The groundbreaking comes shortly after the property developer sold out the first four phases of the project that comprises bungalows, villas and semi-detached houses.
Greenpark Estate 5 will have a total of 148 units, 24 of which have already been booked according to the company’s managing director Ian Henderson.
“Inquiries are steady but overall real estate market in Nairobi at the moment has slowed down since last year. We have inquiries mainly from Nairobi and a number of sales from diaspora,” said Henderson during a tour of the site.
Interestingly, a four-bedroom bungalow that was selling for Sh3.9 million in 2007 is now going for Sh18.4 million.
A super-bungalow, which is more spacious than the ordinary bungalow, is selling for Sh22.6 million up from Sh13 million in 2010.
A four-bedroom villa is going for Sh34.9 million, while a semi-detached home is selling for Sh13.6 million up from Sh6.9 million in 2008.
“The prices, quality of the product, construction and finishing is well above average. We also offer bigger plot sizes than anyone is offering,” Mr Henderson said, adding that Greenpark Estate’s houses are competitive compared to those in Nairobi.
Machakos County is increasingly becoming a hotbed of real estate investments as developers rush to meet the rising demand for housing away in Nairobi’s neighbouring towns.
Safaricom Staff Pension Scheme is currently putting up a Sh3.4 billion mixed-use development in the county as it seeks better yields for its members.
The project, which was launched in June, comprises a shopping mall and a residential estate that will be located on Mombasa Road just a kilometre past the Athi River interchange.