Nairobi- based Real Estate firm Superior Homes Kenya has announced plans to construct 3,000 housing units in Athi River. The project is expected to cost US$ 291m.
The firm announced the plans early this week after the Court of Appeal upheld a High Court ruling in favor of the firm. This allowed it to proceed with the purchase of a contested prime parcel of land in Athi River. East African Portland Cement Company (EAPCC) owns the US$7.2m land.
In line with a disputed sale agreement from 12 years back, EAPCC was ordered to sell the land to the developer. The firm said the gated community development will target the middle class. The development will take shape on the 337 acres of land that the real estate company is set to acquire from EAPCC.
Adjacent to the development is the open-plan Greenpark Estate at Stoney Athi. Greenpark currently has over 450 houses complete. Some of the amenities in the development include a school, green zones, sports and recreational facility as well as a shopping complex.
Development on the 163 acres at Greenpark Estate is almost getting exhausted. This is according to a statement released through he firm’s MD Ian Henderso. ,Consequently, the new land will come in handy in the expansion of the firm’s vision of providing a world class master-planned and sustainable development.
According to Mr. Henderson, the firm is looking to create a development with all the infrastructure and amenities required for a cosmopolitan neighborhood. It should also be within easy traveling distance to Nairobi. Superior Homes Kenya said mid last year it intends to list on the Nairobi Securities Exchange (NSE’s) Growth Enterprise Market Segment.