives gave us the impetus to further expand our international footprint. Starting with Kenya and Tanzania, we will cater to the mid-income segments and fulfil their demand for superior quality housing,” he said.
Tata Group in recent years sold off its 50 per cent shareholding in government-owned Kipevu Petroleum Refineries Ltd.
One of the landmark projects by Delta Corp is the Delta Centre, located in Nairobi’s Upper Hill, which was sold to the World Bank Group for close to Sh2 billion.
The other is 21-storey twin-tower Delta Corner in Westlands, sold to consultancy PwC and the University of Nairobi Staff Pension Scheme for a reported Sh4 billion. Delta Riverside, a gated complex of four office-blocks targeting small and mid-size companies, was also sold off but Delta Corp did not disclose how much it made from the project.
Source: Business Daily
- Published on Friday, 21 April 2017 08:37
Construction of a commuter road network connecting Mombasa Island and the Miritini Standard Gauge Railway (SGR) station will be underway in two months.
The road, whose construction starts after SGR operations, is expected to enable people access the Miritini terminus from the coastal Island and vice versa.
“By the time we complete the railway line infrastructure which is coming in less than two months there would be the road connectivity through Magongo and Changamwe to the Island. The railway will not work in total isolation...It will work with the road network,” SGR consultant engineer James Karanja said Thursday.
Speaking in Mombasa, Mr Karanja said the road will also connect to adjacent areas while expressing optimism of expanding the network to Moi International Airport and the town centre.
“Once that is done, a desirable future option will be to have a commuter railway from Miritini station passing through the Moi International Airport and to the central business district. But for the immediate need we shall utilise both the railway and road transport to create easier mode of travel for passengers moving from upcountry to the Island and its environs and back,” he added.
The engineer said Miritini was the ideal place to build a passenger terminal due to availability of land for expansion of the rail and proximity to Mombasa Port, saying the two infrastructures were meant to co-exist to boost trade.
“We needed space without being hindered. We had a location in Changamwe, but we did not want to interfere with the flight path of planes coming to land at Moi Airport. Then it meant we had to dig down the track we found there was an existing oil pipeline...we could have compromised safety. Our objective was the port that’s why we went for Miritini,” Mr Karanja said.
Source: Business Daily
- Published on Thursday, 20 April 2017 09:59
This brings to three hotels by the group operating in East Africa and 35 in Africa with an additional two opening in the region within the next quarter.
Strategically located close to the CBD and with quick access to the UN headquarters, Park Inn aims to tap the rapidly growing conference tourism.
“This iconic ‘tablet-shaped’ hotel is set to make a big mark on Nairobi’s landscape and Rezidor’s African portfolio. This landmark property will certainly set the bar very high for the midscale hotel brands in Africa, with its contemporary design and architecture, and international standards,” said Marc Descrozaille, Area Vice President of Africa & Indian Ocean for The Rezidor Hotel Group.
The 140 room hotel will be looking to book travelers for international midscale hospitality experience.
Andrew McLachlan, Senior Vice President, Business Development, Africa & Indian Ocean, says Kenya has the potential for five Park Inn hotels.
“The hotel is a great showcase and catalyst for us to take this brand into the depths of Kenya, in areas such as Mombasa and Kisumu,” said McLachlan.
The hotel has five meeting rooms as well as an event terrace making its intention of taking a pie of the Meetings, Conferences, and Events dominated by established hotels.
Source: Business Daily