Property developer Purple Dot International limited has unveiled a Sh2.5 billion mixed-use commercial project on Mombasa Road dubbed Purple Tower.
The 14-floor building sits on 1.15 acres and targets industry stakeholders including investors and tenants. The reopening of the economy has led to an increased demand for office and commercial spaces.
“Purple Tower presents a timely and strategic proposition for both local and regional investors in the Kenyan property market,” said Jiten Kerai, General Manager of Purple Dot International.
The first three floors are reserved as showrooms or retail spaces with a restaurant while the others will be office spaces. The building is equipped with office and conference facilities, parking, and food and beverage space.
The rise in office space demand has been attributed to the return to normalcy post-Covid-19 pandemic that has seen many companies return to physical office operations and the reopening of the economy.
"The Purple Tower is geared towards environmental sustainability with the design taking into consideration energy and water consumption saving measures. It is equipped with solar photovoltaics and energy-saving lighting attributing to about 27 per cent of energy saved and flow faucets to help conserve water.
“A lot of materials we are sourcing especially for the finishes, we made a conscious effort to utilise locally sourced materials from Nairobi and within the country aiming at including everyone in the supply chain,” said Bharat Kerai, project lead.
Other projects under the developers’ belt include the Serene Park in Machakos and Marigold residency in Langata.
The developer Purple dot has partnered with a panel of financiers to support off-plan buyers and investors with flexible payment options spread through the construction period estimated at 28 months.
They include Diamond Trust Bank, Victoria Commercial Bank, Stanbic Bank Kenya Ltd and Bank of Baroda Kenya.
The commercial office space supply, demand, performance, and investment has been met by some setbacks including redundancy from companies, uncertainty from the pandemic, lockdown restrictions and the war in Ukraine.
Companies are moving away from the central business district due to congestion in the city seeking ambience, amenities and security.