Kenya's $540M Garden City opens
Garden City, East Africa’s first integrated residential, retail and office development, officially opened last night with the announcement of a new Business Park.
Developeb by Actis, an emerging market investor responsible for the Junction Mall and Nairobi Business Park, Garden City is a $540m flagship project comprising one of the largest retail malls in East Africa, offering retail, over 400 residential units, offices and a central park.
It is also home to the largest solar paneled carport in Africa, situated on the mall’s roof.
Nairobi investors now eyeing Coast
Nairobi-based real estate and equity firms have expressed interest in investing at the Coast, a market that has in the recent past been shunned by investors due to security concerns.
Fusion Capital, a real estate developer and financier, and private equity firm Cytonn Investments, are some of the companies that are putting their money in the coastal region.
While Fusion has competed the first phase of a Sh1.3 billion project, Cytonn intends to invest Sh5 billion in a number of properties including apartments, shopping malls and residential housing.
Bamburi Cement net profit nearly doubles in first half
A boom in construction and foreign exchange gains has helped Bamburi Cement’s net profit almost double for the six months to June. The cement manufacturer reported an 86 per cent leap in net profits to Sh3 billion, with the management projecting an even better second half.
The company, which is controlled by France’s Lafarge, attributed the strong performance to growth in demand in its two main markets, Uganda and Kenya, cost cutting and gains in its dollar-based liquid assets due to a steep weakening of the Ugandan and Kenyan currencies. “We are optimistic that the business environment will remain stable in the second half of the year,” said Managing Director Bruno Pescheux. The depreciation of the shilling enabled the firm to book more than Sh357 million in gains for the six-month period that was earned from dollar denominated liquid assets, which the firm did not disclose.
KENHA finalises road expansion plans to ease Nairobi traffic
The Kenya National Highways Authority has finalised plans to expand strategic roads in Nairobi to ease traffic flow.
The project, which has been divided into three sections, is set to kick off in December.
The objective is to decongest JKIA through Westlands and all the way to Rironi, said David Muchilwa, KENHA acting general manager in charge of special projects.
"The designs have been approved and are only awaiting ratification from the World Bank before we go to tender," he said in a statement on Wednesday.
