Real Estate firm Superior Homes Kenya has announced plans to construct 3,000 housing units in Athi River, Machakos County, in a project it estimates will cost Sh30 billion.
The firm announced the plans Tuesday, a day after the Court of Appeal upheld a High Court ruling allowing it to proceed with the purchase of a Sh750 million contested prime parcel of land in Athi River owned by East African Portland Cement Company (EAPCC) #ticker:PORT.
The Court of Appeal ruled Monday in favour of Superior Homes ordering EAPCC to sell the land to the developer in line with a disputed sale agreement that had been signed in 2005.
The firm said the gated community development that will target the middle class will be situated on the 337 acres of land that the family-owned real estate company based in Nairobi is set to acquire from EAPCC.
It will be adjacent to its open-plan Greenpark Estate at Stoney Athi, which currently has more than 450 houses complete, school, green zones, sports and recreational facility as well as a shopping complex.
“We have almost exhausted development on the 163 acres at Greenpark Estate and the new land will allow us to expand our vision of providing a truly world class master-planned and sustainable development,” said Superior Homes managing director Ian Henderson on Tuesday in a statement.
“We want to create a development with all the infrastructure and amenities required for a truly cosmopolitan neighbourhood within easy travelling distance to Nairobi,” he said.
Superior Homes Kenya said mid last year it intends to list on the Nairobi Securities Exchange (NSE’s) Growth Enterprise Market Segment.
In January this year Cytonn Investments acquired a 25 per cent stake in the family-owned real estate company based in Nairobi in a deal valued at Sh1 billion.