Markets & Finance

Mombasa tycoon building Sh1.5bn residential block in Westlands

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An artistic impression of SkyNest, Mombasa businessman Amjad Rahim’s 18-storey building which will house 240 apartments upon completion. PHOTO | COURTESY

The owner of Best Western Plus Creekside Hotel in Mombasa is putting up a luxurious residential block in Westlands with top-floor duplexes priced at Sh28 million each.

Mombasa businessman Amjad Rahim is building an 18-storey structure with 240 apartments scheduled to be completed in mid-2018 and featuring a convenient store, café, conference rooms, spa, indoor games and residences.

The Sh1.5 billion project, dubbed SkyNest, targets high-end homebuyers seeking comfy residences surrounded by amenities such as hotels, office suites, malls and located at the heart of a bustling urban centre.

“The target market is the urban family who wishes to reside in the most happening and convenient location in Nairobi,” said Mr Rahim. SkyNest sits on a one-acre plot located on Mkungu Close, opposite the Sarit Centre roundabout in Westlands, a suburb seen as a popular residential and entertainment destination for expatriates and deep-pocketed Kenyans.

The property mogul is also currently putting up an 11-storey hotel in Westlands to be managed by upscale brand Pullman.

Mr Rahim, through Elegant Properties Ltd, also owns Cowrie Shell Beach Apartments in Bamburi, Valley View Office Park in Muthaiga, and an upcoming holiday apartment in Diani named Golden Sand Resort. Areas such as Westlands and Kilimani offer high rental yields and have occupancy rates averaging 89 per cent, according to research by Cytonn Investments, making the areas popular for developers and buyers.

Knight Frank reckons that the Kenyan market is increasingly embracing a ‘‘live-work-play’’ culture where people want to live near offices, shops and recreational spaces.

“When all you need is within easy reach, it means more efficiency,” said the realtor in a December 2015 report, adding that it cuts time wasted in traffic jams, leads to higher productivity at work and more time with families and recreation.

The price tag for a one-bedroom apartment at SkyNest is Sh12.1 million and two bedroom units go for Sh14.3 million.

They will be located in the third to 15th floors. Luxurious three and four-bedroomed duplexes will be located on the 16th and 17th floors.

The rooftop, on the 18th floor, will have a residents’ lawn and party area with kitchenette, barbecue and buffet area for up to 600 people.

It will also house squash courts, a games room with table tennis and snooker, a heated swimming pool, gym and sauna.

Mr Rahim said the development will have three floors of parking, located on basement one to three, with a total of 250 bays.

The ground floor will have a café and resident’s lounge, meeting facilities, a daycare centre, convenience store, spa and salon for residents.

There will be another two floors of parking complete with washrooms and showers for staff working for apartment owners and for businesses at the block.