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Old April 3rd, 2011, 06:11 PM   #221
Kisumu Ndogo
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Quote:
Originally Posted by Kenguy View Post
I think this thread should be moved to the Nairobi projects section.
Some of these are just 'kawa' projects with not much hedging to warrant own thread, but its a thin line - guess the mindset of the poster makes the final decision. But if there is enough grounds to discuss it then why not.
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Old June 14th, 2011, 05:55 AM   #222
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Nyali gets a new face as apartments replace homes in property boom
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Some of the new apartments coming up in Nyali, Mombasa, which are replacing the old buildings to accommodate the rising population. The Municipal Council of Mombasa is yet to put in place supportive infrastructure to support the growth of Nyali. Laban Walloga


Alice Wahome knows the taste of putting up apartments in Nyali Estate in Mombasa. Through her company, Shikara Limited- Apartments and Villas- she has put up more than 60 apartments in different areas of Nyali in the past five years and by the end of this year, the company will have more than 80 apartments when two units she is putting up are complete.


However, the sudden rush by property developers to acquire land in the region to put up new apartments- the most lucrative property frontier in the region now- is raising grave concerns to her and other keen property developers who say that the initiative will back fire due to unplanned and uncontrolled development that has taken place in the past few years.


The Municipality of Mombasa has not kept up with the pace in updating supportive infrastructure — sewage and water management — to cater for a population that conservative estimate say has increased 100 fold in the past five years. Mombasa town clerk Tubman Otieno, in an earlier interview, told the Business Daily that the previous zoning of Nyali estate, where building highrise structures was not allowed cannot hold anymore due to a growing need to housing in Mombasa.
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Old July 16th, 2011, 11:23 AM   #223
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Some very good looking estates there.
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Old July 23rd, 2011, 07:17 PM   #224
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Foreigners race for rail firm’s Sh256bn real estate project

Four international financiers have applied to invest jointly with the Kenya Railways Corporation (KRC) in a Sh256 billion real estate plan as foreign investors eye the country’s booming property market.

The State-owned rail agency has been scouting for investors to help develop office blocks, hotels, light manufacturing industries, parking bays and shopping malls on its 320 acres of idle land surrounding the rail stations in Nairobi, Kisumu and Mombasa.

“We are looking at the four applicants and we shall reveal their details at the appropriate time. All that is im
Four international financiers have applied to invest jointly with the Kenya Railways Corporation (KRC) in a Sh256 billion real estate plan as foreign investors eye the country’s booming property market.

The State-owned rail agency has been scouting for investors to help develop office blocks, hotels, light manufacturing industries, parking bays and shopping malls on its 320 acres of idle land surrounding the rail stations in Nairobi, Kisumu and Mombasa.

“We are looking at the four applicants and we shall reveal their details at the appropriate time. All that is important now is that they have very strong offers,” said Mr Nduva Muli, the firm’s managing director in an interview with the Business Daily without giving details.

Under the joint venture, Kenya Railways will provide the land which is shaping up to be the biggest costs item in housing construction and part financing, expected to earn the firm an estimated Sh1 billion annually in land leases, critical to support its heavy financial needs.

“We are investing in such projects so that we stop our over reliance on the government. KR will use the proceeds from the land lease to develop the railway infrastructure and the terminus.” said Mr Muli.

This comes at a time of property boom in the country that has seen home and office block prices rise 3.5 times in the past decade — a return that has caught the eye of foreign investors.

portant now is that they have very strong offers,” said Mr Nduva Muli, the firm’s managing director in an interview with the Business Daily without giving details.

Under the joint venture, Kenya Railways will provide the land which is shaping up to be the biggest costs item in housing construction and part financing, expected to earn the firm an estimated Sh1 billion annually in land leases, critical to support its heavy financial needs.

“We are investing in such projects so that we stop our over reliance on the government. KR will use the proceeds from the land lease to develop the railway infrastructure and the terminus.” said Mr Muli.

This comes at a time of property boom in the country that has seen home and office block prices rise 3.5 times in the past decade — a return that has caught the eye of foreign investors.
Rapid urbanisation, population growth and expansion of the middle class have emerged as drivers of Kenya’s property market that is riding on nearly three decades of underinvestment.

Kenya Railways has opened its massive land to private investors, joining the list of institutions such as the National Social Security Fund (NSSF), Centum Investment and pension schemes in rushing to tap the huge returns from the booming property market.

In Nairobi, under KRC the investor is expected to put about Sh120 billion in building shopping malls, restaurants, a manufacturing park, and two hotels with a capacity to accommodate 3,000 people.

In Mombasa, the investors will build an international trade centre, office blocks, shopping malls, and three hotels with conference facilities able to accommodate 3,000 people at a cost of Sh80 billion.

The investors will build Sh60 billion car parking complex, shopping malls, restaurants, and two hotels able to accommodate 2,000 people in Kisumu.

