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Old October 18th, 2010, 09:52 PM   #21
MkateWaMayai
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The formal launch should be next week. Keep an eye out
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Old October 18th, 2010, 09:55 PM   #22
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The formal launch will be next week. Keep an eye on the press
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Old October 18th, 2010, 11:23 PM   #23
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Q4 2010: commence infrastructure for phase 1

But really, construction won't start till about another year or so. That leaves a huge frame open for potential problems that can derail this project. Let's just hope nothing happens.
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Old October 19th, 2010, 11:55 PM   #24
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Quote:
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The formal launch will be next week. Keep an eye on the press
Will their be any Live feeds, picture-speak blitz or invitations to scraperlovers?
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Old October 20th, 2010, 12:14 AM   #25
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I doubt it,our only hope is NTV youtube,citizen youtube or maybe the live news feed on k24.
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Old October 20th, 2010, 04:40 AM   #26
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I doubt it,our only hope is NTV youtube,citizen youtube or maybe the live news feed on k24.
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Will their be any Live feeds, picture-speak blitz or invitations to scraperlovers?
I think the website will be the primary source for news once the project launches and construction starts.
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Old October 20th, 2010, 08:03 AM   #27
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Quote:
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The formal launch should be next week. Keep an eye out

This is exciting.

moving ahead one step at a time
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Old October 24th, 2010, 08:35 PM   #28
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As seen in today's Nation, the launch will be next Tuesday 26th Oct at Safari Park Hotel, 10.30am
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Old October 24th, 2010, 09:21 PM   #29
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As seen in today's Nation, the launch will be next Tuesday 26th Oct at Safari Park Hotel, 10.30am
Nice!!!!
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Old October 24th, 2010, 11:55 PM   #30
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Quote:

Nairobi gets mega real estate plan from Russia

Posted Monday, October 25 2010 at 00:00

Renaissance Capital, the Moscow-based investment bank, will on Tuesday launch a Sh200 billion real estate project it says should become a visible symbol of Kenya’s leadership in urban renewal and reaffirm Nairobi’s position as East Africa’s economic hub.

The mega project, to be officially launched by President Kibaki, involves the use of private capital to construct a whole new city of 62,000 residents who will live in a well planned environment of manicured homes, office blocks, shopping malls and industrial parks.

Kenya’s biggest real estate project, dubbed Tatu City, will be located on 1,000 hectares piece of land in Kiambu County, behind Kenyatta University, that is currently occupied by coffee plantations.

The project is in its conception and magnitude only comparable to South Africa’s Sandton City, the leafy and exclusive high-end of market piece of real estate that was built on the outskirts of Johannesburg by the apartheid government.

But unlike Sandton, which was mainly driven by the government, Tatu is a purely private sector driven plan that is 50 per cent owned by Renaissance Capital while the remaining shares will be held by a number of foreign investors and local partners led by former Central Bank of Kenya governor Nahashon Nyaga.

Location of the project in Kiambu County’s coffee plantations, which are close to the United Nations offices in Nairobi and the leafy suburbs of Runda and Muthaiga clearly, signals the intention of its creators to target the cream of Kenya’s real estate buyers that includes international civil servants, top businessmen and civil servants whose numbers are expected to rise significantly in the next two decades.

Tatu City is also expected to more than double the value of land in parts of Kiambu County that are close to the project site as other private developers rush in to ride on the state of the art infrastructure that is expected to come with it.

Renaissance Capital’s local contact, Patrick Mweheire, declined to comment on this story, but property investor’s familiar with the project said it is expected to cost between Sh200billion and Sh240 billion over a period of 10 years.

The Tatu City project is also significant in the fact that it stands to be the single largest private-sector driven direct foreign investment in Kenya with the potential of dramatically transforming Kenya’s real estate landscape.

The project has already been show-cased to foreign investors at the prestigious annual property conference in Cannes, France — a signal that Renaissance Capital is keen to tap investors who have identified Africa as next frontier of investment as growth stalls in the US and Europe.

The Russian investment bank is, however, not alone in betting on Kenya’s property market from outside.

It joins a string of prominent investors including India’s Mukesh Ambani, the world’s fourth richest man; Dutch Hello Properties, Iran’s Mahun Construction and England’s Nigel Rowley who have in the past one year invested billions of shillings into Kenya’s real estate market.

Property developers attribute the growing presence of foreign money into Kenya’s real estate market to the robust growth that has seen smaller investors reap outsized returns.

“International investors have been in this market in the past five years, but they have been testing the waters with smaller projects and are now going big confident that the market is a long way from reaching its peak,” Bath Ragallo, a director of Tysons Management - a leading real estate consultancy in Kenya — told the Business Daily in an interview.

“International investors are looking for opportunities in markets that offer attractive returns given the bearish property and stock markets in the developed economies,” said Friso Abbing, the managing director of Hello Properties—which has built luxurious town houses in Karen, Mombasa and Watamu.Read More

200 billion kshs(2 billion dollars),thats a huge investement.
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Old October 25th, 2010, 01:52 AM   #31
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Yes it is, but honestly I would have thought the cost would be much greater. I think for a project that will house over 60,000 people the $2 billion price tag is pretty good.

Project being launched on tuesday by Kibaki. Hopefully there is a video, and shortly after the news section on the site opens.
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Old October 25th, 2010, 02:19 AM   #32
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That's going to be one massive investment($ 3B) for Kiambu-Nairobi County and the 10 Yr construction schedule is very realistic for project of this magnitude. Rennaisance Capital is such a serious player in the equity markets, It is also interesting to note that unlike anywhere else in Kenya the affinity and embrace people in Central Kenya attach towards urban-development and related is unfathomed -No awakening ancestral/Clan land disputes here in the face of modernisation. Its the market economy stupid? Very good.
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Old October 25th, 2010, 09:07 AM   #33
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Does TATU mean anything or its just a name??
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Old October 25th, 2010, 11:20 AM   #34
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This is awesome news, and that budget....wow, bound to make current real estate players pee on themselves, these guys will wipe a huge quota of the market, but its a good thing because now we will have a big cluster of residential development as opposed to the current scatters apartments that dot the city. Again it will bring a lot of confidence into real estate.
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Old October 25th, 2010, 07:18 PM   #35
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are the houses to be built for sale or for rental/lease?
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Old October 25th, 2010, 09:08 PM   #36
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are the houses to be built for sale or for rental/lease?
All the houses will be for sale.The owners could sub-let them to others.but i think the major concept here is the main company will provide the infrastructure and then invite major real estate investors to undertake construction of houses.
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Old October 26th, 2010, 10:09 AM   #37
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great stuff
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Old October 26th, 2010, 10:13 AM   #38
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Not bad....seems the ex governor of central bank, has been working hard to arrange this. since it is a 50/50 thing with the Re- i wonder where the local guys are getting there cash. i hope not Eurobank which is why he resigned in the first place. joke lakini for all the guys who took cash from Government please invest it back here....we young people need the jobs and the multiplier effect service jobs that come with this.////
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Old October 26th, 2010, 02:14 PM   #39
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fantastic piece of investment, reading from the comments above i'm not the only Kenyan excited by all the investment and construction our country is having recently, God bless Kenya!
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Old October 26th, 2010, 03:33 PM   #40
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futureforus, paul welcome to skyscrapercity!
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