The price of land at Tatu City real estate in Kiambu has jumped by nearly a third to Sh10.5 million per quarter acre over the past 18 months after the developer recorded brisk sales last year.
The developer, American firm Rendeavour, Thursday said that individual buyers snapped up 148 plots last year, or nearly half of what has been sold over the past three years, revving up demand and prices.
The residential land, dubbed Kijani Ridge, is part of Tatu City’s upcoming mixed-use development of a satellite city that will feature high-end homes, private schools, offices, shopping malls, hospitals, hotels, light industries and entertainment spots.
The land price for aspiring homeowners appreciated to Sh10.5 million per quarter acre plot from Sh8 million a year ago, according to Rendeavour Country Head Nick Langford.
Half an acre of land currently goes for Sh16 million, up from between Sh12.5 million and Sh14 million.
“What we are offering is a fully functional satellite city where people live, learn, work and play, something a kin to South Africa’s Sandton,” Mr Langford said in a media briefing.
The Kijani Ridge residential zone is subdivided into 439 plots and sits on 250 acres of land, out of which 326 plots have been bought.
Out of the sold plots, 186 are a quarter acres and 140 are half acres. The developer is in charge of laying infrastructure like roads, electricity and water, removing the hassle or aspiring homeowners.
According to the developers’ regulations, land buyers are required to set up their homes by 2021 and choose from a dozen pre-approved designs of villas and bungalows.
Tatu City, the single largest real estate project in Kenya, sits on 5,000 acres of land in Ruiru with the land being divided into residential, commercial and industrial zones.