Kilifi County set for an exclusive Sh5 billion beach holiday resort

Real estate developer Sultan Palace Development Ltd early this month launched the first phase of an exclusive beach resort in Kikambala, Kilifi County.

The Sultan Palace Development Beach Retreat, an eco-friendly project  worth more than Sh5 billion, targets upmarket local buyers, according to Mr Liu Tiancai, the general manager of Sultan Palace Development Ltd.

Pegged on the economic potential of Kikambala, Sultan Palace Beach Retreat is one of the biggest upcoming mega housing projects in the area, which aims to boost the country’s real estate sector while reaffirming the tourism potential at the coastal town, said Mr Tiancai.

Located just 25 km from Mombasa, the project, which sits on 43 acres along 700m of white sandy beach, comes in response to a huge demand for a family-oriented development in a serene and exclusive environment, says Mr Tiancai.

It targets high-end investors following increased interest among  Kenyans in holiday homes.

“There was a gap in this sector and we felt the need to venture into this market as Kenya has proved to be a world tourism destination, with beach retreats highly sought-after worldwide,” said Mr Tiancai.

FLAGSHIP PROJECT

The retreat will include The Souk, a residents’ club that comprises a beach bar, a gourmet restaurant, a  café/brasserie as well as a gym and a health spa. 

In addition, residents will have access to a water park and a kids club, meaning it will provide  entertainment for  the whole family.

The second phase will see the developer introduce five-star hotels.

“This is a very tourism-oriented development and Kenya has definitely proved worthy of every investor’s list, in terms of its potential and growth capacity. We wanted to create a global destination, something authentic to Kenya yet modern, that you would find nowhere else in the world,” Mr Tiancai said.

“Security has definitely been given a lot of priority in this project.

We will have sensors around the boundary wall and access control in all the units, and are examining our buyers to ensure it is the right group of people investing in the resort,” said Fena Owira, the company’s sales and marketing executive.

According to the General Manager, properties around North coast experience a 10- 15 per cent per annum capital growth and the developer anticipates investors in Sultan Palace Beach Retreat, will get a substantial return both on capital and rental investments.

More than 90 per cent of the workforce is Kenyan, spread across all levels and the completion date is set for December 2016, with the project being fully financed.

The project was conceptualised by the internationally renowned Wimberley Allison Tong & Goo (WATG) master planners, while Planning System Services are the project architects, says the General Manager.

SALE BY INVITATION

It is in line with  Kenya’s Vision 2030, whose flagship projects  include developing resorts  in Diani, Kilifi, Lamu, Turkana and Isiolo, with a view to optimising the rich tourism potential and attracting economic activities and investments in these regions in this light, We have over 20 years’ experience in real estate and have done this in countries around the world, and thus feel Kenyans deserve the best that we have to offer, the General Manager said.

The developer is upbeat on the country’s potential, given the response received since construction began early in the year.

Already, the Diamond residences, for sale by invitation only, are almost sold out, he says.

In addition, other units include the Emerald condos and Ruby Beach House that will retail at an introductory price of Sh. 9.95 Million and Sh 29.95Million respectively, in the resort that embodies Swahili Arabic architecture, complete with a modern design.

Potential buyers are requested to pay an initial 20 per cent deposit, followed by eight quarterly installments of 10 per cent per quarter.