Chinese billionaire Zeyun Yang has launched works for 2,720 high-rise apartment units in Nairobi’s Ngara estate, in a development that will gift the Kenyan capital its tallest estate.
Dubbed The River Estate, the project located on Jodongo road next to Ngara Girls High School will comprise eight apartment blocks – each 34 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 residence access to the beautiful panoramic views of Nairobi,” Yang’s company, Edermann Properties, said in a statement.
Work on The River Estate got underway on Wednesday, with the project scheduled for completion on December 31, 2021.
The development, which is financed jointly by the national and county governments, will be completed at a cost of Sh7 billion.
When it opens early 2022, The River Estate’s high-rises will knock down Mark Properties’ 22-storey Le’mac Towers off its throne as the second tallest residential tower in East Africa.
Located in Westlands, Le’mac holds the title of the region’s tallest homes but it will soon lose this accolade to 88 Nairobi Condominium – a 44-storey residence that is coming up in Upper Hill.
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.
In January, the developer invited prospective buyers to book their units, whose prices range between Sh6 million for a one-bedroom unit and Sh8.5 million for a two-bedroom house.
“Booking fee is Sh30,000 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 per cent 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.