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Residential and commercial property developer Purple Dot is building an estate in Nairobi’s Lang’ata targeting the city’s wealthy and expatriates with a unit set to cost up to Sh42 million.
The firm broke ground for the project that will be located along Link Road, and which will see 89 units constructed, comprising triplex homes priced at Sh42.8 million each and duplex units that will cost Sh34.8 million.
The development, Marigold II whose completion date is June next year, is the second similar project in Lang’ata by Purple Dot, as the firm seeks a share of wealthy families eyeing home ownership within proximity to the city.
Real estate firms are angling for a share of the market in the city and surrounding towns, with prices steadily rising over the past year in what is enticing developers.
“Our development is designed to appeal to many residents, from young professionals seeking a vibrant and convenient lifestyle to families looking for a safe and nurturing environment,” the company said in a statement.
A triplex house is a multi-family real estate which has three floors combined into one while a duplex has two living units attached to each other, either next to each other as townhouses. Each of the units (duplex and triplex) has four bedrooms.
This is Purple Dot’s latest property as the firm seeks to entrench its presence in the high end residential and commercial market. Others are the Serene Park in Machakos County, Elina Residences in Kileleshwa and Purple Dot along Mombasa, which has office and retail space.
Market data report by real estate firm Knight Frank, showed that Nairobi’s property prices have been on steady rise in the year to August.
Knight Frank says that sales for prime residential units in Nairobi surged by 6.2 percent between June last year and July this year while monthly prime rents increased by 2.25 percent in the six months to June this year.
“As the residential sector grows, buyers are becoming more discerning, seeking clear value for money from high-priced developments. Consequently, developers must rise to the challenge, offering unique, high-quality residences that meet the expectations of an increasingly knowledgeable and demanding clientele,” Knight Frank says in the report.
Knight Frank added that with the easing inflation has further boosted the spending power of potential home buyers, highlighting the market pull that Purple Dot and other real estate firms are keen to tap.
A cut-throat competition for the market has seen real estate firms turn to the amenities in a bid to woo home buyers, keen to live in self-contained compounds and in close proximity to other key institutions like schools.
For example, Marigold II is being set up close to the international schools in the Karen and Lang’ata neighborhoods.
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