Africa's tallest building in Nairobi set to boost Kenya's tourism sector. What is Holding Back Affordable Housing in Kenya? 61% of Kenya’s urban households are located in slum areas. Nairobi tops Africa peers in race for developers of high-end shopping malls - Daily Nation. By ANNIE NJANJA Nairobi has overshadowed Africa’s cities such as Lagos and Kinshasa to become sub-Saharan Africa’s top destination for developers setting up shopping malls.
A report by property management firm Knight Frank shows that Nairobi has a total shopping mall space of 391,000 square metres (sqm), with an additional 470,000 sqm in the pipeline. The report, which it titled ‘2016 Shop Africa’, listed Namibia’s Windhoek capital as the second biggest retail city with a floor space of 260,000 sqm with Botswana’s Gaborone coming in third at 247,000 sqm. Uganda’s Kampala was ranked fourth with a space measuring 182,000 sqm. “Among the cities covered by this report, Nairobi stands out as a major focus for shopping centre development,” the report, which covered 47 countries in the continent, states. Kenya: Firm to Build 20,000 Houses for Civil Servants.
By Aggrey Mutambo Government workers are set to benefit from a housing project funded by a Chinese private equity fund that will see about 20,000 houses built.
It follows a deal signed on Thursday between the government, the China-Africa Development Fund (CAD-Fund) with local housing firm Suraya Property Group and China Civil Engineering Construction Company (CCECC). State officials say the project will help reduce the deficiencies in sheltering its workers. The agreement means that the government will provide land on which the units will be built by CCECC, with funding from the CAD-Fund. "The partnership is such that the government provides land, we provide consultancy, and the CAD-Fund and CCECC provide funding and also provides construction. "We are also addressing all types of housing, where we are targeting maybe a million shillings or less and we are going up to the senior civil servants who may want, maybe a bigger house on a quarter of an acre," he added.
Kenya's expanding middle class increases demand for luxury homes. Cytonn to construct US$ 25m apartments in Kenya. US$ 25m apartments in Kenya are set to be constructed by real estate and investment company Cytonn Investments Management Ltd.
Cytonn Chief Investment Officer Elizabeth Nkukuu confirmed the news and said that the apartments which will be built in Ruaka on the outskirts of Nairobi will target the middle to lower-middle income class with a discerning preference for modern day apartments. “Our deal pipeline is to serve different sectors of the real estate market ranging from the high end, such as the Amara Ridge whose construction is still going on in Karen, the middle to lower-middle income such as The Alma, which will offer a very comprehensive lifestyle and secure community to the future families,” said Nkukuu.
The multi-million lifestyle community will constitute 408 modern apartments with 1, 2 and 3 bedrooms, a commercial facility, a lifestyle clubhouse and an elevated playground for children. Kenya: Centum Planning to Build Exclusive City on 9,500 Acres in Kilifi County. By Kiarie Njoroge NSE-listed investment company Centum has started preparations for the construction of an exclusive 9,500-acre city in Kilifi County, extending ing its entry into high-end real estate development.
Centum, which is also behind the Two Rivers Mall, tipped to be Kenya's biggest on completion, is building the city on land it bought last year from Rea Vipingo Holdings, a plantation firm that sold part of its land as it de-listed from the Nairobi Securities Exchange (NSE). Regulatory filings show that the project will be developed in phases. The first phase will see the company put up infrastructure on 900 acres of the land at a cost of Sh794.3 million. It has divided up the 900 acres, dubbed the economic hub, into different areas including residential, commercial, industrial, institutional, recreational, and public zones. Coastweek - The most from the coast. NAIROBI (Xinhua) -- The Kenyan government has said it plans to roll out incentives that will help to reduce the growing housing deficit.
Cabinet Secretary in the Ministry of Land, Housing and Urban Development Jacob Kaimenyi told a media briefing in Nairobi that demand for houses stands at 250,000 per annum against a supply of 50,000. "The housing deficit can be minimized if we encourage private sector participation through financial and non-financial incentives," Kaimenyi said.
