Investors launch plan to build tallest apartment building in sub-Saharan Africa.
By JAMES KAHONGEHReal estate firm Lordship Africa on Tuesday unveiled an ambitious Sh5 billion residential apartment project in Nairobi's Upper Hill.The 88 Nairobi Condominium will be the tallest residential apartment in Sub-Saharan Africa and will feature 44 floors on a two-acre piece of land along Fourth Ngong Avenue.
Jonathan Jackson, founder of Lordship Africa and Lordship Europe, said that the project was motivated by the need to house executives who work in Upper Hill."Upper Hill currently doesn't have executive residential apartments despite the near 40,000 VIPs who work in this area.
The building will enable them to drive short distances to work, or even walk," said Jackson.The building is designed to five-star hotel standards, and aligned with World Bank and European Union safety requirements.
The building is expected to have a 12,000 sq feet of rental space and 16,000 sq feet of lush gardens space.Among the amenities to be provided include a restaurant, a convenience store, gym and spa facilities and a heated indoor swimming pool and a 435 parking space.
The executive units will be fully-furnished.Security provided around and within the building will be of UN standards, the founder said.
The units are subdivided into three categories executive, executive plus and penthouses.One bedroom and two bedroom units are expected to sell at Sh11 million and S5 million, respectively.
The project will be financed through equity, debts and sales of spaces.Lordship Africa has conducted other major projects in Eastern Europe in Czechoslovakia and in Prague, housing among other tenants the European Union and the World Bank.
Lordship Africa is mainly targeting emerging markets in its real estate endeavours.Design of the structure is already ongoing while construction is expected to kick off in April.
The project is expected to be complete by mid-2020.
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|Publication:||Daily Nation, Kenya (Nairobi, Kenya)|
|Date:||Feb 6, 2018|
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