, NARO MORU, Kenya, Dec 1 6 – Investment groups are now increasingly turning to up-coming property development projects, according to experts in the market.
The investments enticing such groups comprising of up to 10 individuals, include upcountry developments.
Speaking in Naro Moru over the weekend during a media visit to the up-coming Mt Kenya Holiday Homes development, Ark Consultants Director Reginald Okumu disclosed that property developers are now noticing an upsurge in joint bids by investment groups.
Such investment groups, Okumu explained, are joining hands to invest in such projects for the main reason of generating income after the projects’ maturity.
Investment groups, Okumu disclosed, are some of the early sign-ups who have picked up properties at the upcoming Sh5 billion Mt. Kenya Holiday Homes development. The project is a fully fledged Golf Resort at the foot of Mt. Kenya (www.mtkenyaholidayhomes.com).
He added: “Given the amount of money required to invest in such projects, friends, colleagues and even chama members are joining hands to pool resources which is a positive new phenomena.”
At Naro Moru, the first phase of the project development involving the construction of a nine-hole golf course is already 70 percent complete.
Speaking at the project site, prominent local golf course architect Paresh Jai confirmed that the project is running according to schedule with both the greens and fairways development almost complete. The course is set to be opened by June 2013.
The project, sponsored by a consortium of local professionals, is a first of its kind development anchored on a social, economic and environmental conservation and transformation of the wider Mt Kenya region.
The project, Okumu disclosed, will be undertaken through a unique build and transfer model to guarantee project investors maximum returns accruing from joint property development economies of scale.
The project development team that is out to extend a shot in the arm for the bright Mt Kenya Tourism Circuit includes: U Design Architects, Ark Consultants, Northwind Quantity Surveyors, Total Golf Solutionz, Webston Consulting Engineers, Mahida & Maina Company Advocates, Interconsult Engineers and Capital Edge Solutions.
As the first phase of the project gets underway, Ark Consultants’ Director, Reginald Okumu, will lead the project team supported by U Design Architects Mutahi Wariithi and renowned golf course designer Paresh Jai.
Jai, of Total golf Solutionz, will be stepping out to nurture the Mt. Kenya Holiday Homes course fresh from his recent success at Vet Lab Golf Club. At Vet Lab he designed and constructed the second nine-hole course that has transformed the club to its current top flight golf standing in the East African region alongside others like Vipingo Ridge and Muthaiga Golf Club.
Mt Kenya Holiday Homes will incorporate innovative features such as a serviced helipad, clubhouse, nine-hole lush green golf course and a solar-powered perimeter electric fence and street lighting network across cabro-paved roads.
During the tour of the project site, just 10 kilometres from Naro Moru town, Okumu confirmed that Mt Kenya Holiday Homes will ultimately feature 95 holiday homes each set on fully serviced ½ acre plots. The holiday homes are currently being offered for sale to local and international investors. This small number will help ensure maintenance of world class standards and high rental income for the home owners.