Czech-based Kenyan billionaire Jonathan Jackson’s ‘homecoming’ skyscraper investment in Nairobi’s Upper Hill area rising 44 floors has stalled due to delayed City Hall approvals.
The Sh5.2 billion proposed investment by his Lordship Africa Group would have employed 500 skilled and unskilled workers with hundreds of transporters engaged to ferry construction material to the site.
Mr Jackson said the delay had adversely affected plans to fast-track completion of Africa’s highest residential property, 88 Nairobi Condominium.
“I was born here 58 years ago, schooled at Hills School, Eldoret and at St Andrews Turi before flying to UK for my building construction degree. After working in Europe for 25 years, I chose Nairobi for my homecoming investment but the delays have frustrated my plans,” he said.
Mr Jackson first bought a 64-acre firm in Karen on which he built a gated community with 60 residential plots measuring an acre each, which he sold at between Sh60 million to Sh100 million each.
“Thirty-five plots have since been sold to diaspora Kenyans as well as affluent locals who must commit to using only a quarter on the land to put up a house rising not more than one storey high,” he said.
“I received 50 commitments for housing units at the luxurious 88 Nairobi Condominium but the delays have hurt my ability to fulfil the promise of finishing construction by mid-2020. I have the funds to build but the delays hurt Nairobi’s suitability as an investment destination,” he said.
The 288 luxurious units will comprise one- and two-bedroom fully furnished executive units, two-bedroom VIP units, four-bedroom duplexes and penthouse apartments with prices starting at Sh11 million to Sh30 million off-plan.