The Shanzu Beach Resort is adding a block of apartments to its high-end property development at the Coast, as part of a billion-shilling investment that started three years ago.
The firm that is carrying out the Shaza project, says its block of 18 apartments in Mombasa County would be ready by the end of next month.
The additional block comprises three and two-bedroom apartments that will go for between Sh42 million and Sh32 million respectively.
Executive director Mike Karanja said the firm is rolling out more apartments after selling out the first block with 46 units from December 2014.
He said demand is coming from premium buyers looking for properties with a good beachfront view in accessible areas. “Most of the buyers are from the mainland and that (seafront) is what they are looking for,” said Mr Karanja.
The premium coastal real-estate market has been attracting multibillion investments in recent years mainly due to growing demand for beachfront properties.
The English Point Marina and the upcoming Sh5 billion Sultan Palace by Chinese firm Sultan Palace Development are some of the projects that are dotting the coastal skyline.
Mr Karanja, however, said while there was demand and increasing competition in this niche market buyers are increasingly selective. Property consultants say this is common in similar property markets in other cities.
Knight Frank Kenya managing director Ben Woodhams said sales in Nairobi’s prime property market, where most developers have concentrated, are driven by high standards and availability of additional facilities such as restaurants and clubs.
“The general feeling is that the market is moving upward. Buyers are becoming more discerning and selective, and sellers have started responding by installing better quality finishes because of increased competition,” said Mr Woodhams at the release of Knight Frank Prime Global Cities Index for the second quarter of 2015.
The Knight Frank Prime Global Cities Index showed selling prices for luxury residential properties in Nairobi marginally increased by 0.9 per cent in the second quarter of the year which is an improvement from a similar period in 2014 when prices dropped by one per cent.
Mr Woodhams added that the high-end property market could become more appealing to foreign buyers due to the weakening shilling.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
