NAIROBI, Kenya, Jan 30 – American Investor and the chair of the Entrepreneurs Society of America (Naples) Karl Gibbons is investing in Kenya’s real estate sector.
Gibbons through his firm Third Eye Management and Associates has partnered with Sprinter Real Estate investment limited to invest in 300 two and three bedroom units in Ndenderu dubbed Fanisi Tigoni View.
Gibbons will be in the country to launch the project at the weekend.
Sprinter Real Estate investments Chief Executive Richard Mbugua, The Fanisi Tigoni View is a mixed use development that sits on 8 acres prime land next to the western Bypass interchange.
“We are excited that Third Eye Management and Associates has chosen us as a vehicle to improve the housing sector in Kenya, the first project The Fanisi Tigoni View is a fantastic project, with the first phase being launched on Saturday with about 90 units on a one acre piece of land,” Mbugua told Capital FM Business.
The firm plans to build over 700 units this year targeting the middle income with their prices ranging between Sh5 million and Sh7 million.
According to a new report, Land investments in Kenya is giving more returns than commodity prices
Globally commodities are falling while and prices of land in Kenya continue to rise on average of 70 percent per year, compared to 50 to 20 percent in 10 year for other commodities according to the HassConsult Land Price Index Quarter Four 2018 report.
The report says going forward; Land will continue to outperform commodities as the government continues to invest in infrastructure throughout the country.
Gold prices went up by 155 percent in the last decade, live cattle by 127 percent while crude oil was the worst performing in the period increasing by 56.6 percent in value.
Gibbons will also be speaking to entrepreneurs and top business managers on Monday at an exclusive dinner organized by Sprinter Real Estate investments.