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Upcountry property development on the rise

17 December 2012, 11:41

The local property market appears to be taking a unique turn with investment groups fast beginning to sign up for up-coming property development projects, a sector expert has revealed.
Many investment groups comprising of up to ten individuals are now joining forces to grab opportunities, particularly those featuring upcountry developments.
Speaking in Naro Moru over the weekend, during a media visit to the up-coming Mt. Kenya Holiday Homes development, Ark Consultants Director, Reginald Okumu disclosed that property developers are now noticing an upsurge in joint bids by investment groups.
Such investment groups, Okumu explained are joining hands to invest in such projects for the main reason of generating income after the projects’ maturity.
Investment groups, Okumu disclosed, are some of the early bird sign-ups who have picked up properties at the upcoming KES 5 Billion Mt. Kenya Holiday Homes development.
He added: “Given the amount of money required to invest in such projects, friends, colleagues and even chama members are joining hands to pool resources which is a positive new phenomena.”
At Naro Moru, the first phase of the project development involving the construction of a 9-hole golf course is already 70% complete.
The project, sponsored by a consortium of local professionals, is a first of its kind development anchored on a social, economic and environmental conservation and transformation of the wider Mt. Kenya region.
The project, Okumu disclosed, will be undertaken through a unique build and transfer model to guarantee project investors maximum returns accruing from joint property development economies of scale.
In a trend-setting move, Mt Kenya Holiday Homes will incorporate innovative features such as a serviced helipad, clubhouse, 9-hole lush green golf course and a solar-powered perimeter electric fence and street lighting network across cabro-paved roads.
Coming hot on the heels of the Nanyuki Mall property development currently housing Nakumatt Nanyuki, CFC Stanbic Bank and Safaricom Limited in Nanyuki town, Mt Kenya Holidays Homes will be taking the enviable distinction as the lead multibillion shilling economic development project around Mt. Kenya region in the recent past.
“The vast Mt. Kenya region has in recent years suffered economic stagnation due to lack of investors, but I am glad that a consortium of like-minded, youthful and focused Kenyans is now all set to bring the Mt. Kenya Holiday Homes dream to life,” Okumu explained.

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