Chinese Property Developer on with an Upmarket Holiday Resort Project in Kenya
Sultan palace Development Limited, a Jiangxi Xinyu Real Estate Development hopes for beach retreat. The property developer is working on a holiday resort project in Kenya’s coastal town of Kikambala which is about thirty minutes drive from Mombasa, one of Kenya’s biggest tourist resorts. Despite the travel advisory imposed on some areas in the Country by some other Countries, the project is still taking shape fast.
Although the tourists frequenting Kenya’s coast number has declined
recently due to security concerns, the company says there is no reason as to why the country can loose on projects like these affecting the market, especially with the standard gauge railway set to be completed in 2017. The line once complete will shorten the journey times between Nairobi and Mombasa as the country’s middle class continues to grow. The line is as well expected to fuel a boom in domestic tourism.
Currently it takes at least 19 hours to travel between the two cities, however, this will be reduced to about four and a half hours to cover the 500 kilometers.
Sultan Palace Beach Retreat once complete will cover 17.5 hectares, 700 meter beach stretch consisting of 132 apartments, 16 detached family villas and 50 semi-detached villas, the toal floor area will be about 40,000 square meters. In addition there will also be a water park, an entertainment club for children.
Construction site deputy manager, Li Caisheng said that thirty percent of the construction which began last year is complete and also all the work is to be finished next year.
Mr Liu Tiancai who is the general manager of Sultan Palace said that despite fears about terrorism, Mombasa holds a great market potential
Mr Liu added that the first phase of the company’s project will consist of 198 holiday homes, the second phase will consist a five-star hotel which will be managed by an international hotel brand. The second phase will also comprise more of holiday homes.
The hotel will help owners manage and rent out their holiday homes which will serve as an extra level of security to their investment.
Sultan Palace general manager said that most of the people buying properties at the resort are Kenyan’s from Nairobi but also added that overseas Kenyans are buying in too.
He also cited that a high concentration of affluent people are from Nairobi and those from Mombasa usually have houses near the coast.
Once the standard railway gauge, which is the first phase of East Africa railway network is complete, more countries and companies are expected to set up offices in Mombasa.
The Kenyan government is planning for oil and gas exploitation in Mombasa thus making the Coastal town a key port and gateway to East Africa.
Sultan Palace project will borrow from a mixture of Swahili and Arabic architecture put together to a modern touch. Last year December, The company announced that the holiday homes will cost from Sh9.95 million to Sh29.95.
Source: Property Leo