Some of the incentives earmarked include provision of serviced land, affordable financing and reforms of land related laws. Kaimenyi said the housing situation in Kenya presents both an opportunity and challenge. "An opportunity exists because of the growing annual shortfall with the highest demand in low cost housing sector," he said. First-Time Homebuyers Find Affordable Units in Kenya. A 2011 World Bank survey found that only about one-tenth of Kenya's population earned enough to support a mortgage.
However, that situation may be changing, with more affordable apartment units on the outskirts of Nairobi selling out even before the start of construction. Anthony Wamburu, a 35-year-old technology enthusiast, is in the market for his first property. Wamburu has been saving for a while now, and has his eye on an apartment — valued at $50,000 — in Kenya's capital, Nairobi. The units are dubbed "starter homes" by Suraya properties, the firm behind the venture. Kenya President to Open $47 Million English Point Marina. By John Gachiri Kenya's President Uhuru Kenyatta will launch the Ksh4.8 billion ($46.9 million) KCB-financed English Point Marina in Mombasa Tuesday over five years after it broke ground in 2010.
Mr Kenyatta will be accompanied by Tourism secretary Najib Balala. The luxury development is expected to attract high-end tourists to the coastal town. "The Jubilee administration has identified tourism as one of the key economic pillars in Kenya's Vision 2030 and is launching several investment opportunities such as resort cities, hotels, eco-lodges, conference facilities, and marinas as part of our tourism flagship projects," said a statement from State House spokesperson Manoah Esipisu. Kenya's shopping mall boom. Firm to invest Sh12bn in Kenyan real estate.
Xterra joins a growing list of funds buying Kenyan properties in the office and retail space.
PHOTO | FILE Mauritian real estate fund Xterra Capital Advisors has identified Kenyan properties worth close to Sh12 billion in which it will invest the proceeds from its on-going fundraising. The property fund says it will invest $114 million (Sh11.6 billion) in a 90,000 square metres high-end mixed-use development in Nairobi County. Xterra Capital chief executive Wagane Diouf said he could not give finer details of the properties to avoid jeopardising the deals in the pipeline. “We cannot give the names of the properties due to competition,” said Mr Diouf. Nairobi's Growing Retail Space To Boost Its Real Estate Investment Profile In 2016. The profile of Kenya’s capital, Nairobi, as an attractive real estate investment destination will receive a boost in 2016 from it expanding retail shopping experience that has seen the number of malls jump in the East African nation.
According to the Knight Frank Global Cities 2016 survey [pdf], Nairobi is among four other cities globally that are likely to witness an increase in property investor interest. The report showed that more than 1.8 million square feet of modern shopping mall space was opened in 2015 in Nairobi, more than double the 980,000 square feet that the city had previously. Firms invest billions in a slow property market (Kenya) - Asoko Insight. By John Gachiri | Business Daily, Kenya December 24, 2015 The real-estate sector in 2015 has continued to grow but at a slower pace due to oversupply in some sectors and high interest rates that made borrowing expensive for developers.
However, there was major activity particularly in the retail and office market. At the same time there was a series of fund raising by local and international firms who are still bullish on Kenya’s real estate sector. 1. Aviation Industry Corporation of China (AVIC) Chinese developer opts for indigeneous trees at its resort. SULTAN Palace Development, the Chinese real estate company, plans to start landscaping its inaugural Sh5 billion coastal holiday resort at Kikambala in Kilifi county with trees later this month. The company said it will plant trees on 15.5 acres of its 43-acre beachfront property, helping conserve the surrounding environment. The expansive garden will have a combination of indigenous and exotic shrubs, palms and trees –including some rare species – to support the tropical conditions and coastal architecture of the development. Kenya Homes Expo attracts over 200 property investors.
Tilisi Developments Ltd. [THE STANDARD: NAIROBI] Tilisi Developments Ltd have launched a 400-acre real-estate development in Kiambu that will have more than 3,200 houses and a logistics park. With direct access to the national corridor route of Waiyaki Way, the project will be a mixed-use real-estate development – a live, work and play suburb, with residential estates, schools, shops, and a new logistics estate.
“We see the Tilisi logistics estate as a key contributor to Kenyan economic growth and success, with many companies now suffering insufficient warehousing capacity and insufficient access to facilities for repackaging and dispatch,” said the firm’s co-CEO Kavit Shah. The new town is set in Kiambu County, which ranks as the most urbanised of Nairobi’s neighbouring counties, at 60.8 per cent urbanisation, higher than both Machakos and Kajiado counties, and is set to open doors for traders seeking to set up in one of the country’s fastest developing counties.
