Tilisi Developments Plc to Begin Construction of 186 High-End Villas in Rironi

By SokoDirectory Team / October 28, 2019 | 6:58 am




Tilisi Developments Plc, a real estate developer, announced that they are set to begin construction of 186 high-end villas on a 41-acre parcel of land within the Tilisi masterplan development located in Rironi, Limuru area.

According to Cytonn Investment’s weekly report, the project will consist of 3-bed, 4-bed and 5-bed villas of 212 SQM, 232 SQM, and 585 SQM, and priced at 18.5 million shillings, 20.0 million shillings and 59.0 million shillings, respectively, translating to an average of 91,442 shillings per Square meter.

In comparison to the Redhill/Sigona area market average of 105,218 shillings according to the NMA Residential Report 2018/2019, the prices offered are 13.1 percent lower than the market average.

The area remains attractive to investors driven by;

  1. The area remains attractive to investors driven by;
    The improving infrastructure such as the ongoing upgrading of Waiyaki Way to a six-lane highway, which is expected to ease of accessibility to areas such as Limuru on completion, and
  2. The relatively affordable prices of development land in Limuru area compared to Nairobi suburbs areas and satellite towns, which according to our research, recorded average prices of approximately 20.0 million shillings per acre in Limuru Town compared to the market average of 24.0 million shillings and 81.0 million shillings per acre for satellite towns and low-rise Nairobi suburbs, respectively. Master-planned developments are mixed-use developments built in a rural or undeveloped area that offer varying themes such as residential, retail, industrial, education facilities, etc.

The table below shows the performance of detached Upper Mid-End suburbs in 2018/2019:

Due to rapid population growth and urbanization, analysts from Cytonn Investments expect to see developers continue shifting urban development from cities to rural or undeveloped areas with the availability of large tracts of land at affordable prices.

Read Also: Equities Maintain Upward Trend as Market Anticipates Parliament’s Repeal of the Interest Rate Cap







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