Market News

Waiyaki family to build Sh10bn housing project

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HassConsult chief executive Farhana Hassanali (right). FILE PHOTO | NMG

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Summary

  • HassConsult chief executive Farhana Hassanali said 450 housing units will be put up.
  • They will range from four-bedroomed penthouses worth Sh80 million each, three-bedroomed duplexes at Sh40 million, two-bedroomed houses at Sh20 million, one bedroomed houses at Sh15 million and studio apartments retailing at between Sh6 million to Sh10 million.

The family of Kenyatta-era Foreign minister Munyua Waiyaki has partnered with realtor HassConsult for a Sh10 billion premium housing development on 22 acres.

HassConsult chief executive Farhana Hassanali said 450 housing units will be put up. They will range from four-bedroomed penthouses worth Sh80 million each, three-bedroomed duplexes at Sh40 million, two-bedroomed houses at Sh20 million, one bedroomed houses at Sh15 million and studio apartments retailing at between Sh6 million to Sh10 million.

“Enaki is an investor-buyers’ project located along Redhill Road near UN Habitat, diplomatic mission, non-governmental organisations and affluent homes. This is a premium location that neighbours Nyari, Runda, Gigiri, Ridgeways, Spring Valley, Kitisuru and Muthaiga residential areas where an acre goes for about Sh80 million to Sh100 million,” said project director Ms Sakinah Hassanali.

The CEO declined to disclose the shareholding details, only saying they had conceptualised the project and were retained as the developer-selling agent with the politician’s family providing the land.

Spain-based botanical garden developer iGreens has been hired to develop a 6.3 acre ‘spiritual’ garden named Five Senses Botanical Garden comprising walkways, cycling lanes, expansive man-made lake with an over-the-water restaurant, children’s nature park, fitness circuit, an events arena and an outdoor amphitheatre.

“All vehicles driving into the facility will be parked underground with residents and their visitors encouraged to walk to their residences, gym, shops or around other facilities that seek to redefine lifestyle living,” said the CEO.

The project resonates well with upcoming multi-billion shilling developments that incorporate wellness facilities as well as expansive greenery such as the Sh7.5 billion Crystal Rivers by Safaricom Pension Scheme and the Sh40 billion ongoing development by Avic International, Global Trade Centre in Nairobi. Enaki will break ground mid-next year.

with its proponents mainly targeting investor-buyers who buy to rent properties to expatriates, diplomatic staff and affluent families.

The first phase will see about 225 units constructed with 70 per cent of them being one-, two-, three-bedroomed units and studios while four-bedroomed houses, penthouses and three-bedroomed duplexes taking up 30 per cent.

The residential resorts will occupy 9.6 acres with 6.2 acres reserved for establishment of a shopping complex.