Kenya: Multi-Million Dollar Mall Opens - allAfrica.com. Nairobi — ONE of the continent's largest malls, the $540 million Garden City, has been opened in Nairobi. It is East Africa's first integrated residential, retail and office development brought to the market by Actis, the leading emerging market investor responsible for the Junction Mall and Nairobi Business Park, Garden City is a flagship project offering approximately 50 000 square metres of retail space, over 400 high end residential units, some 60 000 square metres of offices space and a central park with a dedicated events stage.
It is also home to the largest solar paneled carport in Africa, situated on the mall's roof. At an event attended by more than 400 guests, including the Governor of Nairobi, Dr Evans Kidero, Actis announced the new Garden City Business Park to be developed on an additional 21 acres of land adjacent to the original 32 acre site. "With the completion of the first phase and the addition of the Garden City Business Park, we are one step closer to this vision.
Nairobi Mall Reopens Nearly Two Years After Attack. Nairobi hotels record higher profits ahead of Obama trip and summit. Nairobi-based hotels are registering what is considered the best month in years as Kenya prepares to host the sixth edition of the Global Entrepreneurship Summit (GES) later this month. Reports from industry players indicate city hotels received an avalanche of bookings for between one to two weeks as thousands of event organisers, delegates, security personnel and business leaders converge here. This is the biggest test yet to Nairobi’s capacity for conference tourism and it comes at a much needed time when Kenya’s tourism industry is struggling to climb out of a three year slump. Several city hotels including Sankara, Crown Plaza, Kempinsky, Serena and Tribe among others continue to register brisk business in the run up to the summit that will be co-hosted by the United States and Kenya. US president Barack Obama is set to visit the country for the summit, which marks the first time ever a sitting US President is visiting Kenya.
New real estate ventures are reinventing Athi River Town - Business. Had you bought a house in Athi River three years ago, the cost would have been about Sh3.9 million. Now, it will cost you a staggering Sh18.4 million. The latter is the current cost for a four-bedroom bungalow sitting on a quarter-acre piece of land. It's a depiction of how things have changed for the town that is in Machakos County. If the bungalow does not suit your taste, then you can opt for the super bungalow, which will set you back Sh22.6 million. Not long ago, Athi River was just but a rocky plain thatched with shrubs and thorny acacia trees. Contractor picked to build 10,000 civil servants’ houses - Business. Major hotel projects boost Kenya’s rating. Kenya’s hotel room capacity is set to increase by more than 1,500 rooms this year, owing to increased investment by international hotel brands.
Eight major hotels under construction within Nairobi are set to be completed by the end of the year, boosting accommodation capacity. This comes after a new report rated Kenya at position seven in terms of African countries currently undertaking major hotel projects. This is aimed at reducing the huge supply gap in the hotel accommodation segment. The Hotel Chain Development Pipelines in Africa 2015 Report by W Hospitality Group reveals that out of the 1,510 rooms to be delivered, 1,050 accounting for 70 per cent are complete. W Hospitality Group Managing Director Trevor Ward said international hotel brands are increasingly investing in the African hospitality industry. They include Mantis, Park Inn by Radisson, Hilton, Mariot, Sheraton, Noom, Hilton Garden Inn and Kempinski.
East Africa’s largest shopping mall to have strong international flavour. Rise Of Apartments In Kenya's Capital Causes Housing Glut. The scramble for Kenya’s growing middle class: Blitz of mall developments hits Nairobi (Photos) Garden City Mall, Nairobi, Kenya (Illustration) Two Rivers, Nairobi, Kenya (Illustration) Riat Hill Villas Part 1. Riat Hill Villas brings Swedish elegance to Kisumu. An artist’s impression of the side view of one of the units. Photo/Courtesy Riat Hill Villas, a development inspired by contemporary Swedish design, is well underway at Riat Hills in Kisumu, just 3km from the Kisumu International Airport. The Sh1.3bn gated community– which was launched in September 2014 – comprises 30 Swedish style villas set on 8.5 acres of land overlooking Lake Victoria.
