By John Gachiri
In Summary
- The real estate company said that the first phase of its Shaza project would be completed by September.
- Half of the 46 units in the first phase had been bought in cash by business and corporate executives.
- The Shaza is located on a five-acre beachfront property.
Shanzu Beach Resort’s entry into the high-end coastal
property market has gained traction with the near completion of its
project in Mombasa.
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The real estate company said that the first phase of its Shaza project would be completed by September.
“It has been financed by debt, equity and from some
of the buyers. This is the biggest project that we have ever done,”
said Shanzu Beach Resort executive director Mike Karanja at a briefing
on the project.
The project directors indicated that the scheme
would cost more than Sh1 billion. Equity Bank is the financing partner
while MMC Africa is the legal adviser.
The project, which began two years ago, consists of
76 units that are priced at between Sh28 million for a two-bedroom
apartment and Sh64 million for a four-bedroom duplex.
Mr Karanja said that half of the 46 units in the first phase had been bought in cash by business and corporate executives.
Promoters said that there was still demand for
high-end property in the coastal region. “Beachfront properties are more
expensive than inland properties anywhere in the world. Kenya is an
exception but that is rapidly correcting on account of growing demand,”
said the developers.
The Shaza is located on a five-acre beachfront property.
The Hass Consult annual report 2013 found that
while prices in most high-end suburbs had started to cool off those in
suburbs such as Nyali in Mombasa had increased by double digit figures.
“Nine of 42 suburbs experienced falling house
prices while prices rose the most rapidly in South C, Nyali, South B and
Thika,” said the property firm.
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