New mall set to change how Kisumu shops

A Sh2.5billion shopping mall whose construction is near completion, will soon be part and parcel of the middle class lifestyle in Riat Hills, Kisumu.

Located conveniently at Mamboleo junction on the Kisumu-Kakamega highway, the mall which is being constructed by the Lake Basin Development Authority, is expected to be the largest of its kind in the region.
 

The 27,000 square metres building will be completed in August and will house a five-star hotel, a regional resource centre, more than 1,000 housing units as well as a complex consisting of three office blocks. This is besides serving as the headquarters of the Lake Basin Development in Kisumu.

According to the Lake Basin Commission chairman Onyango Oloo, the shopping centre is expected to revolutionise the shopping experience in the region. read more: http://mobile.nation.co.ke/lifestyle/New-mall-set-to-change-how-Kisumu-shops/-/1950774/2772450/-/format/xhtml/item/0/-/769dfh/-/index.html

Old Nairobi estates to pave way for 100,000 new houses

With the proposed development of 100,000 new housing units and renovation of existing homes, Nairobi is set for a major face-lift. Several regions of the capital have already been identified for the construction of the new houses. This redevelopment project will ride on the back of a County Comprehensive Urban Renewal Programme (ECURP), Nairobi Governor Evans Kidero says.

“It is in this spirit that we have identified seven quick win projects to serve as pilots to the ECURP. These are Old and New Ngara, Pangani, Jeevanjee/ Bachelors, Ngong Road Inspectorate staff quarters, Uhuru and Suna Road. Approximately 14,000 housing units will be developed in these areas through a joint venture approach,” Kidero told an investor’s forum recently. 
Read more: www.standardmedia.co.ke

Firm plans 387-acre housing estate in Limuru

A real estate firm is planning to turn a 387-acre piece of land near Limuru into a massive mixed-use estate, adding to other such developments planned for or under development in Kiambu County.

The plan by Red Coral Properties Limited will see 3,304 housing units put up on 172 acres of land and development of commercial and retail space done on 39 acres. Also in the scheme are 17 light industrial developments, mostly warehouses and logistics facilities. read more: www.businessdailyafrica.com

Acorn Group injects US$455m into Real Estate

Acorn Group Africa, a real estate firm in Kenya is going to inject US$455m into a real estate project that will see the firm construct shopping malls, commercial offices, residential properties and commercial hotels in Nairobi, Lukenya and Kitengela. read more: constructionreviewonline.com

The iconic Britam Tower in Upper Hill, Nairobi’s financial hub, at an approximate cost of Kshs 7 billion. The 31-storey building is the flagship project of Britam’s property portfolio.  When completed in 2015, the tower is projected to be the tallest building in Kenya and the third tallest in Africa. This complex will feature a collection of wind turbines hung off a central spire. The turbines will generate power for some parts of the building and will be the symbol of the iconic building, making it a city landmark. Caption source: www.britam.co.ke

Kenya’s largest mall in the offing

Nairobi’s Runda estate will soon be home to Kenya’s largest shopping mall. This is after the NSE-listed investment company, Centum, revealed its plans to build the shopping mall on its 100-acre land in the the prestigious Runda, Gigiri, Muthaiga and Nyali neighbourhoods.

The, Two Rivers, shopping complex will occupy a total of 58,000m2 dethroning the upcoming Garden City mall along Thika Road at 50,000m2, which was poised to become East Africa’s biggest shopping mall. The shopping mall, which is set to open in October 2015, is part of a US$682.2m mixed-use real estate development being undertaken by Centum on its US$ 11.3m parcel of land. read more: constructionreviewonline.com/2014/05/28/kenyas-largest-mall-offing

Mega shopping mall commissioned in Kenya

image source: thikaroaddev.wordpress.com

The Kenyan capital Nairobi's status as an economic and infrastructure powerhouse in East Africa was given a boost on Wednesday with the construction of the region's largest and most expensive shopping mall commissioned.

Garden City, to be based along the newly constructed Thika Superhighway, is Nairobi's flagship retail, residential and commercial property development.

The mall will house a 50,000-square-meter retail centre, over 420 apartments and town houses, commercial offices and a stunning three acre central park open to all. It is being built on a 32- acre-piece of land. read more: www.globaltimes.cn

Garden City construction to begin in July

Construction on a multi-billion shilling property development on Thika Road will commence next month. A statement released to newsrooms on Thursday by Actis, a private equity firm backing the project, said that construction of phase one on Garden City will begin in July.

Garden City is a Sh21.3 billion ($250 million) property development that incorporates a 50,000 square meter retail mall, at least 600 residential units and a park. The project is located on a 32-acre piece of land previously owned by East African Breweries Limited.
read more: www.nation.co.ke/business/news/

image source: www.nakumatt.net/blog/

ABOUT: Garden City is a mixed use greenfield development which has the scale and scope to change the horizon of north west Nairobi. The site, which is expected to open for business in 2014, is located on a prime 32 acre plot of land adjacent to the upgraded Thika Road. It will incorporate the largest mall in East Africa. source: www.act.is/portfolio/

2013 poised to be a boom year

The emergence of innovative, multi-billion-shilling gated communities and mini cities has seen a rise in demand for quality house and office space in Kenya. First-time investors are also enjoying huge capital appreciation

image source: www.wazua.co.ke

If you want to make some good money this year, invest in real estate developments incorporating golf courses, which have proven to be popular with the upwardly mobile.

Local investors, first-time home owners, and Kenyans in the diaspora are investing in these properties and reaping over 30 per cent in capital appreciation, industry players say.
read more: www.nation.co.ke/Features/DN2/2013 poised to be a boom year

Prime property market boom

Inside a gated community in a tranquil Kenyan suburb, a group of builders are putting the final touches to the exterior of a lavish, red-tiled villa nestled in the middle of a landscape garden.

Within the spacious property, no luxury is spared: Hardwood floors, Venetian finishes, designer furniture and five en-suite bathrooms ensure that all the modern conveniences are in place for the future tenants.
Welcome to Miotoni Ridge, a 14-mansion development in one of the Kenyan capital's most prestigious locations.

Houses here are designed for the highest-end of the luxury market. Asking prices are running at more than $1 million but that has not deterred any potential buyers: 60% of these properties are already sold out.

In fact, a study earlier this year by estate agents Knight Frank and Citi Private Wealth found that Nairobi was the best performing prime residential market in the world. Values in the city grew up by 25% in 2011.
Read On: http://edition.cnn.com/2012/06/28/business/kenya-luxury-housing-boom/index.html

Kenya Building Society back in business

Mortgage provider Housing Finance has revived its construction subsidiary, giving it headroom to tap into the lucrative property development market.

The property development arm known as Kenya Building Society (KBS) was instrumental in putting up housing units in Komarock and Buru Buru estates in Nairobi in the 80s and 90s, before it became defunct for over 13 years until its revival on Wednesday.

KBS has hit the ground running with a plan to put up 162 four-bedroom housing units at a cost of Sh800 million on 13 acres of land located in Komarock estate in Nairobi’s Eastlands area.
read more: www.nation.co.ke/business/news