Tatu City beats real estate slack to sell out residential properties
Published on: March 09, 2021 03:45 (EAT)
Urban developer Tatu City beat the 2020 slack in real estate to nearly sell out all of its residential properties as it marked unprecedented demand for home units. According to the developer’s Head of Sales David Karimi, the 5000-acre mixed-use development has sold out 90 per cent of its residential portfolio on the back of high demand for serviced land. “The demand for residential spaces has been on the rise with uptake increasing greatly in the past one year. On a monthly basis, we’ve managed to sell about 10 units and expect the growth trajectory to persist,” he said. Further, Karimi has credited the greater sales to increased interest in serviced plots defined as properties bordering key amenities including roads, schools, hospitals and access to water and electricity. While some developers have tainted such properties by promising customers’ gold only to end with white elephants, Karimi says Tatu City’s portfolio has been shielded from the fall-out with most of the development being up and running. “The development is no longer a project on paper and is already live. The word serviced plot has been abused in the market but we have endeavored to offer customers properties with connection points to key infrastructure,” he added. Tatu City is a live-work-play development with special economic zone status and is located in Kiambu City about 24 kilometres from Nairobi’s Central Business District (CBD). The development has been taunted as one of Kenya’s futuristic cities alongside the Konza Technopolis which has also made considerable strides towards full development in the past year.