Kings Pride starts work on Sh500m Westlands hotel, apartment units

Real estate developer Kings Pride has kicked off the construction of a mixed development project in Westlands, Nairobi that will consist of a high-end hotel and apartments.

The firm is putting up a 10-storey building that will also have a rooftop swimming pool and a restaurant.

The apartments include 38 units of two bedrooms each. However, the developer did not disclose the price per unit. Dubbed Golden Palms, the project is expected to be completed within two years.

Luxury apartments

“We will be targeting the upper middle class. The demand for luxury apartments has really grown amongst a big number of Kenyans to include foreigners and global organisations that have offices in Kenya,” Kings Pride chairman David Karau told the Business Daily.

The project is expected to cost Sh500 million and will be funded through internal earnings and borrowing from local banks.

Kings Pride projects have in the past been financed by Co-operative Bank, National Bank, Equatorial Bank and Pan-African mortgage provider Shelter Afrique.

Mr Karau said the project will also be targeting potential buyers with the zero deposit concept where buyers occupy houses and pay in a stipulated time.

Kings Pride has of late deepened its investments in the real estate sector targeting high-end clients with its developments mainly in Kiambu County.

Social amenities

It is currently developing Runda Royales, Windsor Gardens and Runda Park on Kiambu Road with a total 373 housing units.

READ: Developer targets rich clients with Sh2bn Runda houses

Most developers have opted to investment in areas with good road networks and access to social amenities to attract more buyers.

Another factor for location has been the high cost of the land within Nairobi pushing them to the outskirts.

Areas like Thindigua, Kitengela, Kikuyu, Kiambu and Ruiru have of late been targeted by investors scouting for suitable land.