The family of a former PS Geoffrey Kariithi will next month break ground for a multi-billion real estate investment in Kiambu. The land, which is currently being used as a coffee plantation, is set to be transformed into a modern first class golf real estate with an estimation of sh 15 billion.
The construction is scheduled to break off into three phases in a span of three years, with its initial phase set to kick off this coming September.
Kibuga Kariithi, son of the late PS, said the decision for this move has been in the pipeline since 1974 when the family acquired the land from an Asian trading company. “The plan has been growing over the last 40 years but it picked up in the last two to three years,” Mr Kariithi told the Business Daily in an interview.
The project, which is off Thika Road, will take close to 230 acres part of coffee plantation. A 9-hole golf course will be located on 120 acres of land.
In summary, the project will be equipped with 180 houses consisting of villas, apartments and cabins, which are set to go for sale for between Sh57 million and Sh75 million.
In addition, the project will have a commercial village, petrol stations, a coffee museum and horse stables.
Mr Kariithi added that debt will be used economically as funds for the dams, roads and other infrastructure is already in at hand. “We have enough funding for the entire infrastructure,” he said.
Property dealers say there is a growing market for high-end gated communities located outside Nairobi due to congestion of traditional high-end estates and lack of planning.
Additional reporting by Business Daily