Indian Shapoorji Real Estate (SPRE) and UK equity investor Actis will spend Sh6.5 billion in a 624-unit middle-class housing development in Garden City Nairobi.
The new development will see two blocks rising 13 floors accommodate the first 208 units comprising of one-, two- and three-bedroom units.
Launching the Mi Vida Homes brand, they said their strategy redefines the Kenyan real estate market space, where the developer will rely on its own funds to put up the first phase of 208 units within the next 26 months.
“We are not relying on lenders or off-plan sales to raise money for project implementation but seek to stick to project timelines as we have done for the past 1,250 years,” said SPRE global chief executive Venkatesh Gopalkrishnan.
Under their slogan, ‘delivery on set timelines’, Actis director Koome Gikunda said they intended to put up a hospital, hotel next to the upcoming Grade A five-floor offices at Garden City to complete their ‘future-proof’ model that gives residents one stop-shop solutions for their various needs.
“We started off with a mall that has retail outlets, clinics, chemists, banks, eateries and a fun park. This addition follows our purchase of a 15-acre plot where we and SPRE will build a total of 624 units on six 13-floor blocks on the 4.5-acre parcel,” he said.
The projects chief executive Chris Colson said 1.5 acres had been set aside for recreation and greenery with the rooftops of the six blocks set for beautification as leisure parks.
One-bedroom unit prices start at Sh6 million while two bedrooms will start at Sh9 million.
At Sh14 million, one can acquire the three bedroomed units. “This August will see us open a customer sales and experiential facility where showroom houses will be built. We want to avoid a scenario where buyers hardly know what they are buying,” he said.
Last year, SPRE Global realised a Sh700 billion turnover with 40 percent revenues generated in markets outside India.