MIP WEEKLY CONSTRUCTION INDUSTRIAL REPORT NO.10
Period: October 5 to 11, 2015
China firm plans to build the most expensive luxury apartments
07/10/2015: Business Daily, page 19
- AVIC has been given the go ahead to construct four bedroom luxury apartments in Nairobi’s Kileleshwa estate that will cost Ksh 88 million each. They will also do 2br. and 3 br. units each going for Ksh 27m and Ksh 38m respectively.
- The project will have 3 basement floors and 11 typical upper floors having a total of 110 apartments units.
- The residential development, dubbed as Avic Park, is expected to be completed within 24 months.
- The total cost of housing project is estimated to be Ksh 4 Billion.
- It’s a clear indication that Kenya, more so Nairobi and its metropolis, exhibit a lucrative opportunity for international players in the construction industry to tap into.
Bamburi seeks to plug biting shortage of builders with free training of masons
05/10/2015: Business Daily page 15
- Bamburi cement is offering free masonry training to more than 1600 Kenyans, hoping to plug the deficit of skilled labour in construction Industry, which has been blamed for the rise of poor quality and dangerous buildings.
- There is a boom in real estate generating the need for more construction workers which is acting as a limiting factor with investors deterred by shortage and lack of quality workmanship, creating profound issues of reputation for the sector.
- Bamburi believes that only by enhancing skills in the construction industry will it help the rising needs of the industry.
Safaricom Sacco to build 15-storey office complex
05/10/2015: Daily Nation, DN2 Magazine, page 3
- Safaricom Sacco is seeking to raise Ksh 1 billion through the sales of shares to members to raise funds for the project among other real estate investments.
- The building will have a swimming pool at the top, green energy and will be made of about 50 to 60 percent glass.
Increase in number of international entrants in the real estate industry in Kenya
11/10/2015:Cytonn InvestmentsWeekly Report No. 40
- American based X – Calibur Construction systems, plans to make Nairobi its African and Middle East headquarters, shifting their headquarters from United Arab Emirates where operations are currently run.
- The firm has been supplying big industrial projects in the country including Muthaiga heights, Bidco, Karen hub, Tullow oil and Imperial health products.
- The firm also has programs that seek to equip the Kenyan market with professional skills in the construction industry. X–calibur sponsors a certification course being conducted by the University of Johannesburg.