Thursday, September 13, 2018 20:26
Dubai-based investors have inked a new deal for construction of a mini city at Mang’u in Juja, Kiambu County, on the Nairobi-Thika road at Sh8 billion.
Speaking on his return to Kenya from Abu Dhabi in the United Arab Emirates, Capitaland East Africa chief executive Rogers Obure said the investors had agreed to form a joint venture with local owners to have the project dubbed ‘Artstone Valley’ implemented within the next 40 months.
A key partner in the project, Luxury Homes developer and Costa Homes founder Constantine Mwadime, said inclusion of a mall, hospital, primary and nursery schools were value-adds aimed at making the property attractive for Nairobi workers seeking an out-of-town location to shop, seek treatment or take children to school.
“Several saccos have expressed interest in taking up housing units for onward sale to their members off-plan to be paid over a period of time,” he said.
The deal is between Capitaland East Africa, Abu Dhabi Investment and Housing, Emirate Homes Group and Royal Investment Group.
Currently, Capitaland is overseeing reconstruction of several hospitals and schools in Bangui, Central African Republic — also funded by the same investors — and has been selected to oversee construction of a five-star hotel in Mombasa to be named Black Pearl Beach Resort.
The 25-acre Juja project designed by Nairobi architect Salman Mruttu consists of seven blocks of eight-storeyed flats that will host 160 units of three bedroomed apartments with domestic servant quarters, 800 units of three-bedroomed apartments, 480 units of two-bedroomed apartments and 60 one-bedroomed apartments.