The malls provide convenience and variety, which appeal to the growing middle class, noted for their high-end lifestyle trends Crystal Rivers Mall is one of the commercial real estate developments that was funded by the Safaricom Pension Scheme at KSh 4.4 billion
To meet the growing demand for retail space, investors in Kenya are building visually stunning malls in Nairobi and other major cities and towns.
Kenyans enter the Crystal Rivers Mall in Athi River town. Photo: Crystal Rivers.
Source: Facebook TABLE OF CONTENTS Why there's a surge in the commercial real estate sector How much did Crystal Rivers Mall cost? Who built Crystal Rivers Mall? Crystal Rivers apartments and townhouses + View more Due to their "everything under one roof" approach, these shopping centres draw local and foreign brands.
READ ALSO Meet Kenyan Businessman Behind MajiApp Connecting Water Buyers With Sellers, Partnership With M-Pesa The malls provide convenience and variety, which appeal to the growing middle class, noted for their high-end lifestyle trends.
PAY ATTENTION: Click “See First” under the “Following” tab to see TUKO News on your News Feed Why there's a surge in the commercial real estate sector The 2024 Wealth Report by Knight Frank provided insights into wealth investment trends among high-net-worth individuals (HNWIs) in Kenya.
Boniface Abudho, Africa Research analyst at Knight Frank, told TUKO.co.ke there was an upturn in Kenya's real estate industry, particularly in the commercial sector. "The average office occupancy rates have seen a notable uptick, with a year-on-year increase of 5%, climbing from 72% at the beginning of 2023 to approximately 77%.
Despite fluctuations, the commercial sector emerges as the frontrunner in performance. Commercial real estate continues to demonstrate robustness and attractiveness to investors.
Factors such as the city's status as a regional economic hub, the influx of multinational corporations, and the expansion of local businesses contribute to sustained interest and activity in the commercial property segment," said Abutho.
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Crystal Rivers Residences: Inside Safaricom Scheme Apartments Marooned by Floods in Athi River, Cost How much did Crystal Rivers Mall cost? Crystal Rivers Mall is one of the commercial real estate developments.
It was funded by the Safaricom Pension Scheme to the tune of KSh 4.4 billion and is located off Mombasa Road in Athi River, Machakos county.
Joseph Ogutu is the scheme's chairman, Monicah Wairimu is the administration and operations manager, and Richard Gitahi is the secretary. It comprises a shopping space measuring 200,000 square feet.
Inside the extensive compound hosting the mall are maisonettes, apartments and a school sitting on 17 acres of prime land. Who built Crystal Rivers Mall? The mall was constructed by the South African company Paragon Group. The project includes a commercial retail centre with more than 20,000 square meters of space.
There are three levels of upscale shopping space in the retail centre. Chandarana Supermarket signed an agreement to become the mall's anchor store. READ ALSO List of Properties, Businesses Where Super Rich Kenyans are Investing Monies The mall has plenty of parking for up to 700 cars, as well as meeting rooms, dining establishments, offices, and entertainment spaces.
Crystal Rivers Mall hosts over 100 stores, ranging from culinary to en-vogue fashions and chic home décor. Crystal Rivers apartments and townhouses According to its website, the mixed-use real estate development features 398 units. The units were recently hit by floods, which have destroyed property nationwide.
The developers sold stylish three-bedroom apartments for KSh 6.5 million, three-bedroom townhouses for KSh 11 million, and prestige four-bedroom townhouses for KSh 12 million.
The three-bed, two-bath luxury apartments span 13 blocks, with four floors and four units per floor located in an estate with a double pool area, ultra-modern mall, school, kids playground, and 24/7 security. They boast a solar-powered water heating system, a standby generator and elevators throughout the residential buildings.
READ ALSO Kenya's Super Rich Individuals Rank Kenya Top Destination to Buy New Homes Crystal Rivers’ sales lead, Judy Muiruri, noted investors and homeowners acquired the townhouses, while the apartments attracted both locals and Kenyans living abroad.
