The brains behind Sh42m Kilifi Mandharini luxury homes

By LILLIAN KIARIE

NAIROBI, KENYA: At 46, Mr Ashton Towler is confident he has found his passion. He has the good fortune of knowing where he wants to be and what he needs to do to get there.

Within five minutes of meeting him, it is impossible not to notice the focus he puts into his tasks. He is also a straight-talking man who says just enough to get his message across.

Perhaps this is what has helped him develop the clarity of vision he needed to make a mark in Kenya’s growing real estate sector. By the time he made his first investment, he knew he would specialise in luxury homes, and was sure they would be snapped up.

Holiday homes

Mr Towler is co-founder and executive director at Hello Properties, which is behind a Sh4.5 billion holiday homes development in Kilifi dubbed Mandharini.

“Mandharini is a Swahili word that describes a place with a beautiful view. Our development will have 150 luxury homes with spectacular views of the David Jones Golf Course and Kilifi Creek, which is a sheltered Indian Ocean lagoon. We are building two, three and four-bedroom luxury homes that will have an abundance of space, light and natural beauty,” he says.

Each villa on the 150-acre development will be en-suite, and have a private swimming pool and ample yard space. A three-bedroom unit will cost about Sh42.5 million.

The Mandharini Village (also within the property) will provide 180o views of the sheltered Kilifi Lagoon and come with a swimming pool, restaurants, shops, bars, gym and spa.

So how did he get to a point in his career where his investments are in the billions of shillings?

CAREER CHOICE

“I actually explored three different careers before I realised what I wanted to pursue,” he says. Towler was born and brought up in the UK. He got his first job at 18 at a fast-food restaurant. He then went on to study computer programming at the University of Manchester and later qualified as a chartered accountant with Arthur Andersen in London.

His interest in Kenya began in 1999 when he moved to the country to take up a job with CDC Group (now Actis Capital) that involved managing the firm’s investment portfolio in East and West Africa.

In 2004, he left formal employment.

“I sold my house in the UK at a competitive price and used the money I got from it to relocate to Kenya. I started by living in Westlands, and after noticing the gap and potential in real estate, I bought land and began developing one house after another in Karen,” Towler says.

The father of three wanted his properties to respond to the demand for high quality and secure housing.

He consolidated his savings and, together with his business partner, Mr Friso Abbing, started Hello Properties in 2005.

FIRST PROJECT

The firm’s first project, Hardy Manor in Karen — a secure development of nine houses on 10 acres — sold out before completion in 2008.

“I am passionate about real estate, so I wanted to construct homes that were demand-driven and offered the market what it wanted,” he says.

For the second project, the firm bought property in Watamu, Kilifi County, and constructed the Blue Bay Cove luxury holiday homes, which were completed in 2011.

Now, they are focused on Mandharini, which will be launched officially tomorrow. The first phase of the development is already sold out, while the other phases are under construction.

“Before constructing the homes, we did proper research and found out that the buyer wants a holiday home that will offer him a spectacular view and space; a luxurious place that elevates his lifestyle and is a good investment opportunity,” says Towler.

Mandharini’s funding comes from a mix of private and institutional investors, including the Safaricom Staff Pension Scheme — which owns 28 per cent equity, the Kenya Tourist Development Corporation and I&M Bank — which financed the first phase of the project.

Towler wanted Mandharini to offer the best, so he consulted top lifestyle and leisure architects from WATG in London who meticulously planned every detail needed to create the perfect luxury coastal retreat.

For his efforts, the development won the “Best Development, Africa” award at the prestigious International Property Awards in Dubai in 2011 and 2012.

Buyers will not need to concern themselves with management of their villas as this will be handled by an external hotel operator.

And how long before they recoup their investment?

“The average rental income on a three-bedroom villa is estimated at Sh4.6 million a year. Based on gross rentals, a buyer will be able to recoup the investment in six years and four months,” Towler says.

He adds that the project has created employment opportunities for 350 residents of Kilifi.

lkiarie@standardmedia.co.ke