The land prices at Tatu City rise to Sh10.5mn per quarter acre
The land prices at Tatu City, the 5000-acre multi-use infrastructure, have increased to Sh10.5mn (US$102,060) per quarter.
The price has risen by almost a third over the past 18 months as the American firm, Rendeavour, received a high demand for sales.
The developer announced on 18 January that it has sold 148 plots in 2017 to individuals buyers, which accounted for almost 50% of all sales over the prior three years.
Tatu City, located in Kijani Ridge in Kiambu county, will serve as a satellite city featuring high-end homes, private schools, offices, shopping malls, hospitals, hotels, light industries, and entertainment spots.
The land cost was previously selling at Sh8mn ($77,760) per quarter acre, but has now reached Sh10.5mn, with half an acre of land selling for Sh16mn ($155,520), up from between Sh12.5mn ($121,500) and Sh14mn ($136,080).
“What we are offering is a fully functional satellite city where people live, learn, work and play, something a kin to South Africa’s Sandton,” stated Mr Langford, Country Head of Rendeavour.
The Kijani Ridge is subdivided into 439 plots, 74% of which have been sold, at 326 plots.
Out of the 326 plots, 186 cover a quarter of an acre, and the remaining 140 cover half an acre.