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Tatu City buys 2,500 acres more as investors rush for prime plots in Kiambu County

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Rendeavour CEO Stephen Jennings.

Rendeavour CEO Stephen Jennings.

Tatu Industrial City has purchased an extra 2,500 acres from Belgian plantations firm Socfinaf for the expansion of its multi-billion shilling mixed-use development in Kiambu County.

Stephen Jennings, chief executive at Rendeavour Group that owns Tatu, said the expansion follows increased interest in industrial, commercial and residential plots from local and foreign investors of the initial 2,500-acre plot.

“Ours is a 25-year view of what Kenya’s economy will be since all fundamentals as indicated by the World Bank, among other market surveys, show the economy has defied all odds to grow at 6.5 per cent — the fastest rate in the world that grants investors the best possible returns,” he said.

“It jumped 40 places on Ease of Doing Business Index, which creates a positive long-term view for us. We buy land, develop it to add value and create a lifestyle experience that solves traffic, water, energy and environmental challenges associated with cities.”

Mr Jennings, who was accompanied by Rendeavour country head Nick Langford, said establishment of light industries had also helped create demand for other related facilities such as retail centres, offices and residential houses for upper, middle and low income groups.

Mr Langford said Rendeavour had found a strategic partner who would develop a 20,000 capacity modern stadium while another had agreed to put up a 180-room three star hotel.

On Kijani Ridge residential development, the firm said 217 parcels of the buy-build quarter-acre plots are currently under development with 84 plots still available.

Rendeavour has also agreed to take up land for development of Tatu Waters, a 2,700 unit residential development comprising condominiums and townhouses, with social amenities such as eco-parks, schools and hospitals incorporated.

Mr Jennings announced that a Mombasa-based lifestyle developer had purchased 30 acres to put up 1,400 units for middle income earners at Sh5 million each. Another developer has purchased land for building of Sh2 million to Sh3 million houses for low-income earners.

Tatu City, he said, had also hived off a 200-acre portion for development of apartments targeting upper-middle income earners that will retail for Sh9 million.

Of the reserved 459-acre industrial plot, 280 acres has been sold off with 30 acres currently booked and agreements signed with various light industry companies. Another 30 companies are still negotiating with the firm.

Companies on site include Bidco Africa Group, which is building a soft drinks bottling plant, Dormans Coffee that is putting up a roasting-cum packaging plant and their Africa headquarters, Maxam distributors, Chandaria Industries, Kim Fay and animal drugs-maker Coopers (K) Ltd.

Nova Academies recently opened a campus in Tatu City and admitted 128 girls to the secondary section while the primary division is set for completion by next January.

 

-www.businessdailyafrica.com

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