Chinese firm launches mega housing project in Kilifi
11 December 2014, 11:20
Nairobi - Chinese real estate developer, Sultan Palace Development Limited, will invest in a mega housing project in the Kenyan coast where the demand for holiday homes is on the rise.
Speaking during the project's launch on Tuesday night, executives said the eco-friendly apartment blocks will occupy a 43 acres beachfront in Kikambala, Kilifi County.
"We are developing modern and environmentally friendly housing units for the Kenyan middle classes. Our choice for the north coast was informed by huge appetite for holiday homes," said the company's general manager Liu Tiancai.
The implementation of phase one of the mega housing project, called Sultan Palace Beach Retreat, will be completed in 2016.
Liu told reporters that his company will spend 53 million U.S. dollars to develop the holiday homes along 700 meters of a white sandy beach in the north coast.
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"Our aim is to develop family oriented homes in a serene environment. The homes will be compatible to local cultures and are pocket friendly," Liu said.
The Chinese firm has also engaged Kenyan architectural firms to implement the mega housing project. Liu said his company will source construction materials and labor from Kenya.
The property market in the Kenyan coast has remained resilient despite jitters associated with insecurity. Liu noted that local middle classes and foreigners have invested in holiday homes along the expansive coastline.
"The Kenyan Coast is a world class tourism destination and visitors are looking for exclusive family oriented homes. We ventured in this location where the real estate sector has potential," Liu said.
The Sultan Palace Beach Retreat will comprise homes, a gourmet restaurant, beach bar and a luxury health club. Liu also added that five-star hotels will be developed during the second phase.
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