The proposed development, which will be set on a 16 acre parcel of land, is hoped to offer cheaper housing due to its huge size that puts economies of scale into play.
“The proposed project will involve the construction of 560 apartments on 14 blocks on a piece of land measuring 16 acres,” the developer says in filings to the environment regulator.
The three bedroom unit has a net area of 104.6 square metres, while the two bedroom apartment has a net area of 81 square metres.
The developer has not revealed the prices of the houses but considering that a middle class focused house goes for between Sh5 million and Sh8 million in Nairobi, the proposed homes are likely to be pocket friendlier.
The project which is inspired by the need to improve residential housing conditions in Nairobi will include amenities such as paved access road, power sub-station, water supply and a community centre.
In the last decade, land prices in Nairobi have risen significantly making apartments more popular than stand alone houses as investors seek to maximise returns on high-priced land.
Besides being cheaper than stand alone houses, apartments are preferential due to the huge array of amenities available. Nearness to neighbours combined with the usual apartment complex safety measures gives the residents an added sense of security.
The rising demand for housing in Nairobi, which is occasioned by rapid urbanisation of the Kenyan population, has provided a ready market for builders – making real estate a top investment choice for wealthy investors.