Egyptian investors add to Kilimani skyline with 15-floor twin towers

Market News

Egyptian investors add to Kilimani skyline with 15-floor twin towers

Apartments blocks under construction. FILE PHOTO | NMG 

Vaal Real Estate, which Egyptian and Turkish investors own, has launched a Sh1.5 billion 15-floor residential development in the affluent Kilimani Estate in Nairobi.

Business Development Manager Peter Karuga said the proposed development dubbed Wilma Towers would occupy half an acre on Elgeyo Marakwet road and would, upon completion, host 227 families.

“This is being developed as an investors’ hub for serviced apartments that we will manage as a high-end location for high-fliers visiting Kenya for work, business or leisure.

“Our guest will receive automated cards upon payment of rental fees that they will use to open the doors and turn on the power,” he said.

Upon completion of its latest development, the Mediterranean investors will have injected Sh5 billion into the development of four high-end properties in Nairobi’s Kilimani, Kileleshwa, Riverside and Westlands.

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Mr Karuga said Wilma would have a jogging track around the Manhattan-style twin tower property within its perimeter wall and a 20-metre-long heated swimming pool in the middle of the two towers.

“We have internally funded this development set for completion by October 2020,” he said.

Unlike the tradition where buyers pay deposits upfront with the balance set for payment within a year, customers for Wilma apartment buyers will enjoy staggered payments throughout the construction period.

The property comes with a fitted high-end kitchen, a communal launderette that can accommodate up to 50 users at a go.

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