The projects will create a fresh income stream for the cash strapped rail firm as well as dramatically transform Kenya’s real estate landscape, especially that of Nairobi, Mombasa and Kisumu
http://www.businessdailyafrica.com/C...z/-/index.html

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Old July 26th, 2011, 07:16 AM   #225
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If these bids are successful and are hence implemented this will mark a total make-up to our major urban centers thus authoritatively stamping them to 21st century in one-fell-swop out of the 2 or so lost decades of urban-decadence.

LOWER HILL | Nairobi Golf City | Proposed
KISUMU | Lake View Resort City | Proposed
MOMBASA !

PS: Hopefully Trump's bid will be among those that shall sail through.
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Old August 19th, 2011, 03:08 AM   #226
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City Hall opens Nairobi’s leafy suburbs for high-rise buildings


Nyayo Estate Embakasi in Nairobi. City Hall is reviewing existing building restrictions in parts of Nairobi, paving the way for construction of high-density settlements that could reduce the value of property in upmarket estates. Photo/FILE
BusinessDailyAfrica

City Hall is reviewing existing building restrictions in parts of Nairobi, paving the way for construction of high-density settlements that could reduce the value of property in upmarket estates.

The new by-laws, to be published in October, will open up exclusive neighbourhoods to developers of highrise flats in a drive to ease the cost homes that have nearly doubled in the past six years – buoyed by high land prices.

Real estate agents say high density settlements, such as those that City Hall is opening the leafy suburbs to, enable developers to distribute the land costs over more units, ultimately pulling down prices.

City suburbs

Review of the restrictions targeting inner city suburbs including Kileleshwa, Kilimani and Westlands that are classified as zones three and four, is expected to significantly dilute the value of property in these locations with the rise in number of homes.

Mr Patrick Odongo, the director of planning at the Nairobi City Council said easing development restrictions should bring down land prices and encourage new investments in the real estate sector.


City Hall is working on raising the plot ration restriction to 200 per cent from the current 75 per cent in these estates to encourage investments that have been stifled by high cost of land,” Mr Odongo told investors.

Plot ratio is a measure that compares the total built floor space with the size of the land on which the property sits. Authorities use the measure to determine developments in different locations demarcated as zones.
Mr Odongo said building regulations in the affected suburbs will shift from plot ratio as a tool to alternative instruments that include establishing minimum finishing requirements to preserve the value of established settlements.

We plan to introduce new instruments to regulate developments in these areas but we certainly need a vertical city that makes better use of the limited serviced land available,” he said.

City Hall said a consortium of professionals is working on the building regulation reviews and the final submissions are expected next month, before their enactment in October.

That means residents of the designated estates could start seeing highrise residential buildings of up to 10 floors in their neighbourhoods that are currently synonymous with massionettes and manicured hedges beginning next year.

The new measures will also encourage developers to invest in own solid waste management, water collection and recycling, and tapping of solar energy by awarding development credits to built up areas that are self reliant.

Developers with capability to fully manage their waste disposal could be allowed to build additional two floors.

A high rate of urbanisation coupled with rapid growth in income levels has increased demand for homes in the top-end of the housing market, piling pressure on land and driving up selling and rental prices.

Average property prices in Nairobi and outlying areas have risen more than three and half times in the past 10 years according to a recent housing survey by asset management firm Stanbic Investments.

It is, however, the infiltration of low-rise apartments and commercial buildings that have swayed land prices the most, rising over ten-fold since 2000, with recent deals on an acre clocking Sh150 million and above.
More recently, restrictions on the number of floors allowed in certain areas of the city have made the development of residential property less economically viable because of the high cost of land.

The last zoning review carried out in 2004 allowed developers a maximum of four floors for apartments in Westlands, Parklands, Woodley, Kilimani and Kileleshwa — a move that has visibly changed the leafy look of the suburbs.

Daniel Ojijo, the chairman of Mentor Holdings, a property development firm with an interest in the top-end of market, says the present guidelines have limited to four the maximum number of town-houses on a half an acre plot in Kileleshwa which costs about Sh60 million.

This means that before accounting for any other construction costs and developer’s margins, the cost of land for each unit is Sh15 million. The new regulations could slash that by at least half.

“We have been asking the council for these reviews to contain property prices,” said Mr Ojijo.

He said the scarcity of serviced land, including water and sewerage system, has forced developers to focus on the few estates that have the installed infrastructure pushing land prices beyond the reach of many.


Mr Odongo said volatility in the cost of land has been the result of government’s failure to lead in the supply of land for new development rather than leaving it to the private sector.


Developers say land constitutes the biggest expense, taking up more than half of the total input costs in the up-market estates while it should ideally account for less than 15 per cent.

Joe Mungai, the managing director of Tamarind Properties termed the development as monumental since it would allow developers to reduce the eventual property prices to enhance the possibility of faster selling.

Developers have to recoup their costs, forcing them to price the houses at a level that covers input costs and make a margin,” said Mr Mungai.
Higher selling prices means that the houses have to stay longer on the listings” he added.

Projects financers are weary that the high land prices amidst restricted development has placed their funds at risk as developers’ ability to service loans becomes a reality because they have lately been exposed to holding dead and expensive stocks.

