google978c4e921fe1bd28.html

Construction of Sh20bn city property on thika road to begin in July

garden

Construction on a multi-billion shilling property development on Thika Road will commence next month.

A statement released to newsrooms on Thursday by Actis, a private equity firm backing the project, said that construction of phase one on Garden City will begin in July.

This is against earlier estimates that had indicated that construction would begin this month.

“The firm has recently received authorisations from the National Environment Management Authority (NEMA) and the [County] Council of Nairobi paving the way for construction,” read part of the statement.

Garden City is a Sh21.3 billion ($250 million) property development that incorporates a 50,000 square meter retail mall, at least 600 residential units and a park.

The project is located on a 32-acre piece of land previously owned by East African Breweries Limited.

Garden City Mall is expected to be the largest retail outlet of its kind in the region and has already drawn the interest of various international investors.

In February, Actis indicated that it had already achieved commitments that would guarantee 70 per cent occupancy of the mall.

In its statement, Actis provided a list of 44 tenants who are ready to occupy the mall once it opens in November 2014.

Garden City Mall will house Game Discount World’s first outlet in Kenya as the South African retail giant makes its foray into the Kenyan market.

The South African company will compete directly with Nakumatt and Zucchini GreenGrocer who will also be occupying space in the mall.

-Nation

Comments

comments

Tags: 
%d bloggers like this: