The 88 Nairobi Condominium apartments will cost up to Sh480,000 a month to rent.
The 44-storey apartments tower to be located in Nairobi’s Upper Hill area will be among the tallest residential skyscrapers in the region on completion.
Buyers will have to fork out Sh11.5 million and Sh35 million for one-bedroom and two-bedroom units respectively.
Real estate firm Lordship Africa on Wednesday unveiled the Sh5 billion mega project that will come with fully-furnished units.
The Sh5 billion price tag is exclusive of the cost of land and land permits. According to Lordship Africa, the project will be financed through equity, debts and sales of spaces.
Condominiums are popular in global cities such as New York, in Chicago and Singapore. The Nairobi one will be the first in Kenya, alongside the upcoming Hilton Tower.
Jonathan Jackson, founder of Lordship Africa and Lordship Europe, said the project is targeting CEOs, business people and professionals in the legal, medical and financial sectors.
“Kenya is increasingly becoming the hub of investment in the sub-Saharan Africa. Lordship Africa is responding to this trend and the resultant demand for quality residential units,” said Jackson.
“Living in vicinity will enable these professionals to drive for shorter distances to work. This will also reduce traffic jams in the area.”
The building will have 12,000sq feet of rental space and an additional 16,000sq feet of gardens space.
It will feature a branded restaurant, a convenience store, 24-hour concierge services and gym and spa facilities.
Additionally, it will feature a heated indoor swimming pool on each of its floors, smart-house technology, and a 435-size parking space.
Design of the structure is already ongoing while construction will be undertaken by both Kenyan and international contractors, starting April this year.
The project is expected to be completed by mid-2020.
The Kenyan project is part of Lordship Africa’s drive to penetrate mainly emerging markets in its real estate endeavours.
Published on the Business Daily on 07 Feb 2018