Express Kenya has announced a bid to revamp its business through construction of a multi-billion shilling real estate development in Industrial Area, Nairobi. The project is set to kick-off from July this year.
The real estate development by the logistics firm will host 224 residential houses and a shopping mall. They will be constructed on a 15-acre piece of land.
Construction of the residential houses will mark the start of the Phase I of the development project according to Jane Nungari, a senior manager at Express Kenya said.
“The first phase of the real estate project is expected to begin in July and will see us build 224 houses and a shopping complex in Industrial Area,” She said.
The company said the board was discussing what real estate projects to develop on the various pieces of land owned by the firm.
The mega real estate development project, which is part of a real estate plan conceptualized in 2013, will mark the firm’s start of a diversification strategy to transform and improved business. It will also offer hope to stakeholders after the company experienced a major loss of Sh 77.4 million loss for the year ended December.
The real estate venture which was settled on in October 2013 has offered hope to most of the shareholders as it will see the company move back to where it was financially and further improving.
Express Kenya is a Kenya-based company engaged in the provision of clearing and forwarding services for air and sea, as well as logistics and warehousing services. It functions through five divisions: sea freight, air freight, packing and removals, transport and warehousing.
The company is also planning to execute similar projects in other counties where it owns land as it seeks a turnaround. The country is witnessing other major real estate development projects such as the 2 Rivers in Runda/Gigiri area, with construction already underway.
