A group of three independent developers are on a mission to invest heavily in Westlands’ Riverside area over the next two years. One of the developers, has proposed to construct two 12-floored blocks of residential development made up of 127 apartments in total. The development will also include 156 parking bays and other supporting facilities.
The development will be located on a 0.3338 ha plot of land along Riverside Gardens off Riverside Drive in Westlands. The development will add to the area’s stock of increasingly prime edifices in one of the country’s most expensive locations for buying land
Already, the area hosts high-end apartments such as ongoing construction of the Rumaisa Apartments, Krishna Pointe Apartments, Embassy of Chile and Allianz Plaza. The project is estimated to require KSh. 1.1 billion in costs to complete.
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According to the regulatory filings at NEMA, another proponent, has proposed to construct one 126 residential units on a plot bordering the previous one, located along Riverside Gardens off Riverside Drive.
The development is to be established on a piece of land measuring 0.3318 Ha. The development will also include 162 parking bays and other auxiliary facilities. The proponents estimate the project will cost KSh. 1.075 billion over the construction period of two years.
The third investor, also plans to put down a KSh. 1.3 billion investment intended to put up commercial premises. The proposed project entails the construction of two blocks of twelve floors comprising retail and office spaces with a total of 15,227 m2 retail and office spaces.
The three proposed projects which will bring the full investment amount to about KSh. 3.5 billion on the 1 hectare piece of land, when combined. Apart from the KSh. 3.5 billion in development value, the properties have the potential to raise the value of property in surrounding areas significantly.
It is not clear whether the developers were acting collectively or at arm’s length while planing, but the synergy in the investments is undeniable.
