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Economy

Developer angles for middle class pie

88 Nairobi Condominium show house at Lordship Africa sales office at Upper Hill in Nairobi. FILE PHOTO | nmg
88 Nairobi Condominium show house at Lordship Africa sales office at Upper Hill in Nairobi. FILE PHOTO | nmg 

International real estate developer, Lordship Africa, has joined a growing number of property developers targeting professionals with high-end residential units near their work stations in Nairobi’s Upper Hill.

Lordship plans to break ground for its 44-floor residential condominium at an estimated cost of Sh5 billion, excluding land and permit charges. It targets doctors, lawyers, bankers, insurers, expatriates and legislators

The developer said the planned 288 luxurious fully furnished units on two acres, designed by MSA Mimarlik Architects of Turkey, will give prospective residents a lifestyle they would only get in top global cities such as Dubai, London and New York.

Chairman Jackson Jonathan said construction of the 88 Nairobi Condominium — to be funded through a mix of loans, off-plan sales and debt — will be completed two and a half years from August when real works are expected to kick off.

Mr Jonathan said the firm was in the final phases of hiring international and local contractors for the project.

An undisclosed Turkish firm has been hired to coordinate works on the property for three years during which they will identify a local firm to take over.

“It (88 Nairobi Condominium) will showcase pure architectural excellence and sophistication, making it an ideal target for investors and workers in Upper Hill to live in a quiet residential fully serviced condominium,” Mr Jonathan said.

The property will have studios, one and two bedroom units as well as penthouses of three and four bedrooms from the 40th floor, with recreational amenities such as restaurants, a deluxe gym and spa, resident bars, meeting lounges, among others.

The developer said he was yet to come up with prices for the Penthouses, divided into junior and lordship units.

The 88 Nairobi Condominium is the latest entrant in luxurious highrise serviced apartments in Upper Hill.

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