Residential Projects
Nairobi developer to set up Sh30bn estate in Athi River
Superior Homes plans to build 3,000 houses targeting the middle class citizens.
Nairobi-based property developer Superior Homes Kenya has unveiled plans to build a Sh30 billion estate in Athi River in a move that further cements Machakos County as a hotbed for real estate investments.
The company has disclosed its intentions to build 3,000 homes targeting the fast expanding middle class population on 337 acres of land that it is set to acquire from the East Africa Portland Cement Company (EAPCC).
The yet-to-be-named gated community will be built next to Superior Homes Kenya’s Greenpark estate at Stoney Athi, which comprises over 450 completed homes, a shopping complex, a school, green zones, as well as sports and recreational facilities.
“We want to create a development with all the infrastructure and amenities required for a truly cosmopolitan neighbourhood within easy travelling distance to Nairobi,” the company’s chief executive Ian Henderson said on Tuesday.
Mr Henderson made the remarks just a day after the Court of Appeal upheld a High Court ruling that allowed the company to acquire EAPCC’s Sh750 million contested land. The High Court had ordered the cement manufacture to sell the land to the real estate developer as per a sale agreement signed in 2005.
“The new land will allow us to expand our vision of providing a truly world class master-planned and sustainable development,” Mr Henderson said.
Superior Homes Kenya is currently undertaking phase five of its Greenpark estate, which will comprise a total of 148 high calibre homes.
The company did not disclose how its new project will be funded.
Machakos is increasingly becoming a popular investment destination among wealthy developers seeking to meet the rising demand for high quality accommodation away from the now congested Nairobi County.
Some of the big names that have invested in the county include pan Africa housing financier Shelter Afrique and Safaricom Staff Pension Scheme, which is putting up a Sh3.4 billion mixed-use development in Athi River.
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