Aiming high to entice the ultra-wealthy buyer

In Mombasa, high-end properties for sale dot the town.

Lantana Coral Drive homes in Nyali is one such property attracting the ultra-wealthy in search of holiday homes or second and third house purchases. And developers in the coastal region are aiming high to meet the demand and tastes of the discerning wealthy buyers.

The finishing of the four-bedroom villas affixed with indoor water fountains and built with individual private gardens is exquisite.

Most developers in Coast have upped their game, building Swahili-designed homes with large windows and doors carved out to bring to sight the breathtaking ocean views and the Kilifi or Tudor Creek. Some have club houses, spas, golf courses, gyms and swimming pools—making them the best holiday buys.

Mwenda Thuranira, the CEO of MySpace Properties, a property company in Mombasa says for most luxury home buyers, ‘‘their main concern is the value and not necessarily the buying price.’’

Although north of Runda in Nairobi is poised to outperform others areas in property investment due to good infrastructure and transport, according to the Knight Frank 2017 wealth report, the ultra-wealthy globetrotters are generally looking to buy more homes in Africa this year.

The most important factors for the ultra-wealthy when choosing where to live includes lifestyle followed by personal security.
‘‘These new housing estates and gated compounds in {north Runda} are well served by facilities including top schools and sports complexes, and are within easy reach of Two Rivers Mall, East Africa’s biggest shopping centre,’’ noted the report.

In the coastal region, most luxurious homes sit near watersports sites. Those in Nyali are near Italian pizza and gelato outlets and hotels that serve international cuisines. They are also built in secure surroundings, appealing to the dollar millionaires.

Many options

The most sought-after are apartments and own-compound maisonettes.

Some of the luxury properties that have changed the landscape in Mombasa include the English Point Marina which sits on the edge of Tudor Creek where you swim as you watch the boats sailing, Shehena Apartments, Mandharini Luxury Homes and Vipingo Ridge where you can build your dream home or buy a fully-furnished golf villas of two, three and four bedrooms with swimming pools.

The ultra-wealthy want a good deal and counties are providing a cheaper alternative for properties that are in exclusive locations and that have potential to generate income in the long-term. However, buying an upscale property requires caution.

Mr Thuranira says before buying a holiday house, carry out extensive research on the available options.

“Don’t rush to buy. Do your homework properly. Look at all the properties available in the market,” he says, adding that some property agents will show the buyer just a few properties they are interested in selling and say that there is little else in the luxury market yet the sector is awash with alternatives.

‘‘Although the alternative houses might not be cheaper, you will get value for your money,’’ he says.

Windsong Apartments is another property located in Nyali along Greenwood Drive going for between Sh55 million and Sh60 million for a three-bedroomed unit. Monthly rent for apartments goes for Sh300,000 similar to English Point Marina which charges about Sh350,000 per month.

Kajiado development

Another one is the Royal Beach Apartments located at Mkomani which also has a sea view. The apartments with 48 units set on a three-acre piece of land are selling for Sh35 million each.

The prices notwithstanding, interested buyers have secured these properties, and are either living there or have given them out to management companies to let out, drawing money each month especially during the holiday seasons.

After buying these homes, buyers have the option of altering the interiors. When we toured Lantana, a buyer was demolishing the beautiful indoor fountain in the new house going for Sh59 million.

With overcrowding of apartments and town houses in especially Nairobi and increase in property and land prices, more buyers are also looking for homes in Kisumu, Kajiado, Nanyuki among other areas.

Daniel Ojijo, the Villa Care chairman says ‘‘confidence in these areas {counties} has risen and more and more developers are now stepping up.’’

In Kisumu, property developers such as Home Kenya are targeting buyers looking for serenity. It is building four-bedroomed maisonettes to sit at the top of the Riat Hills at a cost of Sh14.95 million per unit.

In Kajiado, another developer Munene Njenga is planning to construct Oloborrsoit Equestrian estate, a development that will include a lodge, a steak-house serving Maasai cuisine, spa, hiking activities and horse-riding training school.

The estate will also have horse-stables complex for horse boarding and a world-class horse research facility.

A buyer seeking to fully own the house will pay Sh54 million and Sh5 million for fractional ownership.