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ICDC WOES COASTAL PROPERTY MARKET WITH ITS LUXURIOUS OCEANIA APARTMENTS

ICDC WOES COASTAL PROPERTY MARKET WITH ITS LUXURIOUS OCEANIA APARTMENTS

By MOVINCE ODUOR

Industrial Commercial Development Corporation has officially declared its venture into the property market. It seeks a share of the lucrative real estate market after revealing financial plans for its sh.650m residential project in Mombasa.

The financial development institution aims to sweeten purchase process saying it will finance 80 per cent of the total buying price per unit to catalyze faster uptake of units. “The main incentive for early adopters will be discounted prices for off-plan sales, being able to choose their preferred location and the ability to propose changes of the interior finishing to their particular apartment while the development is on-going,’’ said Kennedy Wanderi, ICDC Acting Executive Director.

Oceania Apartments is a 36 unit development in Kizingo, Mombasa, whose construction started in 2015. It features 3-bedrooms all en-suite units served by 2 lifts, a rooftop pool and recreational area, Back-up generator, air conditioning and underground tanks.

Oceania 1

An artistic impression of the Oceania Apartments in Mombasa. (Image: Courtesy/eamb)

According to Mr. Kennedy, prospective buyers will have a flexible repayment term of up to 15 years at a competitive rate of 13 per cent per annum. “Our target clients are families that want to indulge in a luxurious lifestyle at an affordable price and investors who want to generate returns by offering furnished apartments,’’ added Mr. Kennedy. ICDC said it would leverage on the overwhelming appetite for off-plan properties, which has seen many developers slowly shun from complete projects.

The corporation, which owns a 22.97 stake in Centum Investments, is currently undertaking other projects in real estate and commercial parks. The project catalogue includes Runda Paradise in Nairobi, Zamia Heights in Mombasa and an Industrial Park in Eldoret with both consuming ksh. 6billion.

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