Shapoorji Pallonji Real Estate(a subsidiary of Shapoorji Pallorji Group) is entering into Kenya's real estate market with a multi-million dollar housing project. Although the project has not been named yet, it will be jointly constructed by Shapoorji Pallonji and Actis, with a budget of USD 118.5 Million (INR 8 Billion). They are going to develop 600 apartments which will be made affordable and middle-income homes in the Garden City Mall on Thika road.
Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate told that they are very happy to partner with Actis in the African residential market, and this venture is the mark of continuation in the real estate in the Sub-Saharan African region.
Actis is a privately held equity firm which is the developer of Garden City Mall and currently developing USD 523.3 Million (INR 36 Billion) business park adjacent to the Garden City Mall. This park offers significant areas of 25000 square metres for office space, a healthcare facility, two hotels and 400 mid-market homes. David Morley, Global Head of Real Estate, Actis, told that they have previously partnered with Shapoorji Group and undertook many similar projects in India where they have delivered thousands of quality and inspirational homes at affordable price.
Many global investors express their desires to take part in the affordable housing schemes backed by the government, which will deliver millions of low-cost houses across the country. The government will provide the lands to the developer to prepare the site, architectural plan for the project while they are also insisting to use precast wall panels and pillars to reduce the completion time of the project. Although funding terms are not public yet, it’s believed that Kenyan government must have offered generous incentives to attract the world’s top financier to the scheme.