Nairobi, 25th May 2016. Superior Homes Kenya Ltd, the developer of Greenpark estate in Athi River, has announced plans to venture into the tourism industry as it expands its footprint in the Kenyan real estate market.
Superior Homes Managing Director Ian Henderson says plans are underway to launch the construction of Elementaita Mountain Lodge, a 50-room luxury hotel, in June 2016 in a move that will see the company tap into the country’s second largest source of foreign exchange revenue – tourism.
“The lodge is targeted at the domestic market which is consistent considering the fluctuation in the tourism market. Our idea is to create a getaway for Kenyans for the weekend,” said Mr. Henderson.
Speaking about the company’s investment and future plans during a media briefing at Greenpark estate in Athi River, Henderson said the Greenpark project – a 163-acre housing development launched in 2004 – has since completed 450 houses in five clusters.
“This is about 70 percent of the venture and we anticipate the remaining 200 units to be complete by 2020 while a modern all-inclusive shopping complex is set to be completed by 2017,” said Henderson.
“The future of the property market looks bright since it is aspirational and the gap for sufficient housing is yet to be fulfilled,” Henderson noted, refuting consistent assertions that the Kenyan property market could soon experience a bubble burst.
“Kenya’s property market is steady and on an upward trend. The industry is driven by Kenya’s growing middle class with demand for value and developers must keep in mind the changing needs of customers and stay ahead of the game,” said Henderson, while admitting an increasing need to develop affordable housing for the emerging middle class that would range between Ksh 6m to 10m.
“Kenya is slightly up and down, the market regulates itself fairly well. Sometimes it is difficult to sell because of varied reasons like fluctuating interest rates but the market is fairly steady. I don’t think there is a bubble.”
Superior Homes Kenya is credited for pioneering innovative housing products that assist customers purchase homes conveniently. In September 2015 the company launched the ‘BOLT’ (Buy over Long Term).
This model was conceptualized to give prospective buyers an opportunity to purchase a house in Greenpark over one to three years on pre-agreed fixed monthly deposits.
The BOLT concept is unique as customers are able to buy houses at fixed prices over the agreed period without having to take up bank mortgages. BOLT is good news especially for people in business as installment plans can be tailored to suit the cash flow of the buyer.
“The uptake of the BOLT product has been very positive in the market. We currently have 9 buyers under this program for the purchase of various house models in Greepark Estate,” Mr. Henderson said.