Sultan Palace Development Limited, a real estate developer, has launched the first phase of the over Sh. 5 billion exclusive beach resort project located in Kikambala, Kilifi County. Dubbed the Sultan Palace Development Beach Retreat, this eco-friendly project covers 60 per cent of the green area with the buildings taking up the remaining 40 per cent.
Pegged on the economic potential of Kikambala, Sultan Palace Beach Retreat is one of the biggest upcoming mega housing projects in the area with the aim of boosting the countryâ€™s real estate sector while reaffirming the tourism potential at the coastal town.
Sitting on 43 acres along 700m of exquisite white sandy beach, Sultan Palace Beach Retreat will be a concurrent development conceptualized by Wimberley Allison Tong & Goo (WATG) master planners, while Planning System Services are the project architects. The resort will be situated 25km from Mombasa and will cover sufficient space and proximity to the city for potential owners following huge demand for a family oriented development in a serene and exclusive environment.
â€œThere was a gap in this sector and we felt the need to venture into this market as Kenya has proven to be the world tourism destination with beach retreats as one of the most sought after destinations worldwide,â€ said Liu Tiancai, General Manager, Sultan Palace Development Ltd.
The developer is upbeat on the country’s potential, given the response received since construction began early in the year. Already, the Diamond residences, for sale by invitation only, are almost sold out.
In addition, other units include the Emerald condos and Ruby Beach House that will retail at an introductory price of Sh. 9.95M and Sh 29.95M and respectively, in the resort that embodies Swahili Arabic architecture, complete with a modern design. Potential buyers are requested to pay an initial 20 per cent deposit, followed by eight quarterly installments of 10 per cent per quarter.
“Security has definitely been given a lot of priority in this project. We will have censors around the boundary wall and access control in all the units and we are examining our buyers to ensure it is the right group of people investing in the resort,” said Fena Owira, Sultan Palace Development Limited Sales and Marketing Executive.
According to the General Manager, properties around North coast experience a 10- 15 per cent per annum capital growth and the developer anticipates investors in Sultan Palace Beach Retreat will get a substantial return both on capital and rental investments.
More than 90 per cent of the workforce is Kenyan, spread across all levels and the completion date is set for December 2016, with the project being fully financed.