Fusion capital eyes Mombasa market with creekside apartments

Thursday February 26 2015

Fusion Capital chief executive Luke Kinoti (centre), the firm’s real estate director Daniel Kamau (left) and investment manager Bethuel Mutai look at an architectural impression of the Sh1.1 billion Marina Creekside Luxury apartments. The company has started building the 90 three-bedroom apartments on the shores of Mtwapa Creek. PHOTO | COURTESY

Fusion Capital chief executive Luke Kinoti (centre), the firm’s real estate director Daniel Kamau (left) and investment manager Bethuel Mutai look at an architectural impression of the Sh1.1 billion Marina Creekside Luxury apartments. The company has started building the 90 three-bedroom apartments on the shores of Mtwapa Creek. PHOTO | COURTESY 

By DN2 TEAM

Real estate developer Fusion Capital is set to boost the supply of houses at the coast once it commissions its 90 three-bedroom apartments on the shores of Mtwapa Creek.

To bring down the cost of the homes, the developer has used the concept of a gated community to construct the Marina Creekside Luxury Apartments, according to group Chief Executive Luke Kinoti.

“This is an exclusive area and our intention is to bring middle class Kenyans into the area,” he said.

The apartments are situated on the second row of Mtwapa Creek, next to La Marina Restaurant. Each apartment measures 183 square metres, is all-ensuite, and has an open-plan kitchen.

PREFERRED CHOICE

Ten of the 90 apartments have been completed, with the remaining expected to be finished by June 2016. The houses are going for Sh17.5 million each and mortgage arrangements have been made with Kenya Commercial Bank.

Because of their enclosed nature, gated community neighbourhoods have become the preferred choice by home buyers because they offer a sense of security, privacy and exclusivity.

In recent times, the need for privacy and optimum security has driven property developers to adopt clustered and secured housing structures as one way of attracting buyers. The housing concept usually comprises apartments, maisonettes, a shopping mall and a community centre.

Such developments include Summerfield in Nairobi, Bahati Ridge in Thika, Fourways Junction in Kiambu, and Longonot Gate in Naivasha. In Kisumu, Home Afrika is putting up a Sh2 billion similar development situated at Riat Hills.

Living in a gated environment also creates a real sense of community, adds Mr Kinoti. “The intention is to create a lifestyle of dignity and build houses that create serenity to give occupiers peace to think and relax. They get a real sense of community living when in a gated neighbourhood.”

Fusion real estate director Daniel Kamau said the real estate developer’s strategy is to build medium-size estates which are neither too small nor too large. Majority of the company’s residential projects comprise 100 to 200 units.