Njonjo in Sh128 billion Naivasha project

A consortium of wealthy businessmen that includes former Attorney General Charles Njonjo is building a golf resort in Naivasha. This is expected to cement the town’s position as a key luxury property destination.

The investors will put up the Aberdare Hills Golf Resort on 1,650 acres under the banner of Panda Development Company. Njonjo is listed as chairman of the board of directors and Dr Pritam Singh Panesar as managing director. Haggai Tambo is technical director, while M. S. Rajan and Igal Elfezouaty complete the list of five directors.

It is estimated the project will take five to seven years to complete, gobbling up about Sh128 billion in project cost. “We shall use $1.5 billion (Sh128 billion) for this project, and we plan to plant a million trees inside and outside the resort,” Panesar said.

The project’s plan was unveiled in 2011 and construction of an 18-hole golf course is already in full gear set for completion in March 2013 in preparation for the 2013 World Golf Championships.

Luxury residential houses will occupy 25 per cent of the total site, with the golf course, an hotel, club-house and infrastructure will share the remaining space. House types will include three-bedroom town-houses, and three- to five-bedroom villas that will sit on different space sizes.

“The resort will also have a sports academy, a village market, cottages and a commercial sector that will include offices and banks,” said Panesar.

Naivasha Tourism Group chairman Mark Kariuki said the development will increase tourist numbers to the town. “This is a unique project and it will open up Naivasha to the outside world and offer openings in different sectors,” he said.

The developers have however declined to name prices for the serviced plots on sale at the golf resort, opting to only disclose to interested buyers on application.

“In the 21st century world of brand extension, inbuilt obsolescence and mass market dilution, we believe that the concept of true luxury needs to be reinvigorated,” the project’s website says.

“True luxury is not affordable, democratic, mass market, universal, about instant gratification, all about the brand, and mass produced,” it states. The development comes hot in the heels of another one dubbed Longonot Gate, sitting on 2,400 acres at the foot of Mt Longonot.

Serviced half-acre plots are on sale at Sh4 million, targeted at second home builders and holiday homes buyers. It will gobble up about Sh85 billion in investments by time of completion.

Luxury property dealers are hinging their sales pitch on tourist features in the heart of the Great Rift Valley that include Mt Longonot, lakes Naivasha and Elementaita, Aberdare Ranges, and Hells Gate and Mt Longonot national parks. Home owners will be targeting capital appreciation and short-stay incomes when they are not occupying the luxury properties.

The Star



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