Lordship Africa, a leading real estate development and investment company, has completed a state of the art sales office fully furnished apartment to show the high standard to which the firm will develop its latest project 88 Nairobi, to be shortly breaking ground on what will be the tallest private residential building in Sub-Saharan Africa.
The property, dubbed 88 Nairobi Condominium and located in Nairobi’s upscale Upper Hill District, will feature a 44-floor, high-end, dedicated residential condominiums designed to five-star hotel standards, and aligned with UN Security Standards and European Union safety requirements.
The exquisitely designed luxury development will comprise 288 fully furnished units. The project has both executive and executive plus apartments, consisting of studio, 1-bedroom and 2-bedroom, with flexible leasing arrangements. The project will be the first of its kind in Nairobi, introducing a new lifestyle.
The project includes luxury Penthouses at 40 floors and above, which will have three or four bedrooms.
Speaking during a media briefing to launch the project, Lordship Africa Chairman, Jonathan Jackson said: ‘Kenya is increasingly becoming a hub for investment in Sub-Saharan Africa. A growing number of international organizations have set their offices here in Nairobi with many finding a home in Upper Hill. Lordship Africa is responding to this trend and the resultant demand for quality residential units by putting up this building, the second tallest residential property in Africa. It will showcase pure architectural brilliance and sophistication, making it an ideal target for investors and workers in Upper Hill to live in a quiet residential, fully serviced condominium.
Mr. Jackson disclosed that the investment by Lordship Africa was informed by the results of a recent survey which revealed sustained growth in demand for high-end residential apartments in Upper Hill. This was especially evident among professionals working in the several Finance, Legal, Medical, and Government institutions based there.
He further said that the building will set new standards for residential and commercial developments in Kenya due to its high levels of craftsmanship and adherence to international standards in designing the building.
“Our building design, put together by world-class craftsmanship, is aligned with Sustainable Development Goal number 11 on sustainable urban planning management. As a result, we have incorporated solar and water recycling systems,” he added.
Speaking at the launch, Vision 2030 Director General, Dr. Julius Muia, said that the project is in line with Kenya’s Vision 2030 economic pillars. “Lordship Africa has invested in Kenya and created opportunities for development within the country. On the social pillar front, the construction of 288 units in East Africa’s business hub helps to mitigate the shortage in housing units in Nairobi and reduces the traffic because we anticipate that many occupiers will be able to walk to work in Upper Hill. The technological advancement in the units they offer and the quality of development will bring Kenya closer to towards positioning the city of Nairobi as a globally competitive city in business and tourism,” Dr. Muia explained.
The Chairman of Lordship Africa demonstrated that the apartment will have state of the art smart home technology like Google Home and Amazon’s Alexa.
At more than 45,000 sqft., the development will include a comprehensive set of communal facilities namely: two lush gardens covering 18,000 sqft., restaurants, a deluxe gym and spa, resident bars, meeting and function rooms or lounges among other luxury amenities. The Turkish designed project is estimated to cost Sh. 5 billion when completed. Lordship Africa has begun the process of tendering for contractors, with construction expected to begin in April and will last for two and a half years.
With regard to pricing, Mr. Jackson stated that for 2-bedroom apartments, the units nearest to the ground will cost the lowest to investors at Sh. 28.9 million with an increment of Sh. 250,000 per floor from the 14th floor up. 1-bedroom apartments are set to cost Sh. 11.5 million while a studio apartment will go for Sh. 8.2 million. The prices for the top-most penthouses however have been left unset pending market demand and other factors.
Real estate developments and investments have proved to be among the most sought after asset classes in the Kenyan economy. The sector continues to grow exponentially with industry players and experts predicting bigger growth on the back of post-election stability and ongoing heavy investment in infrastructure. A growing middle class with increasing sizeable income has also fuelled the appetite for residential and commercial property.
