Steve Umidha @steveumidha
Works on Africa’s second tallest skyscraper are set to begin in July following a successful ground-breaking on the site Tuesday. It will be the second loftiest in the city and continent respectively after ‘The Pinnacle’ when completed in two-and-a-half years.
Stakeholders are bullish that the new development, to be called 88 Nairobi Condominium, has found the right location – Upper Hill – just a stone-throw away from where Africa’s tallest building is being erected.
“This ground-breaking is going to send a powerful message about the future of Kenya, which is increasingly becoming a hub for investment in sub-Saharan Africa,” said Jonathan Jackson, Chairman of Lordship Africa – the real estate development and Investment Company undertaking the project.
The ambitious project, to be built at a cost of Sh5 billion (excluding land-associated costs and permits), sits on two acres and is being financed from a consortium of equity partners, debts bankrolling and income generated from the project’s off-plan sales.
The complex will have 44 floors with 288 houses, with an average monthly rental prices of Sh370, 000 and the lowest at Sh175,000, which is touted to be ‘affordable’ by its standards – with a purchase price ranging from Sh11.5million to Sh32.1million for a one-bedroom and two-bedroom units respectively.
Jackson says the Czech Republic and Slovakia developer, is responding to an already existing trend and the resultant demand for quality residential units by putting up the structure, albeit with distinct features, amenities matching European Union standards and requirements.
“It will showcase pure architectural excellence and sophistication, making it an ideal target for investors and workers in Upper Hill to live in a quiet residential fully serviced condominium,” he says.
At more than 45,000 square feet, the development will include a comprehensive set of communal facilities, namely: two lush gardens covering 18,000square feet, restaurants, a deluxe gym and spa, resident bars, meeting and function rooms and lounges among other luxury amenities.
The tender process for the project is expected to be complete at the start of second quarter of the year to pave way for actual construction works, with an international contractor believed to be favoured to a local builder due to swift work deadlines, needed for the project.
The development comes in the wake of a thriving property market which observers say is being overshadowed by a ‘glut’ particularly in Nairobi, with indications of relatively low rental prices for most high-rise buildings, most of which are located in Upper hill and Community areas.