15 May 2018

Kenya: Group Plans Sh1.5 Billion Housing Scheme

A group of investors plans to inject Sh1.5 billion in five apartment blocks rising to 14 floors housing 524 families off Mombasa Road, Nairobi.

Regulatory filings by Cool Breeze Development show the firm has ready funds for the proposed project that will occupy a 2.25 acres of land approximately 200 metres behind Nextgen Mall.

The project, set to create demand for skilled and unskilled construction workers as well as direct jobs for transporters and construction material dealers, is targeting middle- and high-income earners. It will include keep-fit facilities and manicured lawns. The mixed-use development owner also plans to construct a residents-only swimming pool, a gym and changing rooms as well as gardens next to children's playground.

It will have 120 studio apartments, 240 one-bedroom apartments, 148 two-bedroom units and 16 three bedrooms.

The second basement floor has been reserved for a pump house, fuel house, store, power room as well as a vast parking bay for 237 vehicles with the upper floor accommodating parking bays for 238 motor vehicles.

"The proprietor will generate more income by making optimum use of the plot bought from NextGen Suites Limited. Nairobi County Government and the national government will access new revenue streams during implementation of the project," read the report.

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