Red Coral Properties Limited is planning to undertake a massive real estate project in Kiambu County, Kenya.
The mixed-use development is going to be put up on a 387-acre piece of land near Limuru. The project will have 3,304 housing units, commercial and retail space, warehouses and logistics facilities.
Other facilities the developers have planned for construction include a water treatment facility, a school and power substation. A proposal has also been made for the construction of a rail network in the development to ease transportation in the area.
The construction project will be undertaken in phases, where the first will include construction of the industrial zone in 2015, while the rest of the phases will be undertaken in a period of 10-12 years.
The proximity of Limuru to Nairobi is set to make the property even more lucrative to buyers considering the improved roads in the area, which have reduced commuter time to and from the city. Raw materials for construction are also readily available, which cuts down on the cost of building. The new real estate development is targeting the middle and upper class clients.
Real estate has become a lucrative venture in Kenya with the new middle income economy status that the country has achieved – growing middle class. Kenya managed to achieve this 16 years ahead of schedule as it was part of the country’s vision 2030.
The country has also experienced other real estate developments including the recently announced planned Cretum Properties’ project – an initiative that will take up US$25.2m and dubbed Green Isinya City – Kajiado County.