Eldoret rolls out Sh40b prime real estate plan
Posted Friday, June 17 2011 at 00:00
A group of investors has unveiled a Sh40 billion leisure and property development plan in Eldoret town, giving western Kenya its first taste of the seven-year real estate market boom that has been mainly concentrated in the capital, Nairobi.
The ambitious project, known as Sergoit Golf and Wildlife Resort, is hinged around the theme of luxury living, leisure and recreation in a design that partly mirrors Nairobi’s Tatu City development.
Tourism minister Najib Balala officially launched the mega real estate plan that will also feature a wildlife sanctuary, signaling the intention of its backers to make it a hub for visitors to the western tourist circuit.
The plan is to build the prime residential, sports and business village that is located 15 kilometres north east of Eldoret town in four phases. It will feature more than 2,000 villas, three golf courses, a five-star hotel, a shopping mall, conference centre, private hospital and an airstrip on a 3,100-acre piece of land.
“Our intention is to develop a concept that offers Rift Valley residents and Kenyans at large to own property in a secure, gated and well serviced environment,” said Mr Joshua Chepkwony, the chairman of Sergoit Holdings, the company behind the project. “The goal is to ultimately create a well planned, self-contained Satellite City of Eldoret.”
Sergoit Holdings Limited has set 2016 as the date for completion. Each phase will take a year to finish and will be purely financed by private investors.
“Each of the four phases will cost about Sh10 billion and we expect to finish the first phase in a year’s time,” said Mr Chepkwony. He said directors of the company were in talks with KCB and Cooperative banks to finance those seeking to invest in the property.
Mr Chepkwony, who is also the chairman of Jamii Telecoms, said the idea was born out of discussions with business-minded Kenyans from the region and is a hybrid of several ideas borrowed from South Africa, Nairobi’s Tatu City, Thika Greens and Kiambu’s Migaa.
“Our vision was further endorsed by Eldoret’s twin legacies of sports and wildlife tourism that should get a big boost from the development,” he said.
Like Tatu City, the company will put up an independent management company to build and manage physical infrastructure including roads, power, water, waste, drainage, fibre optic connection among others.
“The golf city will be co-owned by directors of Sergoit and private investors in the ratio of 52:48,” said Mr Chepkwony.
Private developers can buy plots at a price of between two and seven million Shillings and put up the structures as laid out in the master plan.
“All property within the golf city will be built according to four pre-approved house designs,” Mr Chekwony said. Shareholders will enjoy free membership to the golf club and access to the Club House.
Sergon Holdings Limited is owned by 20 shareholders including Mr Francis Kollum —the CEO designate, and Mr Jason Kapkirwok, a former director of group strategy at Kenya Airways.
The leisure and golf resort city will feature scenic nature and fitness trails, a view of game and scenery, rock climbing spots, athletic training tracks and a water splash. The game sanctuary will have giraffes, antelopes and birds.