Connect with us

Business News

Everest Park III to use own cash, not Shelter Afrique’s



Market News

Workers at a construction site. FILE PHOTO | NMG 

Real-estate developer Everest Park is set to begin phase III of the Athi-River mixed development featuring one- to three-bedroom units at a cost of Sh600 million, this time without Shelter Afrique funding.

The phase that will see an additional 300 housing units and a social centre put up starting next year will be financed through internal resources and bank borrowings.

It will comprise 75 three-bedroom, 105 two-bedroom units and 120 one-bedroom units to be priced at between Sh2.95 million to Sh7.5 million.

The second phase of the project, the controversial Everest apartment phase II, which was constructed at a cost of Sh755 million consisted of 200 housing units.

“We have plans to do between one to three-bedroom units on a three-acre piece of land along the Mombasa-Nairobi highway starting 2019. It will not be financed by Shelter Afrique unlike before because our joint venture with them will be coming to an end once sales on phase II of project is done,” Everest Park managing director James Muriuki said.

The mixed-use complex located on the busy Mombasa-Nairobi highway will also feature a playground for children and parking space facilities.

Other features include a recreational centre, high speed lifts and fresh drinking water for tenants.

Works on the project expected to start early next year will be completed in 2022.

“It is primarily targeted at the middle class earners looking for serene locations to stay within the city. We will employ modern techniques of construction to cut down on cost,” said Mr Muriuki.