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L-R: Amit Mody - Design Architect (WAVE Design Consultants) for Purple Haze Apartments, Deep Jitendra Nagda - Director and Mavji Lalji Varsani - Director during the International Property Awards ceremony held in London December 2018.

Finance

Sh4.5bn housing project to be unveiled in Kilimani

The development by Purple Haze, a Nairobi-based real estate firm comes at a time the real estate industry has recorded a 2.8 per cent growth in the first quarter of 2019 according to the Kenya Bankers Association (KBA)/FILE

NAIROBI, Kenya, Aug 22 – A Sh4.5 billion housing project is set to be unveiled next month in Nairobi’s Kilimani supplying 216 new housing units comprising at least 12 penthouses into the housing market .

The development by Purple Haze, a Nairobi-based real estate firm comes at a time the real estate industry has recorded a 2.8 per cent growth in the first quarter of 2019 according to the Kenya Bankers Association (KBA).

The real estate market had slowed down in previous review periods the slowest growth in the recent past – 1.6 per cent – rate being recorded in the third quarter of 2014.

Despite fears of a slowdown in the industry, Purple Haze however exuded confident the new development which sits on a 2.5-acre piece of land will provide an opportunity for buyers to acquire homes for a low as 20 per cent deposit with an alternative to a mortgage facility by a local bank that provides up to 105 per cent financing.

Purple Haze Director Mavji Varsani pointed out the units could yield as much as 8 to 11 per cent of their value.

”Each apartment features a self-contained, detached servant quarter, a top of the range European finishing combined with artisanal workmanship which brings out the true design elements in this award-winning project,’’ he said.

“Most developments do not incorporate enough landscaping and greenery; thus we have gone up to 40 per cent on landscaping,” the Director added.

L-R: Amit Mody – Design Architect (WAVE Design Consultants) for Purple Haze Apartments, Deep Jitendra Nagda – Director and Mavji Lalji Varsani – Director during the International Property Awards ceremony held in London December 2018/COURTESY

Demand on Nairobi’s real estate has in the recent years been constrained due to oversupply of housing units and limited access to credit locking out most would-be buyers.

A quarterly review released by the Central Bank of Kenya in December last year for insistence showed a spike in non-performing loans in the second quarter of 2018 leading to asset seizures.

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