Property Developer to Build Nairobi’s River Estate Residences
Nairobi, Kenya – 6 February 2019
Chinese billionaire Zeyun Yang has unveiled plans to build 2,720 high-rise apartment units in Nairobi’s Ngara estate, in a development that will gift the Kenyan capital its tallest homes.
Dubbed The River Estate, the project located on Jodango road next to Ngara Girls High School will comprise eight apartment blocks – each 35 floors high, with 340 homes per block.
“This iconic project is bound to change the Nairobi skyline as it will be the first project of its magnitude in East and Central Africa; that will give its residents access to the beautiful panoramic views of Nairobi,” Yang’s company, Edermann Properties, said on Thursday.
When The River Estate opens early 2022, it will knock down Mark Properties’ 22-story Le’mac Towers off its throne as the tallest residential tower in the region.
Work will start shortly, the developer has confirmed, with the project scheduled for completion on December 31, 2021. The cost and funding details of the project are yet to be disclosed.
Edermann Properties has pledged to put up a bridge from the estate to Grogan road across Nairobi River to ease movement of people into and out of the 2.3-hectare gated community.
On Thursday, the developer invited prospective buyers to book their units, whose prices range between KES6 million (US$59,960) for a one-bedroom unit and KES8.5 million (US$84,951) for a two-bedroom house.
“Booking fee is KES30,000 (US$299) per unit (non-refundable); deposit 10%, balance 90% on completion,” the company said in a newspaper advertisement.
Edermann Properties, which has been operating in Kenya since 2003, has built about 4,000 homes and warehouses in Nairobi and Mombasa.
These include Great Wall Apartments on Mombasa Road, Seefar Apartments on Mbagathi Way, Metro Fair View Towers Pangani, and Windsor View Apartments among others.
Edermann Properties’ owner Yang is the single largest shareholder in NSE-listed Home Africa. Yang achieved that position mid last year after acquiring an 8.2 percent stake in the company.
The shares, according to regulatory filings are registered under his name and those of his two companies: Erdemann Property Limited and Erdemann Company (Kenya) Limited.
For more on this story, go to Construction Kenya.