Kenya's Middle Class Property Boom. Nairobi’s booming real estate market. Karunguru Coffee & Golf Estate to be put up in Kiambu Kenya at US$170m - Construction Review Online. The family of Kibuga Kariithi has made plans to venture into the real estate. The dubbed Karunguru Coffee & Golf Estate project is estimated to cost US$170m once complete. Pinnacle Homes Kitengela, Kenya - Construction Review Online. Project to mark a huge beginning for NAI-TEX Developers Kitengela, a bustling town located 30 kilometres south of Nairobi, is the new home to Kenya’s fast growing middle class. Every day, maisonettes, bungalows and apartments are coming up in the area. The Lazizi Premiere, Nairobi - Construction Review Online.
KenGen to set up an industrial park at Olkaria-Kenya for willing investors - Construction Review Online. Kenya Electric Generating Company (KenGen) is planning a new industrial park at Olkaria area to offer commercial facilities to interested companies. Interested companies will have opportunity to build plants in the park, and get subsidies on power. The planned industrial park will be constructed on a 1, 200 acres of land already identified at the site in Nakuru by KenGen. Kenya bankers to launch house price index. Low Cost Housing. Chris Kirubi’s Runda Project: Two rivers set to be East Africa’s Largest Shopping Mall - : Jambonewspot. High costs slow down pace of homeownership countrywide. Kenya: Higher Density to Solve Housing Woes. Demand for housing in Nairobi rises to 80,000 units per year. Nairobi’s Changing Skyline: Commercial Real Estate On The Rise. Machakos New City. Firm puts up Sh1b high end homes despite tourism woes. Real estate investment in Kenya.
Kenyans in the diaspora flood to invest in real estate. Nairobi host real estate exhibition. HassConsult Real Estate. Developers warn of severe shortage of houses to cater for enlarging middle class. Business - The National Housing Corporation eyes construction of 2,000 police housing units. Kenya mortgage system carries pricy tag. Karen leads in new projects as value of building plans drops - Money Markets. Demand for top end houses stirs market - Money Markets. Why Do Chinese Investors Want To Build A Dubai-Style City In Kenya? ISIOLO THE TOURIST RESORT CITY. Midas Development. Naivasha hotels record full bookings as tourists flock to town ahead of xmas. Aberdare Hills Golf Resort - East Africa's Premier Golf Resort. High-end hotels coming up in the counties - Magazines. Petersham Properties >> Kenya >> Lake Naivasha >> Private Safari Park Kenya. Luxury safaris, tailor made holidays and honeymoons to Africa.
Why Naivasha is the next luxury homes destination - Magazines. The businessman who built a castle in rural Kenya. Developer sets eye on Africa with new offices - Corporates. Shs51 billion low cost housing project inked - Technology. Kenya Attracts International Property Dealers. Kenyan Spirit Low cost housing answers IDP's prayersxvid final. Kenya's luxury housing boom. Experts:Affordability the main problem in Kenya's real-estate industry. Nairobi second most expensive city in continent - Money Markets. Housing FInance gets Sh1.7 billion loan for 'green houses'
Construction begins on Kenya’s Konza Techno City. Estate developers make big bets on Nairobi outskirts - Money Markets. Konza city launch opens new frontier for investors - Money Markets. Kenya’s growing luxury housing market locks out middle class - Money Markets. Nairobi Properties Matching International Standards. Kenya: Change in the air as aparthotel gains foothold. Video:Nairobi’s luxury homes in the top five globally – ICTVILLE. Kenya faces housing glut crisis – ICTVILLE. Billionaire Malindi Beach - Kenya. Exclusive luxury apartments with ocean view for sale in Malindi Kenya.
Vision 2030. Vipingo Ridge - The Baobab Golf Course Fly Through. Thika Greens Tour. Thika Greens - Maina Kageni Tours Thika Greens Golf City. Super exclusive club for the world's richest to open soon in Kenya: Special Reports-africareview.com. Mount Kilimanjaro village based tourism Hotels and lodges sprout on the slopes of Mount Kilimanjaro. Investors Get Wider Investment Opportunities With Real Estate Listing At Bourse. Lavish and sleek: Kenya's prime property market boom. Swedish investors in Sh6bn Athi River housing estate - Money Markets