The family of Kibuga Kariithi has made plans to venture into the real estate. The dubbed Karunguru Coffee & Golf Estate project is estimated to cost US$170m once complete.
The project will kick off in September this year and will be ready in a time frame of three years.
The project seeks to develop home units, Karunguru Estate that include Kenya’s first coffee museum, a commercial centre, a nine-hole golf course which will be located on 120 acres of land , sport fishing facility in the estate’s various dams, a club house and an equestrian riding track.
The development is going to be located in Juja, off the busy Thika Super Highway, on a 230 acre piece of land. The project will have approximately 180 housing units made up of villas, apartments and cabins which will be going for around $649 and 845.547 million.
Funds for the project will be attained through debt and equity. Most of the funds will come from pre-sales already in progress. Mr. Kibuga indicated that the funds for the dams, roads and other infrastructure are already available from investors.
The development will be based in the outskirts of Nairobi and will seek to target home buyers seeking to own property in a serene gated community.
Mwanzoni Limited has been mandated with the responsibility of ensuring that this project is a success. They will be involved in management of the feasibility studies, development of the business case, securing of project financing, and coordination of design and construction management teams.