Residential Projects
NSSF’s Sh35m Milimani apartments sold-out in 14 days
114 applications were received for the 104 apartments that were being sold off-the-plan.
An upturn in confidence in the Kenyan real estate sector has resulted in a multi-billion development of houses in Nairobi being snapped up barely two weeks after it went on sale.
Buyers flocked to Milimani Apartments, a development of 104 apartments along State House Road, with all the properties being sold off-plan.
The development, which consists of three-bedroom apartments, is being developed by the National Social Security Fund (NSSF) at an estimated cost of Sh1.6 billion.
NSSF managing trustee Richard Lang’at said 114 applications were received for the 104 apartments that were being sold off-the-plan for Sh31 million and Sh35 million for those with servant quarters.
“We are not short of cash, but when doing a project you need a guarantee that it will sell,” he said.
The apartments, which are earmarked for completion in May 2015, are being built on NSSF’s 3.5 acre piece of land – located across the road from its Milimani Social Security House.
“We knew that these high end apartments would be attractive to buyers as they offer great location and the scale of that demand is really pleasing,” said an official who requested anonymity.
High returns in the Kenyan real estate market over the past decade have seen the NSSF going big on property development. The provident fund recently developed 1581 apartments in Nyayo Estate in Embakasi and is currently putting up additional 34 floors to the four-storey Hazina Trade Centre, which houses retail chain store Nakumatt Lifestyle in the Nairobi CBD.
The Hazina Trade Centre project is expected to cost Sh6.7 billion and is tipped to displace Times Tower from its position as the tallest building in East and Central Africa.
READ: Construction of Nairobi’s tallest tower begins
In July 2010, NSSF entered into a deal with Sahal Construction to build at least 4,000 two and three bedroom houses in Mavoko (Mombasa Road) at a cost of at least Sh12 billion.
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