Works on Africa’s second tallest skyscraper are set to begin in July following a successful ground-breaking on the site on Tuesday.
The building will be the second tallest in the city and continent respectively after ‘The Pinnacle’ when completed in two-and-a-half years.Stakeholders are confident that the new development, which will be called 88 Nairobi Condominium, has found the right location in Upper Hill, just a stone-throw away from where Africa’s tallest building is being erected.“This ground-breaking is going to send a powerful message about the future of Kenya, which is increasingly becoming a hub for investment in sub-Saharan Africa,” said Jonathan Jackson, Chairman of Lordship Africa the real estate development and Investment Company undertaking the project.The ambitious project, to be built at a cost of Sh5 billion sits on two acres and is being financed from a consortium of equity partners, debts bankrolling and income generated from the project’s off-plan sales.The complex will have 44 floors with 288 houses, with an average monthly rental price of Sh370, 000 and the lowest at Sh175,000, which is touted to be ‘affordable’ by its standards with a purchase price ranging from Sh11.5million to Sh32.1million for a one-bedroom and two-bedroom units respectively.Jackson says the Czech Republic and Slovakia developer, is responding to an already existing trend and the resultant demand for quality residential units by putting up the structure, albeit with distinct features, amenities matching European Union standards and requirements.“It will showcase pure architectural excellence and sophistication, making it an ideal target for investors and workers in Upper Hill to live in a quiet residential fully serviced condominium,” said Jackson.At more than 45,000 square feet, the development will include a comprehensive set of communal facilities, namely: two lush gardens covering 18,000square feet, restaurants, a deluxe gym and spa, resident bars, meeting and function rooms and lounges among other luxury amenities.