Kamlesh Pattni splashes billions on Nairobi real estate

Businessman Kamlesh Pattni. PHOTO/NATION
Businessman Kamlesh Pattni. PHOTO/NATION
Businessman Kamlesh Pattni, who was accused of masterminding the Goldenberg scandal and later acquitted in 2013, has been pouring money into the Nairobi property market since the beginning of the year.

According to the latest issue of the Indian Ocean Newsletter, Mr Pattni has been investing heavily in the city’s land and property sector since January, mainly through his investment company Westmont Holdings.

“His attention is concentrated on the Westlands constituency, where he ran unsuccessfully for a parliamentary seat in the 2013 election,” the ION reported.

Mr Pattni has acquired plots of land in Parklands, Muthangari, Kileleshwa and Loresho neighbourhoods, where he is planning to build luxury apartments and office blocks to house headquarters of major corporations.

In 2010, Mr Pattni announced plans to build a Sh4 billion hotel at Nairobi’s Museum Hill but the project failed to materialise due to land lease agreement issues.

Property market watchers believe that Mr Pattni’s latest buying spree is informed by the rising number of deep pocketed foreigners moving to Kenya in pursuit of oil money and a booming regional economy.

Last week, a country house in Karen, an affluent suburb of Nairobi, went on sale for Sh565 million – earning the title of Kenya’s most expensive home.

READ: The Sh565m house: Nairobi’s priciest home up for sale

If the sale of the 6-bedroom Hogmead residence goes through, it will reaffirm Nairobi’s position as a prime real estate destination in the region.