The first phase of construction of the Palm Ridge Estate project in Kenya has been completed. Vipingo Development Limited, the project developers handed over keys to more than 300 home buyers.
The US $15bn housing estate marks the second major residential estate development by VDL, a fully-owned subsidiary of the Nairobi Securities Exchange Listed Centum Investment Company PLC, and increases the number of owners to approximately 400 in the planned development of 10,000 acres that has residential, commercial, school, and industrial districts.
The project, dubbed 1255 Palm Ridge estate, covers an area of 10 acres with facilities including Water, electricity, modern security, sewers, parking lots, playgrounds and swimming pools. It comprises 330 units of one, two, and three-bedroom four-story apartments priced at US $23,000, US $32, 000, and US $42,000 respectively.
Also Read:Construction of RiverRun Estates in Kiambu, Kenya officially starts
Flexible payment schedule
According to VDL managing director, Ken Mbae, the estate is suitable for residence or holiday home and is also an excellent investment (Airbnb) for rental and short-term accommodation. Buyers can enjoy a 20% flexible payment schedule and pay the balance before the deadline.
“1255 Palm Ridge estate is a unique housing development that meets the needs of a modern lifestyle. We have built a reputation as a developer who completes projects on time and on budget, and to the highest quality standards and that is why investors are increasingly trusting us with their money. All VDL projects undergo a validation that requires at least 30% pre-sales before commencement of construction,” said Mr. Ken Mbae.
In addition to the residential estates development, industrial and commercial centers are also being set up in vast areas that were once sisal plantations. The second phase of Palm Ridge estate involves construction of 110 apartment units featuring spacious lounges, kitchen, bathrooms, en-suite master bedrooms and a laundry area. The phase is also nearing completion in time for handover to home buyers.
85
US $15bn housing estate for only 330 housing units. This is such as expensive development.