Mr Lee Karuri, the Resorts & Cities Chairman (left), Mrs Consolata Gituto (second left), Mrs Sophia Wathigo (second right) and Mr James Wathigo, a director at Resort & Cities display an impression of the Longonot Gate mega resort.
The property developers behind the Longonot Gate mega resort city have announced the creation of a mother company, Resorts & Cities Limited, which will anchor all their future property developments projects. Mr Lee Karuri, the chairman of the new company, said the move will help future projects reap brand equity from the professionalism associated with projects such as Longonot Gate among others.
On completion of the projects over the next five years, it is anticipated that a total of Ksh140 billion will have been injected into the economy through the construction of homes, commercial amenities, golf courses, hotel and convention centres, hospital, schools, shopping malls, sports centres and other innovative social amenities.
“What we are putting in place is a brand association strategy; every real estate project we develop will have a distinct mark of quality and excellence associated with the Resort & Cities brand,” said Mr Karuri.
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The real estate company’s business model is to build world class integrated communities which includes well planned modern infrastructure such as roads, ICT connectivity, water supply, sewerage systems, power connections as well as other economic, leisure and state-of-the-art social amenities. Prime locations within the counties are becoming preferred spots for real estate developers looking for opportunities away from an increasingly congested towns to create new economic destinations.
Kenyans are increasingly seeking new opportunities that offer a more diverse and secure lifestyle for holiday homes, retirement and leisure away from the urban areas. Our clientele is not only looking for homes in the serene countryside but also seeking to generate revenue through offering their homes for short stays guests,” said Consolata Gituto, the Resorts & Cities Managing Director.
In what now seems to be the trend, developers have taken advantage of large tracts of land previously reserved for agriculture to set up multimillion gated communities targeting the growing middle class and upper class who have a sense of style.
Mr James Wathigo, a Director at Resorts & Cities, says this kind of developments are offering Kenyans new opportunities to grow their investments. “There is a need for both the county and national government to support the infrastructural requirements of these new economic hubs.”
Kenya’s leisure property market has in the recent years experienced new golf-course resort developments which feature internationally-rated golf courses, holiday homes, conference facilities, retirement cottages, sporting facilities and theme parks in a secure environment. Presently, the country’s annual housing deficit is estimated to be 300,000 units. The country’s state run, housing corporation, estimates that the current urban housing needs are 150,000 units per year to cater for the shortfall.
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