Plot and home
owners at Thika Greens are reaping over 30 per cent in capital appreciation and
eyeing a constant 20 per cent annual growth in returns driven by the surge of
both buyers and investors interested to gain from the completed Thika
Superhighway and the estate’s lifestyle offering. The estate’s results outstrip
the national averages in real estate returns, and give hope for the rise of the
sector after slow growth following high interest rates, a weak shilling and the
forthcoming Kenyan general elections.
“Some of the serviced plots sold six months ago are now worth 1.5 times their buying prices and we expect the return to rise rapidly as the project infrastructure and golf-course is completed before the end of the first quarter 2013,” said Mr. Charles Kibiru, Co-founder and CEO, Thika Greens Limited.
The developer observed that the close to double capital value has also been driven by increased interest in affordable luxury living and the unique lifestyle integrated in Thika’s first golf city.
Thika Greens golf city houses an 18-hole championship golf course, private members’ clubhouse that is also open to non-residents, five and three star hotels, an office park, a world class shopping mall, community centre, retirement village, schools, a hospital and a police station.
In June 2012, the annual Wealth Report published by Citi Private Bank and global real estate managers Knight Frank, reported that luxury homes in Nairobi and the Kenyan coast were the best-performing prime residential property markets in the world.
Compared to other well-known global locales, Nairobi and the Kenyan coastal towns experienced the highest rise in property prices in 2011 globally. According to Knight Frank’s tracking Prime International Residential Index (PIRI), out of the 71 best prime residential property locations surveyed, Nairobi recorded the highest growth with a 25 per cent increase for high-end residential properties. The Kenyan coastal resort towns came second with a 20 per cent increase.
This makes Thika Greens a world leader based on its current track in capital appreciation.
“Thika Greens has generated high interest from local investors, first home owners and Kenyans in the diaspora and this is driving our sales” said Mr. Kibiru. “This demand is leading to the appreciation and our very first buyers are the biggest beneficiaries.”
In three years, the development, in three phases, has recorded unique progress, running ahead of its original schedule, with 960 plots in phase one now sold out, 45 per cent of phase two sold and 60 per cent of phase three sold.
“We offer home buyers a serene, luxurious and secure environment as we help actualise the social pillar of Vision 2030 to decongest Nairobi city and other urban centres,” said Mr. Kibiru.
Other real estate developments incorporating world class golf courses around the globe have continued to prove that this lifestyle is attractive to buyers, earning high premiums. In the US, golf properties are three times as valuable as the average home, while in the UK, golf homes cost a premium of 56 per cent more.
“Eighty per cent of people buying the plots are not golf players but assert that their buying decision was primarily influenced by the existence of a championship Golf Course that considerably improves the value of their purchase,” said Mr. Kibiru. “With this growing interest we promise continued appreciations of over 50 per cent in three years
“I bought my plot with inbuilt infrastructure like roads, water piping and security systems two years ago and it’s now worth 1.5 times the buying price,” said Steven Njoroge, buyer at Thika Greens. “This means that after constructing, the property itself is set to be worth more than two times my initial capital investment.”
The development is expected to deliver up to 4,000 new homes in a fast growing locality within Thika Municipality and result in value creation of close to Sh60 billion thus providing a significant boost to the local economy.
Sales of the development began in 2009, with the focus in the last 2 years on infrastructure and amenities that are now catalyzing home constructions on the site. Some 34km of water piping and 22km of road have already been completed in phase 1 alone, while 68 per cent of roads have already been constructed in phase 2.
“Thirty-two self-build houses are currently under construction and our architects are already working with even more plot owners, most of whom are set to begin building. We expect by the end of 2013, 300 constructions will be ongoing,” said Mr. Kibiru.
The shaping of its 307-acre, 18-hole championship golf course has been completed and the grass planted on holes 1,2, 8,9 & 10 and 1 will be making the first grass cut any time. ‘The first 9 holes have been fully planted and will be ready for play by April 2013. The club house will also be ready for use,” said Mr. Kibiru.
