China’s foray into the local real estate market got a boost recently with the launch of a new 140-unit development in Nairobi.
The Fountain Gardens development is being put up in Kilimani’s Muringa Road by Chinese developers, Catham Properties Limited.
The property will comprise residential apartments and a hotel side. The apartments will be 140 two-bedroom and three-bedroom units going for between Sh11 million and Sh19 million.
The hotel will consist of 76 high-end serviced apartments going for Sh9 million and Sh13 million for one-bedroom and two-bedroom units, respectively.
Other facilities will include a restaurant, swimming pool, landscaped gardens, a children’s play area and an underground car park.
The launch was presided over by Lands, Housing and Urban Development Cabinet Secretary Charity Ngilu on May 9, a week that saw Kenya sign multiple agreements with the Chinese Government, including the historic signing of the Standard Gauge Railway deal, with Chinese Premier Li Keqiang.
Ngilu said that Kenya’s current housing shortfall stands at over 250,000 units per year, despite improved economic growth and declining poverty.
She said this deficit has been caused by low investment into the housing sector by both public and private sectors, which, together produce only about 30 per cent of the estimated total demand.
As part of bridging this gap, the Government plans to develop about 300,000 housing units in the next four years targeting low-cost income earners in informal settlements.
In addition, the Government is improving infrastructure to open up land for housing in Nairobi suburbs and work with the private sector through the public private partnerships to mobilise financial resources and enable transfer of technology, said Ngilu.
According to sales and marketing agent for the new development, Robert Darby, Kenya’s growing market provides investors with good opportunities for development.
“The Fountain Gardens will utilise China’s high-quality housing materials to develop quality livable homes for Kenyan people in line with the Kenyan market,” he said.