Nairobi County Government has approved the Sh6.5 billion residential property development at Garden City. The project, which was mooted eight months ago, is set to have 628 units all two and three-bedroom apartments.
According to the projects chief executive Chris Coulson, the first 208 units are set to commence immediately and be completed within 24 months.
“We finally got our approval from the county authorities last Friday. It has been a long wait, but we assure customers that construction will be completed on schedule,” Mi Vida chief executive said.
Mi Vida, a joint venture by India’s conglomerate Shapoorji Real Estate (SPRE) and UK equity investor Actis has already sold 93 units off-plan in their first phase.
“We fund projects to completion without seeking costly alternative funds like bank loans. Buyers signing contracts for the properties will receive their units on schedule,” he added.
Nairobi Condominium apartments, a similar project in Upper Hill is facing the same delay. The Sh5 billion project was targeting to build 44-floor high-end residential with their rent set to start at Sh480, 000 a month.
The real estate sector in Kenya has recently been negatively affected by the harsh economy as similar development projects across the country being delayed halfway due to lack of capital and others being seized by banks after investors default.
Also, the increasing number of unemployment has also seen developers and potential buyers unable to do so.