Property developer woo home buyers in Sh1.2B Langata project
Friday, September 3rd, 2021 00:00 | 2 mins read
Property developer Purple Dot International Limited is eying home buyers with an upcoming modern off-plan townhouses project in Langata area.
The Sh1.2Billion project, according to the firm’s General Manager Jiten Kerai, targets affluent buyers keen on quality and trendy building structures in the market today but also protecting the buyers from risk in the early stages of ownership.
“We continue to see a steady growth in real estate this year, more so with semi-detached townhouses similar to what we have here at Marigold Residency. The off-plan sales uptake has been very encouraging and we are currently looking into offering our investors and home buyers quality finishes, more improved and functional interior design, amenities for our planned projects in the area,” he said while addressing journalists.
Adding that, “We have continued offering quality living spaces with attractive returns, and Marigold is no different.”
The commercial real estate developer broke ground on its latest real estate project in November last year as it seeks to make a name for itself in the crowded sector.
It sits on a 3-acre parcel of land will comprise of 42 four-bedroom units, of 2,650 Sqft each selling at Sh31 Million on the market. The project further offers a great opportunity for home owners looking for a serene, luxurious and quality place to live with their families while delivering attractive returns to investors.
This comes even as the market continues to shake of investor jitters and apprehension brought by the pandemic that had been compounded by tough economic environment.
Indeed, amid concerns of the abovementioned factors, stakeholders in the sector continue to rally the government to offer tax incentives on certain raw materials if the sector is to shake off the pandemic blues.
“These are still dire challenges for the sector but it is our hope judging by positive sector sentiments that things will improve even as we approach the general elections in 2022,” said Kerai.
The construction industry is projected to grow by 4.5 per cent year-on-year this year as the sector recovers from the negative impact of the Covid-19 pandemic.
Industry insiders say more than a year since Covid-19 pandemic shut down and twisted so much of people’s lifestyles, things are still unpredictable.
The cost of steel prices for instance, has subsequently affected the country’s construction industry, which heavily relies on steel for such functions as installation of reinforcing bars, manufacturing of heating and cooling equipment as well as internal fixture and fittings.
As a result of the rising costs, local manufacturers of steel products have increased prices of goods ranging from construction bars to galvanized sheets and steel tanks to reflect soaring metal prices in the global market.
Prices of construction metals have increased by up to 25 per cent in Kenya with a kilogram currently selling at Sh125 up from Sh85 in December 2020.