The property, dubbed 88 Nairobi, is a high-end luxury apartment featuring 44-floors, designed to five-star hotel standards.
Lordship Africa, a leading real estate development and investment company on Tuesday unveiled its second flagship project in the country and Sub-Saharan tallest residential apartment/condominium and second tallest in Africa.
The property, dubbed 88 Nairobi, is a high-end luxury condominium featuring 44-floors, designed to five-star hotel standards.
Jonathan Jackson, founder of Lordship Africa and Lordship Europe, said the 88 Nairobi Condominium would offer an ideal and unrivalled home experience currently not available in the market.
The choice for upscale Upper Hill district is simple; currently there is no provider who offers luxurious and modern home solutions to the over 40,000 executives and international staff working in the upmarket neigbourhood.
“The location of this property is amazing because we have no competition, yes there is as you know the pinnacle coming up, there is another project by Hass Consult marketing but these are mixed use, they have got offices, hotels, shopping center and residential all in the same complex some people like to live in that kind of environment and that is fine, we have gone for a completely quiet dedicated residential building where you got your own space so that is how we define ourselves as differently to others in the market”
Mr. Jackson added that 88 Nairobi comes with enormous return on investment of nearly 20 per cent which can’t be matched in the market.
“Your return on annual investment is nearly 20 per cent and in this market it is a phenomenon return and you can actually charge that in dollars, even if you rented it for 135, 000 which is really cheap if the market was going down you are still making 9% which is way above the market average in Nairobi, as you know the market average in Nairobi is around 4 - 5% so your annual yield return is extremely good”
The apartment will be fully furnished with luxury fittings and will features a Studio, 1 Bed & 2 Bed apartment.
In total, 88 nairobi will host 288 houses all aligned with UN Security Standards and European Union safety requirements.
The units are subdivided into three categories, executive, executive plus and penthouses.
The executive units will be fully-furnished by Turkish interior designers.
Prices start from Sh11 million ($110,000) upwards for a one bedroom and Sh35 million ($350,000) for two bedroom – depending on the floor.
“Our prices start from the lower level and every floor the pricing goes up per floor, the average of the low is 22. 9 million we think it in an amazing price if you keep in mind it is fully furnished and you have all the facilities and amenities in the building”
The building is expected to have 12000 square feet of rental space and an additional 16000 square feet of lush gardens space.
Among the amenities to be provided include, a restaurant, a convenience store, gym and spa facilities, a heated indoor swimming pool on 30th Floor, a helipad and a 435-size parking space.
“On the timelines, we are tendering between both Kenyan contractors and international contractors, it is obviously a very sophisticated building, it is particularly complex being such an high rise building, international contractors have been a bit optimistic and they think they can build it in two years while the Kenyan contractors say it gonna take three to four years so we are expecting it to take two and half years to be complete”
The building will be built to UN Security Standards, UNEP & EU Housing Code and will be located at Bishop Gates Court near Israel Embassy.