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Superior homes announces Kes30Bn investment

by: Category: Construction, East Africa, Featured, In Focus, Industry, Real Estate and Property, Regional A+ / A-

Superior Homes Kenya PLC (SHK), the developer of Greenpark Estate, has announced a Sh30 billion investment to put up a new 3,000-unit housing project in Athi River.

The gated community development targeting the middle class will be on 337 acres of land that SHK is set to acquire from East African Portland Cement Company (EAPCC). It is adjacent to Greenpark Estate along Mombasa road.

This follows a ruling by the Court of Appeal in favour of SHK that ordered EAPCC to sell the land to the developer in line with a sale agreement that had been signed in 2005.

“We have almost exhausted development on the 163 acres at Greenpark Estate and the new land will allow us to expand our vision of providing a truly world class master-planned and sustainable development,” said SHK Managing Director Ian Henderson.

 

Superior Homes purchased the land on which it has been developing Greenpark Estate from East Africa Portland Cement in 2005 with an option to buy the adjacent plot. However, disputes emerged after the cement processor failed to complete the sale, prompting SHK to seek legal redress. The High Court found in favour of the developer and EAPCC held their position and took the matter to the Court of Appeal which has upheld the decision.

“I would like to pay tribute to EAPCC for fighting fair and, above all, to thank the Appellate judges for delivering a ruling which again underscores the independence of the Judiciary in Kenya,” Mr Henderson said.

He revealed that Superior Homes will develop a master plan for a well serviced community in line with the original vision of Greenpark Estate.

“We want to create a development with all the infrastructure and amenities required for a truly cosmopolitan neighbourhood within easy travelling distance to Nairobi,” he affirmed.

Superior Homes is in the process of listing on the Nairobi Securities Exchange.

About Superior Homes

Superior Homes was registered in Kenya in 2005 as a Real Estate Development company. It has invested in the award winning Greenpark Lifestyle Estate along Mombasa Road in Athi River. Greenpark sits on 163 acres overlooking the Lukenya Hills. SHK has built 450 houses, 2 schools, a convenient shop and The Sundowner Clubhouse which houses a Sports Bar, Restaurant, Gym, Sauna, Steam, Swimming pool, Tennis Court and accommodation.

The development will comprise 700 houses and a shopping centre in addition to the current amenities. Superior Homes Kenya Ltd is constructing a 50-room luxury hotel at Lake Elementaita, while it also engages several partners and county governments on development of real estate projects in other parts of the country.

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Superior homes announces Kes30Bn investment Reviewed by on . Superior Homes Kenya PLC (SHK), the developer of Greenpark Estate, has announced a Sh30 billion investment to put up a new 3,000-unit housing project in Athi Ri Superior Homes Kenya PLC (SHK), the developer of Greenpark Estate, has announced a Sh30 billion investment to put up a new 3,000-unit housing project in Athi Ri Rating: 0

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Business Journalist since 2009, has worked for Financial Post, Standard Media Group, Business Journal and People Daily Chief Editor at The African Business Fortune Magazine Hobbies: Singing, Interacting and Reading Comics
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