M a r k e t N e w s

Chinese developer to build Sh5bn high-end Kilifi resort

Posted on : Friday, 12th December 2014

Chinese real estate firm Sultan Palace Development plans to construct a Sh5 billion high-end resort in Kikambala, Kilifi, targeting the luxury holiday homes market.

 
Sultan Palace said its investment is driven by a growing demand for beach resorts globally, with Kenya becoming a popular destination.
 
“There was a gap in this sector and we felt the need to venture into this market as Kenya has proven one of the most sought-after destinations worldwide,” said Sultan Palace general manager Liu Tiancai in a statement. The development is a mix of apartments and beach houses that will cost between Sh9.95 million and Sh29.95 million respectively.
 
Construction is set to be completed by December 2016. The holiday resort will have a gym, spa, café, restaurant, resident club and a five star hotel. The developer will finance development of Sultan Palace which will sit on 43 acres. Developers are putting up high-end apartments and resorts in the coastal region despite the downturn in the tourism industry following insecurity.

Shanzu Beach Resort, a real estate company, has finished construction of its Sh1 billion Shaza development, a high-end apartment complex in Shanzu.
 
Mike Karanja, a director at Shanzu Beach Resort said there is growing demand for properties along Kenya’s coastal area.
“Beachfront properties are more expensive than inland properties anywhere in the world. Kenya is an exception, but that is rapidly correcting on account of growing demand,” Mr Karanja said earlier in the year.

Listed developer Home Afrika also plans to use Sh50 million to develop infrastructure for its 21-acre Llango project in Kwale.
“This is a prime location with the construction of Dongo Kundu bypass joining Mombasa-Nairobi and Mombasa Lunga Lunga highways. This area has great opportunity for growth from investor interest owing to its strategic location between Mombasa and Diani.

“The project has great potential from neighbouring developments ranging from tourist hotels, cottages, and holiday homes,” it said in its information memorandum on its Sh900 million bond offer.
 

Source : businessdailyafrica.com
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