If you think that house rent in Nairobi is exorbitant, fancy a single house unit that will leave you Sh480,000 out of pocket every month. How about purchasing a parcel of land in one of the swankiest suburbs in Nairobi? It is almost unthinkable, right?
Well, the skyline of Nairobi’s Upperhill district is expected to transform soon, when a new 44-storey edifice comes up in the area.
Christened 88 Nairobi Condominium, the architectural marvel will be the tallest residential apartment in sub-Saharan Africa, standing at 44 floors and sitting on a two-acre piece of land along Fourth Ngong Avenue in the lush suburb.
Real estate firm, Lordship Africa, on Tuesday unveiled the Sh5 billion mega project, a structure that will come with state-of-the-art amenities for its occupants.
Condominiums are popular in world cities of New York, in Chicago and Singapore. The Nairobi one will be the first in Kenya.
But who precisely does this ambitious project target? Definitely not “ordinary” Kenyans who frown upon the notion of paying a cent more for their monthly rent in Nairobi’s mid-level estates.
Mr Jonathan Jackson, the founder of Lordship Africa and Lordship Europe, said the project is targeting personages high up the economic food chain such as CEOs for blue chip companies, business people and professionals in the legal, medical and financial sectors working in the upscale Upperhill district.
“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 Mr Jackson.
TASTE FOR LUXURY
According to him, the apartment will showcase pure architectural excellence and sophistication, making it an ideal target for investors in the area.
He added: “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 is designed to five-star hotel standards, and aligned with World Bank and European Union safety requirements. Upon completion, the building will have 12,000sq feet of rental space and an additional 16,000sq feet of lush gardens space.
For people with a refined taste for luxury, the apartment comes with a bevy of delights. 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, valet parking and a 435-size parking space.
The sumptuous 288 units will be fully-furnished by Turkish interior designers. This will be factored in in the cost per unit.
The exquisitely designed luxury apartment is subdivided into executive, executive plus and penthouses. The penthouses will be from the 40th floor and will feature three to four-bedroom units.
Security within the building will be of UN standards, making it a safe and serene dwelling for its tenants, the developer said.
Buyers will have to fork out Sh11.5 million and Sh35 million for a one-bedroom and two-bedroom house units respectively. The Sh5 billion 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.
Several local banks have demonstrated an eagerness to finance the project, according to the developer.
By investing in this project, the firm has ignored the drumbeat of suspicion of an imminent implosion of the real estate industry in the country.
According to Mr Jackson, 88 Nairobi Condominium is a very worthy project. He described the projected return on investment as “amazing”.
The real estate mega firm’s European branch, Lordship Europe, has conducted blockbuster housing projects in Eastern Europe. Some of its remarkable housing projects include Jungmannova Plaza and Pankrác House both in the Czech Republic’s prehistoric city of Prague.
The European Union and the Royal Bank of Scotland are some of their notable tenants.
The design of the structure is already ongoing while construction will be undertaken by both Kenyan and international contractors, starting April. The project is expected to be complete by mid-2020.
The Kenyan project is part of Lordship Africa’s drive to penetrate mainly emerging markets in its real estate endeavours.