Initially expected to be complete by late last year, the high-end Marina English Point project’s completion and occupation has been pushed to the first quarter of 2014.
The delay was associated with logistical and technical difficulties and crowned by increasing cost of materials.
The project, which was initially expected to cost Sh4.8 billion, will now cost Sh5 billion.
The extra cost has been passed on to the buyers of the apartments, which overlook the Mombasa Old Town and directly opposite the historical Fort Jesus. A penthouse, which was going for Sh100 million, is now fetching Sh170 million.
Nevertheless, the Marina English Point project, sitting on four-acre piece of land, has elicited a lot of interest from not just apartment buyers but secondary investors seeking to cash in on its ‘Marina’ concept.
A marina is a dock or basin with supplies for yachts and small boats. This, added with luxurious apartment suites, makes the English Point project unique as no other dock currently in Kenya has such capacity and service.
The devolution of the government has seen an increase in interest by investors in search of second cities — those away from the already crowded and competitive capital — to invest in real estate.
Mombasa and Kisumu have always been a common option, but lately, Naivasha has emerged as another real estate hot spot. The town was named among the best for conference destination in the world and has become an increasingly popular domestic tourist destination.
One major project to watch out for in this area is the upcoming Naivasha Buffalo Mall slated for opening by Christmas this year.
The mall will be the first modern shopping centre built in Naivasha.
Interestingly, the 22,000 square metres of land on which the mall will lie was bought from the Delamare family, the historical family lineage dating back to the pre-colonial period, which owns huge chunks of land in the Naivasha and the larger Rift Valley area.
The first phase of the three-phase project is expected to cost 8 million dollars. The capital will be financed by owners, Buffalo Mall Developments, and Housing Finance. The second and third phases will also include a dedicated farmers market, which will offer a variety of locally produced goods and apartment blocks.
Demand for second homes is gradually gaining ground among the upper-middle class, something developers are ready to cash in on. This has led to the rise of golf estates is towns like Kiambu, Thika and Naivasha. One of the projects to look out for this year is the Thika Greens where homes will go for about Sh10 million.
Phase one of the project is near completion with infrastructure already in place. The clubhouse, which will be open to non-residents as well, is having last touches of inner and outer finishing currently worked on.
The development will include a five and three star hotel, an office park, a shopping mall, community centre, retirement village, schools, a hospital and a police station.
About 70 houses are already under construction in phase one, with 13 families already living there.
Phase two, where the golf course is located, the infrastructure, which includes sewer lines, water and roads, is 98 per cent complete. Phase three has one home buyer living there with only a quarter of infrastructure work remaining.
The Nula Apartments project is the first major multi-million development to bank its success on the successful completion of the Southern by-pass. Its completion will coincide with the completion of the much-awaited major road that will redefine traffic flow in Nairobi.
The Sh1 billion, 22-acre real estate project located directly opposite Uhuru Gardens in Lang’ata, Nairobi, will comprise more than 500 apartment units and a commercial centre.
Interestingly, the developer — Five Star Agencies — had initially planned to have 1,000 units but had a second thought and decided to establish a commercial centre. The commercial real estate will occupy half of the total land the development is expected to sit on and will include a mall, nursery school and office space.