Nairobi’s skyline set to change with new 44-floor tower
The Nairobi skyline is set to change with the addition of a 44-floor residential tower. Czech Republic-based private equity real estate developer, Lordship Africa, is on Tuesday set to break ground for the tower which is set to host 288 luxury apartments.
The 88 Nairobi Condominium, to be located in Upper Hill area, will house one- and two-bedroom fully furnished executive units, two-bedroom VIP units, four-bedroom duplexes and penthouse apartments with prices starting at Sh11 million to Sh30 million off-plan.
According to a statement released by the company, the property will feature a 44-floor, high-end, dedicated residential condominiums designed to five-star hotel standards aligned with World Bank and European Union safety requirements.
The property, which stands on two acres and has since sold 27 units, will raise funds for its development from equity partners, debt financing and income generated from off-plan sales of the housing units.
This is the second investment by the developer after construction of the high-end Karen Hills development consisting of 60 fully serviced plots with subsequent establishment of its Africa hub in Nairobi. On the firm’s website, the Karen hills development is christened as ‘a treasured secret’ with the one-acre plots enjoying full management and security services by the firm.
According to the firm’s website, 88 Nairobi condominium’s units will have a helipad as well as three penthouses on the 43rd and 44th floors. It will also have a 300-bay underground parking.
The investment comes at a time Kenya is facing a warm-cold relationship with its real estate industry caused by an oversupply of office and residential space. All over the city, Red ‘TO LET” signs are draped alongside new developments displaying signs of the poignant glut, especially in the upper hill area.
According to a recent estimate by real estate firm Hass Consult and Cytonn investment, the cost of an acre plot of land in the area is an upwards of Ksh600 million.
However, the development remains a key indicator of a brighter future for the Kenyan Real estate market.