Wealthy developers get nod to build Sh12bn city homes

Two wealthy developers have won Nairobi County’s approval for their multi-billion-shilling projects in the city, setting the stage for ground-breaking of the much delayed developments.

India’s Shapoorji Real Estate and UK equity investor Actis have been cleared to set up a Sh6.5 billion estate on Thika Road, while Czech-based billionaire Jonathan Jackson has received the go-ahead to build a 44-floor residential tower in Upper Hill.

“We finally got our approval from the county authorities (on February 7). It has been a long wait,” Mi Vida CEO Chris Coulson said, pledging to complete the project on schedule.

The long-overdue approvals came shortly after the county moved to speed up clearance of construction permits that have been pending since June last year when Governor Mike Sonko disbanded the committee tasked with authorising projects.

In a recent public notice, Nairobi County Lands and Urban Planning Executive Charles Kerich said his team had scheduled weekly meetings on Wednesdays to expedite review and approval of low-risk development applications.

Following the approval, construction of the first 208 units at the 624-unit Mi Vida Homes is now set to start, with Esteel Construction expected to complete works in 24 months.

Mi Vida, which comprises three 13-floor buildings, has remained on paper since July last year when the two partners established a Sh12 billion fund to undertake their residential housing investments in Nairobi. 

READ: Indian firm to build Sh6.5bn Mi Vida Homes in Nairobi

On the other hand, the approval of 88 Nairobi Condominium – Mr Jackon’s dream city project – has set the stage for the launch of the Sh5.2 billion tower that is set to become one of the tallest homes in the region.

“It has been a challenging time for construction companies meeting the Nairobi County Government’s technical planning committee to seek approvals for multibillion-shilling projects,” Mr Jackson said.

According to the developer, Chinese builder, ZJCC Engineering and Construction Company is expected to complete the project within 36 months.

88 Nairobi Condominium, which is funded through equity, debt and sales of spaces, is plugged as Kenya’s first condo, alongside the upcoming Hilton Tower in Upper Hill.  

A condominium is one of a cluster of houses where the owners possess their unit space, and all the residences share ownership of common use areas such as elevators, roof, stairs, etc.

The main difference between condominiums and regular apartments is that there is no individual ownership of land. All land in a condo is jointly owned by the homeowners.

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