Chinese firm plans to build the most expensive luxury apartment in Nairobi.
Aviation Industry Corporation of China will construct the most expensive luxury apartments in Nairobi to respond demand for high quality residential and commercial real estate in as there has been recent increase in foreign direct investment (FDI) and the entry of multinationals into various sectors of the East African economy .
Aviation Industry Corporation of China (Avic) has been given the green light to construct four-bedroom luxury apartments that will each cost Sh88 million.
Within the same development, Avic will also construct two- and three-bedroom units each going for Sh27 million and Sh38 million respectively. The total cost of the housing project is Sh4 billion.
The residential development will have a total of 110 apartments following licensing by the National Environment Management Authority (Nema).
“This project is for the construction of a block of apartments with three basement floors and 11 typical upper floors having a total of 110 apartment units, associated amenities and facilities and amenities,” said the licence by Nema.
The residential development, which will be called Avic Park, is expected to be completed within 24 months.
Villa Care, the selling agents, says that Avic is putting up the high-end apartments as a market response to demand for luxury apartments which has been influenced by expatriates of multinationals that are choosing to set up their regional or Africa offices in Nairobi.
“This is the most expensive and largest for the whole market. The developers Avic are known for large projects and high quality finishes,” said Villa Care managing director Daniel Ojijo.
The apartments are intended to beat the records of other luxury apartments in a city that has seen many property developments in the recent years.
“Due to the recent increase in foreign direct investment (FDI) and the entry of multinationals into various sectors of the East African economy, there is a clear need for both high quality residential and commercial real estate in the region’s capital, Nairobi,” said Villa Care in a statement.
Swimming pools, basement parking and gyms are other facilities that will be included at Avic Park.
For State-owned Avic, the Kileleshwa-based Sh4 billion project will be the smallest publicly announced investment in its property portfolio.
In July, Avic announced that it was investing Sh20 billion to construct a 43-storey office block, apartment blocks, and a five-star hotel on a 7.5 acre plot in Westlands, Nairobi.