Sh2bn ‘holiday home’ takes shape
A section of Pangoni Resort: “Our target is the growing middle class, professionals and business class who want to take off on holiday and desire a different experience from what hotels offer,” says Mr Yesse Oenga, one of the directors. Joseph Otieno | Nation
What you need to know:
- Located at Shanzu, Mombasa, Pangoni Resort comprises 50 fully furnished apartments with a maximum of three rooms, and can house 185 guests
A Sh2 billion seaside resort has officially opened its doors at the coast as demand for family holiday destinations peak.
Pangoni Resort, located at Mombasa’s Shanzu area on the North Coast, comprises 50 fully furnished apartments with a maximum of three rooms. It can house 185 guests.
The resort is owned and managed by Oakpark Mombasa, a partnership between three companies — Oakpark Properties, Guava Limited and Liarnard Limited — and is funded by the East Africa Development Bank (EADB).
Home experience
According to Mr Yesse Oenga, one of the directors of Oarkpark Mombasa, construction of the resort followed increased demand for apartments that provide similar service to hotels while at the same time giving guests a home experience.
“Our target is the growing middle class, professionals and business class who want to take off on holiday and desire a different experience from what hotels offer,” said Mr Oenga.
All the apartments were sold out days after the construction was completed, he said.
A second phase that will see construction of 30 more apartments at the cost of Sh400 million, exclusive of the price of land, is underway.
EADB’s director general Vivienne Yeda says the apartments offer a solution to potential investors who want to own a home by the sea but are often put off by escalating prices of land.
Broad participation
“Sustainable tourism calls for innovative ways of developing bed facilities while ensuring broad participation by local investors,” she said.
Currently, an acre of land near the Indian Ocean costs between Sh35 and Sh40 million, depending on demand forces.
Each apartment was sold for Sh18 million but prices for apartments in the second phase will be revised to match the current exchange rates that have seen the local currency lose about 30 per cent of its value to the dollar and other major currencies.
Revise the figures
“The prevailing exchange rates have forced us to revise the prices for apartments that will be constructed in the second phase.
“This means that a one-bedroom apartment will go for about Sh23.4 million,” said Mr Oenga.
In the vicinity of Pangoni Resort are eight other housing projects that are at various stages of construction.
Plans are underway to form a working relationship with the various developers of these projects on common sharing of infrastructure.