Mr Joram Kiarie, the director of Mortgages at the Kenya Commercial Bank, says the lender is now concerned about providing construction loans to developers building to sell citing that such credit lines now posed real of default.

“Investors need to look out for the kind of developments they can put up, just to be sure they do not invest too much on land and then they are not able to make any return.”

Emma Miloyo, an architect and the chief executive at Design Source says that the proposals would simply double the built space and residents, and a consequence strain the available infrastructure.

Doubling the plot ratio means a strain of infrastructure, leading to heavier traffic in the area which has a potential to lower the overall value of individual properties in the zones,” said Ms Miloyo.

Construction costs

Economists expect that the move would allow developers to have a bigger built-up area, thereby slashing the overall construction costs borne by developers since the expense will be spread over a bigger number of units.

Barth Ragallo, a land economist and managing director at Tysons, a real estate consultancy firm, says raising the plot ratio meant increased supply of serviced land to developers but pointed out that home prices would only be determined by market forces.

“The move means increased access to serviced land because developers can gain higher utility but the eventual home prices would be a factor of demand and supply,” said Mr Ragallo.

While the proposed reviews are expected to win wide approval from developers, it is yet to be seen how neighbourhood associations in these areas would react since allowing for high density developments would rob their suburbs of exclusivity that has ensured they only attracted the rich.
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Old August 19th, 2011, 09:06 PM   #227
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I don't think this is a good idea.
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Old August 20th, 2011, 12:23 AM   #228
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why?
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Old September 5th, 2011, 06:38 PM   #229
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I hope they dont hand it out to some shoddy investor like the one we had.
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Old September 21st, 2011, 05:06 PM   #230
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Quote:
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why?
Because Nairobi will turn into one disorganised hole!
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Old September 21st, 2011, 08:23 PM   #231
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Eddeux, the pic below shows some of the affected areas (Kilimani). I guess we will say goodbye to those green leafy suburbs. They should have limited it to Westlands IMO.

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Old December 1st, 2011, 09:34 AM   #232
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Shitanda backs skyscrapers to tackle city housing crisis

Nairobi city residents may live in skyscrapers of up to 40 floors if plans by the Housing ministry are implemented.Housing Minister Soita Shitanda said the government is finalising plans to build multi-storied housing blocks to accommodate the city's growing population.
"We intend to start in Eastlands and the houses may go up to 35 or 40 floors each.This will utilise available space and accommodate more people,"he said is response to a question by Makadara MP Mr Gideon Mbuvi (alias Mike Sonko) in Parliament yesterday.
The MP said only about eight per cent of Kenya's urban population can afford a mortgage and asked what the Government has done in the last ten years over the situation.
The plans will improve access to housing ,said the minister.There are about 12 million urban dwellers in Kenya.

Daily Nation November 17 2011
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Old December 2nd, 2011, 05:52 PM   #233
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Quote:
Originally Posted by Rongai View Post
Shitanda backs skyscrapers to tackle city housing crisis

Nairobi city residents may live in skyscrapers of up to 40 floors if plans by the Housing ministry are implemented.Housing Minister Soita Shitanda said the government is finalising plans to build multi-storied housing blocks to accommodate the city's growing population.
"We intend to start in Eastlands and the houses may go up to 35 or 40 floors each.This will utilise available space and accommodate more people,"he said is response to a question by Makadara MP Mr Gideon Mbuvi (alias Mike Sonko) in Parliament yesterday.
The MP said only about eight per cent of Kenya's urban population can afford a mortgage and asked what the Government has done in the last ten years over the situation.
The plans will improve access to housing ,said the minister.There are about 12 million urban dwellers in Kenya.

Daily Nation November 17 2011

One thing is for sure, apartment blocks are getting taller. This particular one is planned for Shauri moyo, Eastlands. Its called Moyo Heights.

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Old December 4th, 2011, 07:02 PM   #234
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Well...i guess that coincides with rail rehabilitation in the city....
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Old February 21st, 2012, 01:53 AM   #235
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Quote:
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Eddeux, the pic below shows some of the affected areas (Kilimani). I guess we will say goodbye to those green leafy suburbs. They should have limited it to Westlands IMO.

Nice, but bye bye suburbs, hello high-rises.
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Old February 22nd, 2012, 06:00 PM   #236
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Funny how the offices are popping all over the suburbs. This means the suburbs will always be on the move since businesses keep invading the areas unless there are proper plans to stop this.
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Old February 23rd, 2012, 04:24 AM   #237
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what, the apartment towers?
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Old February 23rd, 2012, 08:20 PM   #238
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what, the apartment towers?
I think he meant the conversion of residential areas into commercial zones ala Upperhill and Westlands.
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Old February 23rd, 2012, 08:36 PM   #239
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Quote:
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One thing is for sure, apartment blocks are getting taller. This particular one is planned for Shauri moyo, Eastlands. Its called Moyo Heights.

image hosted on flickr
wow!
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Old April 14th, 2012, 09:25 AM   #240
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With kenya outpacing the rest of the world in price increases this is bound to be unwelcome news to the marginalised.




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