Lifestyle Estates has secured a Sh1 billion loan from KCB, for construction of residential flats in Tatu City.
The project dubbed Lifestyle Heights in Tatu City involves construction of 450 units on 30 acres of land.
Construction of the first phase comprising 152 units is currently underway and is scheduled for completion in April next year.
The second phase is set to begin thereafter and third should be completed by end of 2021.
Real estate developer has secured a Sh1 billion loan from KCB #ticker:KCB, for construction of residential flats in Tatu City.
The project is the third venture by Lifestyle Estates that KCB is partially financing. Others include Lifestyle Signature in Lavington, standalone residential units in Runda, Terraces and Gardens (apartments) in Syokimau.
The Sh3.5 billion real estate project dubbed Lifestyle Heights in Tatu City involves construction of 450 units on 30 acres of land.
Construction of the first phase comprising 152 units is currently underway and is scheduled for completion in April next year. The second phase is set to begin thereafter and third should be completed by end of 2021.
The apartments cost Sh9.5 million for the two bedroom units and Sh12.5 million for three bedrooms.
“We broke ground last year and we have now accelerated our pace after receiving the loan from KCB. Three hundred and sixty units from the two projects in Syokimau are all sold out” said Lifestyle Estates director, Peter Karoki.
“With the Sh1 billion loan in addition to internal financing and deposits from our customers our efforts are now geared towards completing the houses and handing them over to the owners,” said Mr Karoki.
Tatu City is a 5,000 acre mixed-use development and has attracted high profile industries and institutions.
Upon completion, Tatu City is expected to comprise homes, schools, offices, a shopping district, medical clinics, nature areas, a sport and entertainment complex as well as a manufacturing hub for its estimated 150,000 residents.
Local companies currently developing warehouses and industrial plants include global coffee roaster and market Dormans, tissue maker Kim-Fay, Heineken beverages distributor Maxam, Chandaria Tissue factory, Africa Logistics Warehouses and Unilever.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
