Montave all out to be game changer in Upper Hill

Montave, a high-end mixed use development recently announced by HassConsult Ltd, will sit on a 3.54-acre parcel of land at the junction of Lower Hill Road and Haile Selassie Avenue. Construction will begin in the second half of 2017, and is expected to be completed in three years. PHOTO | COURTESY

By  Millicent Mwololo

What you need to know:

  • Construction will begin in the second half of 2017, and is expected to be completed in three years.
  • The building will house one-, two- , and three-bedroom apartments, penthouses, a commercial tower, shopping mall, mini-theatre,  resident lounges, business lounges, a convention centre, an elevated park, a grand piazza, a 30-metre infinity pool 20-storeys high, and a health club. The building will also have a rooftop helipad.

Nairobi’s Upper Hill, which was once a leafy and serene residential area, has metamorphosed into a veritable commercial hub, hosting some of the most competitive businesses, not just in Kenya, but in East Africa.

Leading commercial banks, multinational companies and insurance companies have established their headquarters or regional hubs in the area.

As a result, the city’s address of choice now hosts a number of skyscrapers, among them Parliament Tower, Britam Tower, Prism Tower, Upper Hill Chambers, Avic International and Hass Towers.

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But is it Montave, a high-end mixed use development recently announced by HassConsult Ltd, that is expected to bring the most radical change.

With 40 floors and standing 160m tall, the development will add more than1 million square feet of space comprising residential, commercial and office space.

MARKET GAP

The Sh 1.83 billion Montave will sit on a 3.54-acre parcel of land at the junction of Lower Hill Road and Haile Selassie Avenue. Construction will begin in the second half of 2017, and is expected to be completed in three years.

The building will house one-, two- , and three-bedroom apartments, penthouses, a commercial tower, shopping mall, mini-theatre,  resident lounges, business lounges, a convention centre, an elevated park, a grand piazza, a 30-metre infinity pool 20-storeys high, and a health club.

 The building will also have a rooftop helipad.

“We have kick-started off-plan sales, offering the one-bedroom luxury apartments for Sh8.9million, two-bedroom apartments for Sh12.9million and three-bedroom apartments for Sh22.9million,” said Ms Sakina Hassanali of HassConsult, which is in charge of the design, construction and management of the project, whose developers include local and foreign investors.

“We have designed Montave to meet a distinct market gap. While Upper Hill holds a third of the city’s commercial property, there is very little supply of residential, retail and entertainment facilities in the suburb,” Ms Hassanali said.

“Market demand is highest for developments that have enveloped high-end commercial, retail and leisure offerings on one site as they can attract strong footfalls. Such properties will command price appreciations of up to 40 per cent above the average market rates,” said Ms Hassanali.

The last two years has seen the cost of land skyrocket in Upper Hill, grown almost ten-fold.

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