On Tuesday, November 20, 2018, Everest Park said it had sold 70 percent of its Athi River mixed-development project, a 200-unit estate that has already brought in Sh500 million.
The project, known as Everest Park Apartment phase II, was developed through a joint venture between Everest Park Ltd and Shelter Afrique, which provided equity financing of Sh755 million. Managing director James Muriuki said the sales pace would likely have been stronger if not for problems linked to the first phase.
“We have sold up to 70 per cent of our mixed-use development in Athi-River.,” said Everest Park managing director James Muriuki.
The complex sits along the busy Mombasa-Nairobi highway and includes 60 one-bedroom units, 100 two-bedroom units and 40 three-bedroom units. It also has a children’s playground, parking facilities and a commercial centre that was still under construction at the time.
Construction began in August 2015 and was completed in February 2018 on a three-acre parcel of land.
Muriuki said the market had slowed after the National Building Inspectorate declared some houses in Everest Park Apartment phase I unsafe for occupation. He said the company had already agreed on a repair plan with the regulator.
“Some of the houses were declared unfit for occupation by the regulator and we have so far agreed on a repair plan. Were it not for this, by now, we would have sold up to 90 per cent in Phase II,” he said.
