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Old August 25th, 2011, 04:45 AM   #1
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KASARANI | Crystal Waters | 18 fl | Proposed

Investor takes Nairobi homes higher with Sh7bn estate plan


An artist’s impression of the proposed Sh7 billion housing estate in Nairobi.
BDA

Nairobi’s property market has attracted a fresh Sh7 billion investment that is also expected to change the way Kenyans have traditionally built residential houses.

The development, to be located along Thika Highway near the Kasarani sports complex, will give Kenya its tallest residential apartments of up to 18 floors, setting it up to be among the most densely populated sections of the city.

The 41-acre estate will consist of 2,500 units with the capacity to accommodate 8,000 people and is mainly targeted at the lower segment of the middle class.

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Residents will also enjoy the services of commercial outlets and shared social services such as recreation centres.

Its sponsors, the Kasarani Hills consortium, said work on the project that is expected to significantly bring down the cost of residential apartments in the south western part of Nairobi will begin as soon as the group gets the necessary approvals from environmental authorities.

Mairura Omwenga, a planner and lead expert in environment impact assessment, told the Business Daily that tall buildings are necessary if Nairobi’s housing market is to keep up with rapid population growth now estimated at 3.3 million. Mr Omwenga said high rise apartments have proved to be the most efficient way of maximising land use in densely populated cities around the world. “Nairobi is merely catching up with other cities where land price inflation has forced planners to opt for vertical expansion,” he said.

Key backers of the project include Shelter Afrique – the pan African real estate financier that has invested Sh600 million in the development in the form of a loan.

It was not immediately possible to ascertain the pricing of the homes but real estate dealers estimate that the land is worth Sh1 billion, meaning that the cost of land attributable to every unit stands at below Sh400,000.

It is the savings on land prices that is expected to give the developers headroom to sell the homes at a discount.

Developers say land accounts for up to 35 per cent of the total costs of homes in Nairobi.

More recently, exorbitant land prices have pushed developers to the peripheries of Kenyan towns where there is room to build single unit homes, commonly known as gated communities.

So far Nairobi’s Pangani estate has the highest residential apartments – the 12-storey Metro Fairview developed by Erdermann Properties.

The firm has announced plans to build a 25-storey residential complex in the city’s Kilimani area that will also house a Chinese Cultural Centre.


David Yang, a director at the Chinese-owned real estate company, said Nairobi, like most cities in the developing world, needs the highrise apartments to deal with the rapid rate of urbanisation to avoid a housing crisis.

Land has become too expensive, making it difficult for developers to continue supplying low density housing,” said Mr Yang.

It is estimated that rapid population and incomes growth will remain key drivers of demand for housing in most Kenyan cities in the next couple of decades, making high-density apartments part of the solution.

“There will always be people who enjoy living close to the city for the convenience and would not mind living in highrise apartments,” said Mr Yang.

The Kasarani and Kilimani projects will feature one-bedroomed units, indicating that developers will be targeting entry level home buyers or young adults without families.

High demand for housing in recent years has continued to pile pressure on property prices, forcing the Nairobi City Council to remove restrictions on the building of highrise apartments in some up-market estates.

An acre of land in some parts of Nairobi is now priced at Sh100 million, making it the single most expensive input cost in property development.

Last week, City Hall announced that it was allowing developers to double the number of floors for residential houses in areas previously restricted to four floors to curb land price inflation.
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Old August 25th, 2011, 05:06 AM   #2
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Nice find
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Old August 25th, 2011, 06:39 AM   #3
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Finally, the proposals that I've been yearning for. THIS is the good stuff.

Beautiful, dense residential buildings not in a gated community. True urbanism.
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Old August 25th, 2011, 09:58 AM   #4
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awesome!
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Old August 25th, 2011, 10:02 AM   #5
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wapi Kenguy....more drops in the ocean to ease housing demand!
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Old August 25th, 2011, 10:14 AM   #6
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Originally Posted by èđđeůx View Post
Finally, the proposals that I've been yearning for. THIS is the good stuff.

Beautiful, dense residential buildings not in a gated community. True urbanism
.
I dont like those kind of housing.Anyway it's a better development project.
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Old August 25th, 2011, 11:58 AM   #7
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Al get maself an apartment there
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Old August 25th, 2011, 12:31 PM   #8
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wapi Kenguy....more drops in the ocean to ease housing demand!
Sawa. I can see the ocean forming now.

I remember seeing an article about removing restrictions on apartment heights (the reason for all the 5 storey apartment blocks sprouting everywhere in Nairobi) in many of the inner suburbs like Westlands and Kilimani. We can now expect to see tower residential blocks in those areas as well.
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Old August 25th, 2011, 01:24 PM   #9
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I dont like those kind of housing.Anyway it's a better development project.
why not?
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Old August 25th, 2011, 07:39 PM   #10
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I dont like those kind of housing.Anyway it's a better development project.
Its either these or slums.
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Old August 26th, 2011, 05:22 AM   #11
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Nice.
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Old August 26th, 2011, 08:21 AM   #12
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Its either these or slums.
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Old August 26th, 2011, 01:29 PM   #13
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25 floor high rise in Kilimani, so finally le,mac has competitor going up is the only way to solve decent housing shortage in the country, personally i was once living 23 floor in KL, so i guess no problem as long the price is fair
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Old September 26th, 2011, 07:50 PM   #14
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But I really feel these projects should be done in Eastlando. It has remained so poor
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Old September 27th, 2011, 12:00 AM   #15
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But I really feel these projects should be done in Eastlando. It has remained so poor
agreed. i think land ownership in eastlands has been the problem but i do believe eventually the sheer pontential for making massive profits will override the massive bureaucracy and vast corruption networks sorrounding property ownership and in eastlands.
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Old September 27th, 2011, 12:55 AM   #16
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Eastland cannot handle a 7 billion investment. Not enought resources and no one in the right mind will do that but govt.
1. The sewage system is a mess adding more unit will be catastrophe.
2. No one will be willing to pay more than 6 mil or 8 mil for an apartment in eastland.
3. security and location is an issue in eastland, the old colonial houses in jericho and bahati are sitting on lot of land but moving those pals will take a miracle.
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Old September 27th, 2011, 05:56 AM   #17
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mwaurak-most of the infrastructure in nairobi is stretched to the limit.you might be right about an private investor doing 7billion into eastland maybe the returns mightnot be high.but the overall message is that building high is the way to go.most of the suggestions are good-but the issue is the government-beaucrats.they can turn the old estates into tall buildings get most of available land.
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Old September 27th, 2011, 01:05 PM   #18
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Quote:
Originally Posted by mwaurak View Post
Eastland cannot handle a 7 billion investment. Not enought resources and no one in the right mind will do that but govt.
1. The sewage system is a mess adding more unit will be catastrophe.
2. No one will be willing to pay more than 6 mil or 8 mil for an apartment in eastland.
3. security and location is an issue in eastland, the old colonial houses in jericho and bahati are sitting on lot of land but moving those pals will take a miracle.
With thuggish mps inciting residents against any positive development,it sure will take a miracle.
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Old October 2nd, 2011, 03:48 AM   #19
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The developers might be using chinese contractors.they build these houses fast.welcome to 20 floors on a building.
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Old October 2nd, 2011, 03:50 AM   #20
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watch the construction boom in china
http://www.youtube.com/watch?v=yzRvVaxA1dI
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