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Actis Sh46m-a-unit Garden City villas 60pc sold

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GARDEN CITY MALL ON THIKA SUPERHIGHWAY IN NAIROBI. FILE PHOTO | NMG

UK private equity fund Actis says it has sold 60 per cent of the Sh46 million-a-unit town houses at Garden City, in phase two of the mixed-use development located on Thika Road.

The residential part of the project, which started in March 2014 at a cost of Sh1.9 billion, saw 56 four-bedroom villas and 83 apartments constructed on a 21-acre plot next to the main mall.

The first phase of the project included construction of 76 two-bedroom, three-bedroom units and duplexes that are going at between Sh21 million to Sh40.8 million.

It cost Sh1.5 billion.

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“We are experiencing slowdown in the market as a result of the upcoming general elections.

By now, we would have sold up to 100 per cent,” said Mumo Kianga, development manager at Garden City Mall.

According to the latest report by property consultancy Knight Frank, developers have slowed down projects in the real estate sector as they await the outcome of the August 8 polls.

“There is not too much happening in the election year, a lot of our clients are saying they are getting ready to do their investments, but will wait until after the election,” said Knight Frank managing director Ben Woodhams.

The Actis property is at Ruaraka next to East African Breweries Ltd in Nairobi.