The owner and managing director of Leisure Lodge Beach Resort in Mombasa, John Mutua, has unveiled a Sh30 billion real estate development plan targeting workers at the upcoming government-backed Konza Technology Park.
The housing project will have an estimated value of Sh30 billion when complete and a capacity to accommodate about 2,000 households, a commercial centre and a golf course.
The development on a 1,000-acre parcel of private land is dubbed “Iluluwe Golf Estate”.
Its construction is scheduled to begin early next year.
The development is already swaying land prices in the area , with buyers paying about Sh1.8 million for a quarter acre plot.
Mr Mutua said the housing project will target middle to upper income earners working at the proposed technology park and the Athi River industrial hub.
“The project is targeting professionals working in both the technology park as well as the several industries in Athi River,” said Mr Mutua adding that demand for homes within gated communities was high.
The Konza Technology Park is a state-sponsored project sitting on a 5,000-acre parcel of land expected to be the centre of Business Process Outsourcing activity and software development in the region.
When complete, the city is expected to employ a 200,000-strong workforce in the core business activities.
Its development is still at the design stage, with the Ministry of Information leading marketing it to potential investors internationally.
A master developer for the project is however yet to be contracted.
The housing estate becomes the latest in a lengthening list of developers putting up privately developed gated communities.
Already such housing projects centered on the golf estate concept have been conceived in other towns, with Aberdare Hills in Naivasha and Sergoit in Eldoret being among the most prominent just yet.
Mbugua Kamau, the managing director at Pinnacle Projects-— a real estate firm says that the golf course concept had become central to home buyers who are seeking to live in spacious gated communities.
“Golf has elicited emotions amongst prospective home buyers, becoming a strong selling point for estate developers,” said Mr Kamau who projects that the demand for homes would continue, despite the high cost of credit.
Home buyers will in this project, just like in other estates such Thika Greens, Migaa and the Tatu City, be allowed to choose from a pre-defined set of house plans revealing of how lucrative master-planning has become for land owners.
Land dealers are quoting an acre of un-serviced land at about Sh2 million per acre though the pricing is expected to rise further once the actual construction of the mega housing estate begins.
Among other developers involved in the multi-billion housing project include Lee Karuri- the managing director at Dimensions Architects and the chairman of the 776-acre Migaa Estate.