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;
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.