Property developer Tilisi Developments has partnered with Chigwell Holdings in a deal that will see Chigwell put up more than 300 homes on the former’s industrial-cum-residential 400-acre mixed-use facility in Limuru.
The firms, however, declined to disclose the exact value of the deal, which Tilisi said was valued at more than Sh1 billion and will see Chigwell control 47 acres of land.
An acre of residential land at Tilisi ranges between Sh27 million to Sh36 million, depending on the density and the total number of acres purchased. The minimum purchase is five acres.
Meanwhile, an acre of commercial land ranges between Sh36 million and Sh37 million while land for logistics costs between Sh32 million and Sh36 million.
The land Chigwell purchased will be predominantly residential, as the firm specialises in the construction of terraced, semi-detached and detached houses.
The firm is currently at the design stage of the project and will take at least six months before bringing the homes into the market.
Once presales are at about 30 per cent, they will break ground depending on the economy and uptake of the unit.
“Today, we are sat here with the infrastructure of our first phase complete, with the plots being serviced with tarmac roads, street lighting, water — from the mega city’s new boreholes — sewage services, electricity, Internet connections which will be installed soon and security.
“The upgrading of Waiyaki Way to a six-lane highway is also a game-changer for Tilisi,” said joint chief executive of Tilisi Developments Plc Ranee Nanji during the event announcing the beginning of sales of Phase II of the project.