88-Nairobi developer Lordship Africa has refunded buyer deposits worth Ksh 40 million to 12 pre-sale clients of its city condominium project.
Lordship Africa Chairman Jonathan Jackson said the refunds were prompted by economic hardships faced by clients as a result of Covid-19 as well as disruption of construction activities following the introduction of safety protocols.
“We refunded the deposits in full ranging from KSh 5 million to KSh 12 million. Pre-Covid sales stood at 50 apartments that were sold at between Sh15 million for one-bedroom apartments to Sh25 million for two-bedroom apartments,” said Jackson.
The 88-Nairobi boss said the firm has since resumed sales and is now at 60 units.
“This will continue until we reach 150 units where the rest will be sold at premium prices upon completion within the next 36 months,” he added.
The 88-Nairobi project contractor ZJCC who had halted construction for nine months have already resumed operations according to Jonathan Jackson.
Launched in February 2018, the project was delayed for approval due to technical difficulties surrounding building approvals by city planning authorities. However, in March 2020, the project was finally granted approval.
The 44-storey residential tower is estimated to cost Ksh. 5.2 billion and will be the tallest residential skyscraper in East and Central Africa on completion.
Kenya’s property markets have come under the cumulative effect of pre-Covid economic crevices and post-Covid stress which have hit demand especially in middle to high-end properties.