M a r k e t N e w s

Sh12.5bn Industrial Park attracts foreign investors

Posted on : Wednesday, 24th August 2016

 Foreign investors dominate are in a dash for warehouses in the Sh12.5 billion Infinity Industrial Park in Nairobi even before construction starts, the project's realtor has revealed.

 
This validates recent real estate sector's data indicating high demand for industrial spaces in major towns, making Infinity one of Kenya's largest international parks. A report by Oxford Business School said occupancy for industrial areas remains very high with a huge demand for warehousing and logistics.
 
The 200-acre Infinity private industrial park is designed to accommodate between 800-1000 small and medium-scale industries.
 
Located off the Eastern Bypass road, near the Kagundo Road junction, the project has attracted investors from the US, India, China, Malaysia,Dubai, Singapore and Europe, its developer-Abacus Property Consultants said. It is 35 per cent sold.
 
“All the BQ (Bill of Quantities) are ready and we are just waiting for ground breaking before construction of facilities begins,” said Infinity Industrial Park managing director Ashok Shah.
 
President Uhuru Kenyatta is expected to preside over the ground breaking on October 14.
 
Preliminary works on the park have began with the boundary walls, power and water connections already in place. Also in place is a police post located within the park.
 
Other upcoming amenities include public transport system, hospital, shopping mall (to include banks), a five star hotel, a wholesale market and 200 units of warehouses.
 
The remaining land has been sub-divided into plots ranging from one to three acres, for sale to investors and industrialists.
 
“An acre is currently going for Sh70 million subject to change with demand. One can pay 100 per cent advance payment or 60 per cent advance for warehouses and the remaining 40 per cent upon completion. You can also pay 10 per cent deposit and 10 per cent every two months for 18 months,” Shah said.
 
The park is expected to employ more than 20,000 people, Abacus Property Consultants director Rajesh Rawal said.
 
The project, which has been endorsed by the Kenya Investment Authority, is expected to boost the country’s target of 15 per cent contribution by the manufacturing sector to the Gross Domestic Product from the current 10 per cent.
 
KenInvest is banking on incentives under the Special Economic Zones to attract fresh foreign direct investments.

Source : www.the-star.co.ke
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