Greenpark Estate Five gets underway

Greenpark Mombasa Road

A block of quarter villas at Greenpark estate

Construction is underway on the fifth phase of a multi-billion-shilling gated estate in Athi River, Machakos County.

Real estate developer Superior Homes Ltd. commenced work on the project early last month after selling all the units in the first four phases of the Sh8 billion project.

Greenpark Estate, whose initial groundbreaking was held in 2005, sits on a 167-acre parcel of land to the north of Mombasa Road and to the east of Athi River.

Greenpark Estate 5 will comprise a total of 148 units, 24 of which have so far been reserved, according to the firm’s managing director Ian Henderson.

“Inquiries are steady but overall real estate market in Nairobi at the moment has slowed down since last year. We have inquiries mainly from Nairobi, and a number of sales from diaspora,” said Henderson during a tour of the site.

The project is earmarked for completion in 2017. The initial phase of the project, which comprised 184 units, was launched in 2005 and the first house was completed and sold in 2008. Phase two has 62 units, phase three 150, while phase four has 380 homes.

The cost of the homes have more than tripled since the project’s inception. A four-bedroom bungalow is, for example, selling for Sh18.4 million up from Sh3.9 million in 2007.

A super-bungalow (more spacious than the ordinary bungalow) is selling for Sh22.6 million up from Sh13 million in 2010, while a four-bedroom villa is going for Sh34.9 million.

A semi-detached home is selling for Sh13.6 million up from Sh6.9 million in 2008.

“The prices, quality of the product, construction and finishing is well above average. We also offer bigger plot sizes than anyone is offering,” Mr Henderson said, adding that Greenpark Estate’s houses are competitively priced compared to those in Nairobi.

Machakos County is becoming a hotbed of real estate investments as property developers hurry to meet the rising demand for affordable housing in Nairobi’s neighbouring towns.

Safaricom Staff Pension Scheme is, for example, setting up a Sh3.4 billion mixed-use development in the county as it seeks better yields for its members.

The project, which was launched in June, comprises a shopping mall – Crystal Rivers – and a residential estate that will be located on Mombasa Road just a kilometre past the Athi River interchange.

Post Your Comment

Submit Comment

Copyright 2007-2016 by Samscom Media. All rights reserved | Use of this website constitutes acceptance of our Privacy Policy and Disclaimer.