Tilisi mega-city project today announced the completion of the infrastructure of its Phase I logistics park and the opening of its Phase II sales, with an initial 47-acre residential development sale.
“We are delighted to announce the completion of infrastructure on the 85-acre Tilisi Logistics Park, which is now 65 per cent sold with buyers commencing their warehouse building on the fully-serviced Tilisi plots within the next few months,” said Kavit Shah, joint CEO of Tilisi Developments Plc, the developer of the Tilisi mega-city.
Over half of Tilisi Logistics Park has been bought by Africa Logistics Properties, which is developing its second logistics park in Nairobi, ALP West, at Tilisi. The site has been furnished with access roads, drainage, water supplies and sewage services, electricity connections, and internet fiber at a cost of KSh. 830m.
The Tilisi co-CEO revealed to the journalists gathered at the press briefing that the serviced logistics parks are currently retailing at about KSh. 33 million an acre.
The city’s Phase II will now unlock over 120 acres consisting of residential, commercial, educational, medical and educational land in the master-planned city with state-of-the-art infrastructure.
In the new phase, Tilisi has already closed a deal with Chigwell Holdings Ltd, the developers of the Phenom Estate on Langata Road and Sidai Village in Athi River. The company has bought 47 acres in Tilisi that it will develop with middle-income homes (3,4 and 5-bedroomed units), including townhouses and villas. The houses are expected to be priced at about KSh. 60m upon completion.
“Developing on serviced land with complete infrastructure in place will deliver substantial savings enabling us to continue to offer superior housing at competitive pricing. In addition, with the expansion of Waiyaki Way to a six-lane highway, we see Tilisi as a strategic location for our future developments,” said Palkesh Shah of Chigwell Developments Ltd.
This is supported by research by Smart Growth America, which shows that mega cities save developers as much as 38 percent in upfront infrastructure costs. The project will become one of Kenya’s master planned mega-cities, joining the ranks of Tatu, Konza and Two Rivers.
“Phase II opens a much wider array of selling activity for the city,” said Ranee Nanji, Co-CEO of Tilisi Developments Plc. “This next round of infrastructure is very exciting for us, and will involve infrastructure to our retail, educational, medical and recreational parcels. With two large anchor customers for logistics and residentials signed, we are looking for more quality developers to partner with for this next phase.’
The 400-acre Tilisi City, which commenced construction in 2017, is one of five mega-cities in development on the outskirts of Kenya’s main cities and part of a rising class of real estate developments across Africa.
There are currently more than ten master-planned cities underway across the continent, including Vision City in Rwanda, Jigna in Nigeria, Waterfall City in South Africa, Roma Park in Zambia, Nakigalala in Uganda, Appolonia in Ghana, Moka Smart City in Mauritius, King City in Ghana, and Uniciti Smart City in Mauritius among others.
“The opportunity to create sophisticated and structured cities that achieve lower costs for developers and deliver beautiful and multifaceted environments for residents is now moving us into the decade of the African mega-city,” said Ranee.