Actis,Indian real estate firm partner to set up Ksh6.5 billion project at Garden City

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Garden-City Mall
PHOTO/COURTESY

By Edna Mwende

India based Shapoorji Real Estate (SPRE) and UK equity investor Actis will be developing a Mi Vida Homes project at Nairobi’s Garden City Mall on Thika Road at the cost of Ksh6.5 billion.

The partnership will culminate in the development of 624 apartments, which will be sold to prospective buyers for Sh6 million for a one bedroom unit and Sh9 million for a two bedroom unit. A three bedroom unit will be sold for Sh14 million.

According to a news report by the Business Daily, launching the Mi Vida Homes brand, they said is part of their strategy to redefine the Kenyan real estate market space, where the developer will rely on its own funds to put up the first phase of 208 units within the next 26 months.

“We are not relying on lenders or off-plan sales to raise money for project implementation but seek to stick to project timelines as we have done for the past 1,250 years,” said SPRE Global Chief Executive Venkatesh Gopalkrishnan as quoted by the Business Daily.

The SPRE Global Chief also gave assurance on the quality product as they undertake this project and added that they have been having discussions with the government on issues concerning the affordable housing pillar of the big 4 agenda, for future partnerships.

The Actis Director Koome Gikunda on the hand said that: “We started off with a mall that has retail outlets, clinics, chemists, banks, eateries and a fun park. This addition follows our purchase of a 15-acre plot where we and SPRE will build a total of 624 units on six 13-floor blocks on the 4.5-acre parcel.”

Business Daily also reported that the projects Chief Executive Chris Colson said 1.5 acres had been set aside for recreation and greenery with the rooftops of the six blocks set for beautification as leisure parks.

He similarly said that this August will see them opening a customer sales and experimental facility where showroom houses will be built.

ALSO READ: Garden City set to put up a high-end medical facility

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