The New Kisii City seeks to address the region's housing shortage.
Investors are rolling out dozens of projects targeting middle income and lower income earners.
Companies are investing heavily in the provision of prefab houses to low and middle income Kenyans.
Investors are trying to recoup some return on investments as they seek to meet their financial obligations.
The resort comprises apartments and beach homes priced at between Sh9.95 million and Sh72 million.
Greenpark Estate 5 will have a total of 148 units, 24 of which have already been booked.
Riverine Estate, which sits on 30 acres of land, comprises 211 maisonettes and apartments.
High rents have scared away potential tenants who now opt for older flats that are cheaper.
Free pay TV and Wifi are now being offered by landlords in attempts to attract new tenants.
The project will consist of 5,000 houses, office blocks, schools, eateries and a police station.