Kenyans in diaspora to invest US $45m in Purple Haze development

Kenyans in diaspora to invest US $45m in Purple Haze development
Kenyans in diaspora to invest US $45m in Purple Haze development

Kenyans in the diaspora and affluent local executives are set to invest a whopping  US $45m the upcoming Purple Haze development in the fast growing suburb of Nairobi, Kilimani.

Mavji Varsani, Director Edifice Limited confirmed the reports and said that the citizens seek to buy 86 units off-plan in the development that targets high end buyers looking for simplicity and luxury at the same time.

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Purple Haze development project

The Purple Haze development project is a 13-floor high-rise property that sits on a two-and-a-half acres. It hosts 216 units of two-, three- and four-bedroom duplex apartments surrounded by Zen gardens-climbing plants next to water fountains.

The luxurious apartments, designed by Singaporean WAVE Design Consultants Architect Amit Mody, won Best Architecture Multiple Residency in Africa 2016-2017 awards and a 5 star rating on quality and design.

Mr Varsani said Edifice raised equity as well as sourced property financing from Commercial Bank of Africa in a deal to facilitate mortgage purchases. 50 units have been set aside for renting corporate executives and expatriates.

Rise of apartments in Nairobi

According to the Director, the project is slated for completion by June this year and due to the huge demand for housing in the city with the growing middle income earners who want to settle near their workplace, the company is opting for only cash buyers.

12 penthouses of the property is valued at US $779,000 while  six units of four bedrooms next to another six units of three-bedroomed penthouses are selling at US $699,000.

Edifice Limited is a property development company which focuses in projects like commercial, hospitality, mixed use and residential. The rise of apartments in Nairobi has seen developers scramble for clients who the majority are middle class income earners, the competition has seen state of the art developments across the city with an urge to attract clients. Some of other upcoming projects in the city include Skynest and Donyo Park Apartments in Westlands, Nairobi.

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