Developer says Everest Park phase II 70pc sold

Market News

Tuesday, November 20, 2018 19:34

By BONFACE OTIENO

Everest Park says it has sold 70 percent of its 200 Athi River-based mixed development featuring one to three-bedroom units for Sh500 million.

The houses, commonly referred to as Everest Park Apartment phase II were built in a joint venture between Everest Park Ltd with Shelter Afrique as the equity financier at Sh755 million.

“We have sold up to 70 per cent of our mixed-use development in Athi-River.,” said Everest Park managing director James Muriuki.

The mixed-use complex located on the busy Mombasa-Nairobi highway consists of 60 one-bedroom units, 100 two-bedroom units, 40 three-bedroom units.

It also boasts of a playground for children, parking space facilities and a commercial centre still under construction.

Work started in August 2015 and ended in February 2018 on 3-acres piece of land.

Mr Muriuki, however, said there has been a general slowdown in the market since the National Building Inspectorate (NBI) declared some houses on the first phase of the project (Everest Park Apartment phase I unsafe for occupation.

“Some of the houses were declared unfit for occupation by the regulator and we have so far agreed on a repair plan. Were it not for this, by now, we would have sold up to 90 per cent in Phase II,” he said.