Express Kenya PLC has just revealed a bold diversification plan through the launch of an ambitious KSh13 billion mixed-use development project. This project is dubbed as Project Nexus. Express Kenya’s Project Nexus development initiative is expected to unfold in four phases over the next five years.
Furthermore, the development project is expected to reshape a portion of the Mombasa Road corridor in Nairobi. This transformation of the corridor will be achieved by the introduction of residential, commercial, and medical facilities.
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Express Kenya’s Project Nexus Factsheet
Project name: Project Nexus
Developer: Express Kenya PLC with joint venture partners for the later phases
Total cost: KSh 13 Billion ($100.5 million)
Location: Mombasa Road corridor
Period: 5 years
The Project to be Developed in Four Phases
Phase One
As per the details that were revealed by details the company, Project Nexus will be implemented in four major phases. Phase One, estimated to cost KSh250 million, involves the development of a strip mall and a petrol station, expected to be completed by the third quarter of 2026.
Phase Two
As for the Phase Two, which is the most ambitious, with a projected cost of KSh7.65 billion, Express Kenya plans to build a total of 1,200 residential apartments. This phase will be executed between the fourth quarter of 2026 and the fourth quarter of 2029 via a joint venture partnership.
Phase Three
Phase Three will run from the second quarter of the year 2027 to the second quarter of 2029. This phase will entail the construction of a 200,000 square foot commercial mall at an estimated cost of KSh2.1 billion.
Phase Four
Lastly the final phase, Phase Four, entails plans for an 80,000 square foot medical center. Also, it will involve the construction of 450 serviced apartments by the third quarter of 2030. The total approximated cost of this final stage is KSh3 billion.
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Top Reason as to why Mombasa Road Corridor was as the Project’s Site
The choice of the Mombasa Road corridor for the project is a clear indicator for the growing demand for urban housing development and commercial spaces in areas that have access to major highways and Nairobi’s expanding infrastructure. The location is already home to multiple residential estates and logistics parks. Furthermore, the location has shopping malls, and office spaces, making it a strategic area for property development.
Project Nexus stands as one of the largest private sector real estate bets by a logistics firm in Kenya in recent years. Express Kenya is banking on its brand name, strategic location, and new partnerships in order to breathe life into the company and restore investor confidence. Lastly, the success or failure of this ambitious project will determine the company’s long-term future on the Nairobi Securities Exchange. The company still remains a listed entity in Nairobi Securities Exchange.
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