Home Business Chigwell Holdings Buys 47 Acres to Unlock Tilisi’s 2nd Phase of 120-acre Residential Development

Chigwell Holdings Buys 47 Acres to Unlock Tilisi’s 2nd Phase of 120-acre Residential Development

by kenya-tribune
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Chigwell Holdings, the real estate developer behind Langata’s Phenom Estate, has acquired 47 out of 120 acres set aside for residential development at Tilisi mega-city. This opens way for the second phase of development after the completion of its logistics industrial park that sits on 85 acres.

An acre at the Limuru-based Tilisi goes for not less than Ksh33 million. African Logistics Properties has developed half of the Tilisi Logistics Park, the second such infrastructure after its Tatu City warehouses.

The total amount of money incurred on developing
infrastructure for the phase 1 amounted to Ksh830 million plus an additional Ksh100
Million spent on constructing Ngecha Chunga Mali road.

Palkesh Shah, Chigwell Development Ltd’s Director says
developing on Tilisi will deliver substantial savings enabling it to continue
with construction of superior housing at competitive pricing.

“In addition,with the expansion of Waiyaki Way to a six lane
highway, we see Tilisi as a strategic location for our future developments,” he
said during the launch of the second phase of the Tilisi Mega City expansion.

Mr Shah says Chigwell will develop 184 middle-to-high-income
(3,4 and 5) bedroomed homes including towns houses and villas.

A unit will go for at least Ksh40 million.

Phase two will also involve construction of retail, educational,
medical and recreational facilities.

“The opportunity to create sophisticated and structured
cities that achieve lower costs for developers and deliver beautiful and
multifaceted environments for residents is now moving us into the decade of the
African mega-city,” said Tilisi’s co-Chief Executive Ranee Nanji.

The 400-acre Tilisi, which commenced construction in 2017,
is one of the five mega-cities in development on the outskirts of Kenya’s main
cities and part of a rising class of real estate across Africa. There are now
more than ten master-planned cities underway across the continent including
Vision City in Rwanda, Waterfall City in South Africa, Roma Park in Zambia and
Appolonia in Ghana.

Chigwell Holdings, the real estate developer behind
Langata’s Phenom Estate, has acquired 47 out of 120 acres set aside for
residential development at Tilisi mega-city.

An acre at the Limuru-based Tilisi goes for not less than
Ksh33 million. This opens way for the second phase of development after the
completion of its logistics industrial park that sits on 85 acres.

African Logistics Properties has developed half of the
Tilisi Logistics Park, the second such infrastructure after its Tatu City
warehouses.

The total amount of money incurred on developing
infrastructure for the phase 1 amounted to Ksh830 million plus an additional Ksh100
Million spent on constructing Ngecha Chunga Mali road.

Palkesh Shah, Chigwell Development Ltd’s Director says
developing on Tilisi will deliver substantial savings enabling it to continue
with construction of superior housing at competitive pricing.

“In addition,with the expansion of Waiyaki Way to a six lane
highway, we see Tilisi as a strategic location for our future developments,” he
said during the launch of the second phase of the Tilisi Mega City expansion.

Mr Shah says Chigwell will develop 184 middle-to-high-income
(3,4 and 5) bedroomed homes including towns houses and villas.

A unit will go for at least Ksh40 million.

Phase two will also involve construction of retail, educational,
medical and recreational facilities.

“The opportunity to create sophisticated and structured
cities that achieve lower costs for developers and deliver beautiful and
multifaceted environments for residents is now moving us into the decade of the
African mega-city,” said Tilisi’s co-Chief Executive Ranee Nanji.

The 400-acre Tilisi, which commenced construction in 2017,
is one of the five mega-cities in development on the outskirts of Kenya’s main
cities and part of a rising class of real estate across Africa. There are now
more than ten master-planned cities underway across the continent including
Vision City in Rwanda, Waterfall City in South Africa, Roma Park in Zambia and
Appolonia in Ghana.

During
a media briefing held at Limuru, Kavit Shah, the joint CEO of Tilisi confirmed
that over half of the completed phase 1 logistics park had been bought by
Africa Logistics Park which is developing its second logistics park in Nairobi,
ALP West at Tilisi.

“We are delighted to announce the completion of infrastructure on the 85 acre Tilisi Logistics park, which is now 65 per cent sold.Buyers will be commencing their warehouse buildings on the fully-serviced Tilisi plots within the next few months.

He noted that 5 other developers have expressed their interest in the service industrial park further noting that the company is only limited to light manufacturers who will not hazardously impact the environment.

The total amount of money incurred on developing infrastructure for the phase 1 amounted to Kshs 830 million plus an additional 100 Million spent on constructing Ngecha Chunga Mali road.

While sealing the deal with Tilisi,  Chigwell Holdings Ltd CEO Palkesh Shah noted that the company will develop approximately 184 middle income (3,4 and 5) bedroomed homes including towns and villas.

“For the units, we are talking of 40, 50 ,60 million shilling houses, and it goes to show that the middle class is growing as more Kenyans are looking for quality houses,”

“Developing on serviced land with complete infrastructure in place will deliver substantial savings enabling us to continue to offer superior housing at competitive pricing. In addition,with the expansion of Waiyaki Way to a six lane highway, we see Tilisi as a strategic location for our future developments,” Palkesh Shah said.

Co-CEO of Tilisi Developments Plc, Ranee Nanji, added that phase 2 will open a wider array of selling activity for the city as it will involve infrastructure for retail,educational,medical and recreational parcels.

“With now large anchor customers for the logistics and residential signed we are looking for more quality developers to parter with for this next phase.,” she said.

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