Superior homes announces Kes30Bn investment
Superior Homes Kenya PLC (SHK), the developer of Greenpark Estate, has announced a Sh30 billion investment to put up a new 3,000-unit housing project in Athi River.
The gated community development targeting the middle class will be on 337 acres of land that SHK is set to acquire from East African Portland Cement Company (EAPCC). It is adjacent to Greenpark Estate along Mombasa road.
This follows a ruling by the Court of Appeal in favour of SHK that ordered EAPCC to sell the land to the developer in line with a sale agreement that had been signed in 2005.
“We have almost exhausted development on the 163 acres at Greenpark Estate and the new land will allow us to expand our vision of providing a truly world class master-planned and sustainable development,” said SHK Managing Director Ian Henderson.
Superior Homes purchased the land on which it has been developing Greenpark Estate from East Africa Portland Cement in 2005 with an option to buy the adjacent plot. However, disputes emerged after the cement processor failed to complete the sale, prompting SHK to seek legal redress.
The High Court found in favour of the developer and EAPCC held their position and took the matter to the Court of Appeal which has upheld the decision.
Henderson said: “We want to create a development with all the infrastructure and amenities required for a truly cosmopolitan neighbourhood within easy travelling distance to Nairobi,” he affirmed.
Superior Homes is in the process of listing on the Nairobi Securities Exchange.