The development, christened Project Snowdrop, is a Grade-A commercial space and includes parking space for sale. Construction has reached the 13th floor level, according to
"Due to favourable market conditions, the price per square foot and for the parking have been revised upwards. The pre-sales are ongoing as anticipated and the sales agents are in discussion with two prospective major buyers. We are very pleased to report that the project is on track," the firm says in an update on the project.
Fusion however did not disclose the initial offer prices nor the revised prices for office and parking spaces. Sale and rental prices for office space in Upper Hill range between Sh110 per square feet and Sh200 per square feet, excluding an average service charge of Sh20 per square feet.
The development will create 145,132 square feet of office space and 297 car-park slots for sale. It says there is "a strong market for property of this type" to support
It says the under-supply of quality office space in Upper Hill heralds "healthy returns" on investments for shareholders. Fusion raised
"We plan to seek out similar opportunities in the future, as part of our planned expansion into real estate investments of this scale," it states.
"His business case was solid, in terms of projected returns, but required major investment from multiple shareholders to be viable," the firm states, adding that it "made a major investment" into the project.
Besides Project Snowdrop, it is also developing Project Panorama, another Grade-A commercial office development next to the Embassy of
The latter is 30 per cent complete, according to the firm, with construction now at mezzanine floor level.
"The project lost some time during the excavation of the hard rock for the foundation sub-structure... however, the project team are to recover the lost time over the coming months."
It is also putting up Project Creekside, a 90-unit luxury apartment development in Mtwapa, Mombasa. Construction begun last December, with the show-house expected to be ready for viewing next month.
Hispanic #1 Breaking News for Entrepreneurs, Professionals and Small Business Owners - HispanicBusiness.com
OCTOBER 30, 2014
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