Home ECONOMY Approvals delay stalls Garden City housing project

Approvals delay stalls Garden City housing project

by biasharadigest
Market News

Approvals delay stalls Garden City housing project

Garden City mall
Shoppers at Garden City mall in Nairobi. FILE PHOTO | NMG 

A Sh6.5 billion middle-income residential housing development at Garden City Mall on Thika Road has stalled following Nairobi County Government’s delay to approve its architectural plans.

The 628 units, Mi Vida development, by India-based Shapoorji Pallonji Real Estate (SPRE) and London-based emerging markets private equity firm Actis remains on ice eight months after a Sh12 billion joint venture fund was established to drive their planned Nairobi middle income residential housing investments.

“The contractor is ready to move onto site where we planned to finish the first 208 units hosted on a 13 floor complex within 24 months,” said Mi Vida project chief executive Chris Coulson.

Speaking during a media tour at the property’s show houses, Mr Coulson said the project would have employed over 1,000 skilled and unskilled workers with building material suppliers enjoying brisk business.

“The project would generate good business for transporters, revenue for government and also facilitate technology transfer from the visiting 150 year old SPRE team,” he said.

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A similar scenario has disrupted the planned Sh5 billion 44 floor high-end residential development known as 88 Nairobi Condominium apartments in Upperhill where rent was to start at Sh480,000 a month. The project by Czech-based Kenyan Jonathan Jackson was launched on February 7, 2019 but is still awaiting renewal of its two year permit from Nairobi county government would have employed 500 fulltime skilled and unskilled workers for 24 months.

Mr Coulson said they have since sold out 90 units but were apprehensive that delayed permit issuance could adversely affect their planned construction schedule as per agreed contract terms with the unit buyers.

While the Mi Vida one bedroomed houses started selling off-plan at Sh6.9 million, they had risen to Sh9 million due to increased buyer demand, while the two bedroomed units are selling at between Sh11 million to Sh13 million and the three bedroomed units starting at Sh15 million.

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