With demand for real estate in Nairobi sending property prices soaring on the back of rapid urbanisation, nearby counties are also seeing an uptick in activity as developers look to channel funds into satellite cities and commuter towns.
In 2015,Kenya’s Real Estate Market saw a number of deals signed with construction works already complete in some while others are in progress.The Kenyan wall-street will look at the top six most expensive projects that were set up in 2015.
1. Garden City Mall
Garden city shopping mall is situated along the Thika Superhighway and is estimated to have cost a whopping Ksh 22.7 Billion.Phase one of the project was was officially opened on Thursday May 28 2015. The first phase has 33,000 square metres of retail space. Actis Fund of the UK is the developer of the Garden City – a mixed-use development on 32 acres of land.
The retail space comes with 76 two- and three-bedroom apartments and townhouses.
Upon completion of the second phase in 2017, Garden City will have 50,000 square metres of retail space, 420 residences in apartments and townhouses, 20,000 square metres of office, a hotel and a parking space on three acres.
2. The Two Rivers Mall
Construction of Two Rivers Mall in Nairobi will be completed by early 2016 with the development reportedly set to be the largest shopping mall in East and Central Africa.
Two Rivers Mall is part of a mixed-use development being undertaken by Centum Investment Group which is listed at the Nairobi Securities Exchange.
The mega shopping mall that is situated at the heart of the affluent Runda, Gigiri, Muthaiga and Nyali neighbourhoods spans 62,000 square metres – unseating Garden City mall on Thika Road, which measures 50,000 square.
In April, Centum sold 38.9 per cent stake to China’s Aviation Industry Corporation – the lead contractor for the project.
The project will a five-star hotel and upmarket residences,among other modern development facilities.
3. Comesa Shopping Mall
Comesa shopping mall is located in the heart of Nairobi along General Waruinge Street, Eastleigh.
The ultra-modern shopping mall will have retail shops, restaurants, supermarkets, banking halls, elevators, multi-level basement parking facility, among many modern facilities such as a state of the art, security and surveillance systems.
The Sh3 billion project, whose construction started in December 2014 after court battles over ownership of the land from 2010, sits on 6.2 acres of land. It is projected to add 120,000 square metres into the market. Comesa is owned by Darasa Investments, associated with businessman Ibrahim Noor Hillowly.
4. Karen Waterfront
The project is owned by the family of the late Nelson Muguku, the poultry farmer who made billions as a top shareholder at Equity Bank.
It sits on a 50-acre piece of land located in the Karen Triangle (the area enclosed between Karen Road, Karen Lane and Lang’ata Road), making it one of Kenya’s largest pieces of real estate on the cards.The total cost of the project is estimated to cost over Ksh 10 Billion.
5 Ananas Mall in Thika Town
The 90,000 square-metre mall opened for business on February 28. The mall, along Garissa Road,Thika Town.
The project is owned by a group of investors led by Chetan Shah – the director of Capwell Industries which makes the Soko Ugali maize flour and Pearl, Mwea and Renee rice brands. It is value is believed to be higher than the conservative estimate of Sh500 million.
6. Crystal Rivers in Athi River
The project occupies 25.5 acres with a hospital, a conference centre, a casino and restaurants, among facilities planned on the site valued at an estimated Sh3.4 billion.
The Mall has been designed with security in mind and will offer 3 secured entrances onto the main retail level with adequate parking for 700 vehicles on the lower ground level and upper ground parking deck.
This is tucked away at the rear, off Mombasa Road, with easy access to the Mall offering a secure and private homely environment.
It comprises a gated development of 270 modern maisonettes of three and four Bedrooms each with Servants Quarters, ideal for investment and homes.
7 Cedar Mall In Nanyuki
The shopping mall which will become the largest mall in Mount Kenya region is set on a 18000 square meter along Rumuruti Road in the heart of the town.
The project will be undertaken in two phases, in the first phase that will occupy 12,000 square meters, a shopping center will be put up that will offer the highest quality retail space.
Cedar Mall Owners
The Cedar Mall project, which is being undertaken by Esteel Construction Limited, is estimated to cost Sh.1.3 billion and is co-owned by Kiloran Development Group which will contribute Sh480 million and Housing Finance which will contribute the rest. Kiloran which is a British investment group will also be tasked with the managing the Mall which will start operating in September 2016.
8 Buffalo Mall In Naivasha
The first phase of the mega Buffalo Mall was opened in February 2015. The mall with Tuskys Supermarket as the anchor tenant, is a brand new three phase shopping centre on the north-west edge of Naivasha town.
Upon completion of all three phases, Buffalo Mall will total 22,210 sq.m. of high quality retail and leisure areas on an 18 hectare site.
9 Rosslyn Riviera Mall in Runda
The ongoing construction of Rosslyn Riviera Mall in Kenya is halfway complete with 40% of shopping space in the mall occupied.The mall is scheduled to open its doors in March 2016 and has already signed up major local and international retailers. Chandarana Supermarket, an Asian family business, will be the anchor tenant at the mall.
Located in Kenya’s affluent Runda Estate the mall is expected to serve the people from Runda, Muthaiga, Kigwaru, Nyari, the UN complex in Gigiri and Ruaka.
The project is estimated to cost over Ksh 3 Billion and is owned by the son of former powerful police commissioner Ben Gethi.
Rosslyn Riviera mall in Kenya is set up on a 4.5 acre piece of land.