Investor storms Nairobi's Kilimani with multimillion-shilling housing project

Artistic impression of the multi-million shilling Tsavorite Garden. [Courtesy]

An investor has launched a real estate development that will be built in the vibrant Kilimani area over the next 3 years.

To be managed by Anno Real Estate, the development dubbed 'Tsavorite Gardens' will comprise over 300 homes.

The development featuring twin towers each 17 floors high with sky gardens at the top, will have one, two and three 3 bed-roomed units with a starting price of Sh6.8 million.

Anno's Sales and Marketing Director Mr James Mbithi said the development will be their flagship investment over the next 3 years and will provide employment to over 500 people directly and over 2500 indirectly.

With a rapidly growing population and more so, an increasing middle class, the residential sector has recorded the highest demand with the nationwide housing deficit standing at 200,000 units annually and an accumulated deficit of over 2 million units.

With an annual urban growth rate of 3.9 percent, Kenya faces a serious housing backlog that continues to impact negatively on the health and well-being of low-income households.

According to Mr Mbithi, Kenya's Vision 2030 Third Medium Term Plan (MTP III) 2018-2022 identifies affordable housing as one of the key planks to the realisation of inclusive growth that is capable of supporting the development of a sustainable future.

Specifically, Vision 2030 committed the government to construct at least 150,000 housing units per annum for the entire duration of the plan.

Anno Real Estate officials during the launch of the project on November 2, 2023. [Courtesy]

"We have seen clients who have bought other properties with us being able to lease them out at competitive rent rates enabling them to recoup their money in 7 to 10 years," said Mbithi.

His sentiments were echoed by William Deng, Managing Director Anno Real Estate who said the project is a further step in their commitment to continue creating amazing livable spaces for their clients as homes and assets they can use to generate income.

"We are excited to have the project in the heart of Kilimani. Our track record with the different developments we have created so far makes a strong case for a real estate development company providing good quality housing for all our clients," he said.

According to the World Bank Population Growth Data, Kenya's population currently stands at 54 million and is growing at 2.3%p. a which is 1.3 points higher than the global average of 1.0%p.a.

This has a direct impact on real estate, as the demand for housing especially rentals rise.

Areas with increased demand for rentals in Nairobi include Kilimani, Kileleshwa, Karen, Ngara, Kiambu Road, Ruaka, and Riverside. In the coastal area, demand has increased in Nyali.