Garden City Granted Vision 2030 Partnership Project Status
Endorsement reaffirms Garden City position as a flagship project that will set the bar for property development in region. Garden City will have the multiplier effect of creating jobs and contributing significantly towards economic growth.
Garden City, the USD250million upcoming mixed-use development set on 32 acres of land on Nairobi’s Thika Highway has once again scored another first after being granted the Vision 2030 Private Sector partnership project status. The endorsement by Vision 2030 Delivery Board (VDB) elevates the status of the project as the biggest and most innovative real estate development that represents a holistic urbanization model in line with the social and economic pillars of Vision 2030.
The scheme, which will house a 500,000 square foot shopping complex, the largest and most innovative shopping mall in East Africa, an estimated 420 apartments, a three-acre park and other recreational facilities, is being financed by Actis, the pan-emerging markets private equity firm. Aspire Group and Mentor Management are the project’s international and local property, construction, project and development management consultants respectively.
Commenting after signing a Memorandum of Understanding (MoU) with Vision 2030, Actis Managing Director for East Africa Mr. Michael Turner said: “We are very delighted that Garden City has been recognized by the Kenyan government as a project that is in line with the Vision 2030 objectives. Garden City is a unique and exciting infrastructure scheme that will not only contribute towards meeting the growing demand for housing by the middle-income earners and ensure the provision of decent and sustainable housing but also play a big role in building an increasingly sophisticated retail culture in Kenya.”
Upon completion, Garden City will be a destination retail centre and a primary catchment area of 1.5 million people in Northern Nairobi node which has been poorly served by modern retail, office or leisure facilities. All the structures at the complex will be cost effective and energy efficient with the retail mall being the first LEED (Leadership in Energy and Environmental Design) certified retail mall in East Africa. This means that tenants and home owners at the scheme will enjoy lower water and electricity bills compared to those in non-green buildings.
While congratulating Actis and its partners for this major milestone, Vision 2030 Delivery Secretariat Director General Mugo Kibati said: “Besides the sustainability and all positive attributes that Garden City prides itself in, I have been informed that phase 1 of the project will result in the creation of approximately 600 permanent jobs mainly targeting local Kenyans and over 300 jobs throughout the period of construction , the multiplier effect is enormous.
The project is an example of the holistic initiatives that contribute towards our social, economic and political pillars that we are encouraging and fully welcome.” As part of the MoU, the two parties will implement mutually beneficial objectives that promote not only Vision 2030 and Garden City but also those that market Kenya as the most favorable investment destination in sub Sahara and Africa’s emerging markets.
The MoU signing comes at an opportune time when Actis has received all the regulatory approvals and has just commenced the construction of phase 1, which comprises over 330,000 square metres of retail space and around 80 residential units. . The retail centre is expected to be completed for opening by November 2014, paving the way for the entry of 120 major local and international retail brands including those opening their flagship stores such as furniture and fashion stores in the Kenyan market.
Over 50 percent of the shop space has been booked with over 40 international, local and corporate tenants having signed pre-let agreements with Actis. South Africa’s Game Discount World, Nakumatt Holdings and Tile and Carpet are some of the anchor tenants that have committed to take up space at the complex. With construction underway, Actis is expecting increased interest from tenants wanting be parht of Garden City, which will also offer a specially designed space for local artists, musicians and producers.
Images: Kenya Vision 2030