Thika Greens development is a controlled development along Thika Super Highway that aims to develop three unique gated residential communities. It was incorporated on 29th December 2008, on some 1,706 acres of land in the outskirt of Nairobi, but within the 100km radius of Nairobi’s metropolitan boundary.
“Some of the serviced plots sold six months ago are now worth 1.5 times their buying prices and we expect the return to rise rapidly as the project infrastructure and golf-course is completed before the end of the first quarter 2013,” said Mr. Charles Kibiru, Co-founder and CEO, Thika Greens Limited.
The developer observed that the close to double capital value has also been driven by increased interest in affordable luxury living and the unique lifestyle integrated in Thika’s first golf city.
Thika Greens golf city houses an 18-hole championship golf course, private members’ clubhouse that is also open to non-residents, five and three star hotels, an office park, a world class shopping mall, community centre, retirement village, schools, a hospital and a police station.
In June 2012, the annual Wealth Report published by Citi Private Bank and global real estate managers Knight Frank, reported that luxury homes in Nairobi and the Kenyan coast were the best-performing prime residential property markets in the world.
Compared to other well-known global locales, Nairobi and the Kenyan coastal towns experienced the highest rise in property prices in 2011 globally. According to Knight Frank’s tracking Prime International Residential Index (PIRI), out of the 71 best prime residential property locations surveyed, Nairobi recorded the highest growth with a 25 per cent increase for high-end residential properties. The Kenyan coastal resort towns came second with a 20 per cent increase.
This makes Thika Greens a world leader based on its current track in capital appreciation.
“Thika Greens has generated high interest from local investors, first home owners and Kenyans in the diaspora and this is driving our sales” said Mr. Kibiru. “This demand is leading to the appreciation and our very first buyers are the biggest beneficiaries.”
In three years, the development, in three phases, has recorded unique progress, running ahead of its original schedule, with 960 plots in phase one now sold out, 45 per cent of phase two sold and 60 per cent of phase three sold.
“We offer home buyers a serene, luxurious and secure environment as we help actualise the social pillar of Vision 2030 to decongest Nairobi city and other urban centres,” said Mr. Kibiru.
Other real estate developments incorporating world class golf courses around the globe have continued to prove that this lifestyle is attractive to buyers, earning high premiums. In the US, golf properties are three times as valuable as the average home, while in the UK, golf homes cost a premium of 56 per cent more.
“Eighty per cent of people buying the plots are not golf players but assert that their buying decision was primarily influenced by the existence of a championship Golf Course that considerably improves the value of their purchase,” said Mr. Kibiru. “With this growing interest we promise continued appreciations of over 50 per cent in three years
“I bought my plot with inbuilt infrastructure like roads, water piping and security systems two years ago and it’s now worth 1.5 times the buying price,” said Steven Njoroge, buyer at Thika Greens. “This means that after constructing, the property itself is set to be worth more than two times my initial capital investment.”
The development is expected to deliver up to 4,000 new homes in a fast growing locality within Thika Municipality and result in value creation of close to Sh60 billion thus providing a significant boost to the local economy.
Sales of the development began in 2009, with the focus in the last 2 years on infrastructure and amenities that are now catalyzing home constructions on the site. Some 34km of water piping and 22km of road have already been completed in phase 1 alone, while 68 per cent of roads have already been constructed in phase 2.
“Thirty-two self-build houses are currently under construction and our architects are already working with even more plot owners, most of whom are set to begin building. We expect by the end of 2013, 300 constructions will be ongoing,” said Mr. Kibiru.
The shaping of its 307-acre, 18-hole championship golf course has been completed and the grass planted on holes 1,2, 8,9 & 10 and 1 will be making the first grass cut any time. ‘The first 9 holes have been fully planted and will be ready for play by April 2013. The club house will also be ready for use,” said Mr. Kibiru.
Thika Greens development is a controlled development along Thika Super Highway that aims to develop three unique gated residential communities. It was incorporated on 29th December 2008, on some 1,706 acres of land in the outskirt of Nairobi, but within the 100km radius of Nairobi’s metropolitan boundary.
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