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    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

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    Rebecca Miano feted for promoting diversity and inclusion at KenGen

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    Kenyans celebrate Maxine Wahome for winning the World Rally Championship

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    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

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    Asante EPZ Limited Fined For Illegal Merger By CAK

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    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

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    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    NEMA Re-Introduces Another Tax for Developers

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    Centum Digitalizes Real Estate Sector

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    Superior Homes Launches Reward Program for Investors

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    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

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    Regional property summit kicks off in Nairobi

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    Five Reasons Why Real Estate Increases in Value

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    Optiven Foundation Launches TVET Sponsorship Program

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    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

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    Samsung Showcases its Premium Consumer Electronics Range

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

  • World Business
    Why Mercedes Benz is Recalling Their Old Models

    Why Mercedes Benz is Recalling Their Old Models

    Cold comfort awaits a springtime Davos

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

    Central African Republic Adopts Bitcoin as an Official Currency

    Central African Republic Adopts Bitcoin as an Official Currency

    Netflix Stock Collapses After Losing 200,000 Subscribers

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    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

    How new regulations are shaking up the world’s fastest sport

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    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

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    NBK partners with Kodris Africa to enable easy payments for new coding programme

    NBK partners with Kodris Africa to enable easy payments for new coding programme

    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

    Winfall For Tea Farmers as Bonus Set to Increase

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    Samsung Introduces Its 2022 Lineup of Appliances to Dealers

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Kenya set to host first ever transport awards

    Kenya set to host first ever transport awards

    Zamara Feted as the Overall Best Insurance Broker of the Year

    Zamara Feted as the Overall Best Insurance Broker of the Year

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

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      NBK partners with Kodris Africa to enable easy payments for new coding programme

      NBK partners with Kodris Africa to enable easy payments for new coding programme

      Procedure for funding your Metropolitan National Sacco account through MPESA

      Procedure for funding your Metropolitan National Sacco account through MPESA

      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      DIB Bank Opens Its 6th Branch

      DIB Bank Opens Its 6th Branch

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      Bank of Kigali Profits Rise to Sh1.8 Billion

      Bank of Kigali Profits Rise to Sh1.8 Billion

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Kenyan Business Feed
  • Home
  • News
    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    Rebecca Miano feted for promoting diversity and inclusion at KenGen

    Rebecca Miano feted for promoting diversity and inclusion at KenGen

    Kenyans celebrate Maxine Wahome for winning the World Rally Championship

    Kenyans celebrate Maxine Wahome for winning the World Rally Championship

    Uhuru Praises World Rally Championship for positive impact

    Uhuru Praises World Rally Championship for positive impact

    Politician on EACC Radar for Swindling MCA’s Ksh14 Million

    Politician on EACC Radar for Swindling MCA’s Ksh14 Million

    Stockholm+50: Kenya calls for accelerated actions to avert environmental crisis

    Kenya to co-host UN Ocean conference in Portugal

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Nairobi’s Central Land Registry Set to go Live on ArdhiSasa

    Asante EPZ Limited Fined For Illegal Merger By CAK

    Mobile phone subscribers decline by over 200,000 – CA Data

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

    Drunk Driving Will Now Cost You Sh100,000 Fine, As Alco-blow Returns

  • Markets
    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

    Agricultural subsidies unfair – Kenya tells WTO

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    Bad News for Kenyans As Fuel Prices Increase By Sh 9

    Bad News for Kenyans As Fuel Prices Increase By Sh 9

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

    Jambojet and Cellulant Partner on Loyalty Customer Rewards

  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

  • Tech
    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

    mTek Secures Sh340m to Accelerate Paperless Insurance in Kenya

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    Why Mercedes Benz is Recalling Their Old Models

    Cold comfort awaits a springtime Davos

    Cold comfort awaits a springtime Davos

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

    Central African Republic Adopts Bitcoin as an Official Currency

    Central African Republic Adopts Bitcoin as an Official Currency

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    Netflix Stock Collapses After Losing 200,000 Subscribers

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    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

    How new regulations are shaking up the world’s fastest sport

    How new regulations are shaking up the world’s fastest sport

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

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    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
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    NBK partners with Kodris Africa to enable easy payments for new coding programme

    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

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    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

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    Kenya set to host first ever transport awards

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    Zamara Feted as the Overall Best Insurance Broker of the Year

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      Bank of Kigali Profits Rise to Sh1.8 Billion

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      Opinion: Setting a New Standard for Smartphones in Our Changing World

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INTERVIEW: How Garden City is coping with real estate slowdown

by Kenyan Business Feed
May 23, 2019
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How Garden City is coping with real estate slowdown

Thursday, May 23, 2019 21:01


By BONFACE OTIENO

Chris Coulson
Chris Coulson, the Garden City CEO. FILE PHOTO | NMG 

The last 10 years have seen an exponential increase in the number of residential and commercial properties available for sale and renting in Nairobi.

Among such properties is Garden City, Kenya’s first mixed-use real estate project offering shops and family entertainment, including Kenya’s largest iMax Cinema, residences (both apartments and family townhouses), a range of amenities and commercial offices within one development.

But with the market showing signs of a slowdown in the uptake of commercial office space, and further slump in rental yields expected, what is Garden City’s approach to managing and navigating the situation?

The Business Daily spoke with the Garden City Development chief executive, Chris Coulson. Excerpts:

WHAT IS THE CURRENT STATE OF GARDEN CITY DEVELOPMENT?

Garden City covers 47 acres and is being developed in phases. The residential and retail components were opened in 2015, with 159 apartments and 56 townhouses, and (at the time) the largest mall in East Africa designed around a three-acre public park. In 2017, we started work on the Business Park, which is on 15 acres.

We’re building two ‘Grade A’ office buildings this year, which are on schedule. These are the first of four that will make up the Garden City Business Park (a total of 25,000 square metre is being developed in phases, and due for completion in 2021). The first office building will be complete this month and is 60 per cent pre-let to East African Breweries Limited, and the second building will be completed before the end of the year.

We are now working on a phased middle-income residential development of 600 apartments and moving forward on plans for a new hospital as part of the overall business park grand design.

IN LIGHT OF THE CURRENT MARKET SLOWDOWN, WHAT OPPORTUNITY AREAS IS GARDEN CITY FOCUSING ON AT THE MOMENT AND WHY?

Thika Superhighway is one of the under-served business locations in Nairobi for international quality office space. Garden City Business Park is targeting both new and existing businesses looking for quality “Grade A” office space at very competitive rates, and away from the congestion of other office nodes. We have also responded to the office user’s demand for high parking spaces. This has been well received by potential tenants. Building A will be leased up very soon. Garden City offices are already open for lease.

We are currently positioning Garden City Residences for both rent and investment (buy to let) because while there has been a market slowdown in residential sales, we have had a lot of interest in rentals.

IS A BUYER MARKET A GOOD OR A BAD THING FOR THE LOCAL REAL ESTATE SECTOR?

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In a buyer’s market environment, buyers tend to start looking at other features — like amenities and convenience. Price is one factor, but location is also very important.

If you have the option of buying or renting property that is within a residential compound, or a property that is within a mixed- use development, with office space available, a buzzing mall, with a medical clinic and cinema, and all the other facilities and conveniences on offer, and near to schools with safe family space like a park and playground on your doorstep, this starts to be a real differentiator and value-add proposition.

IN WHAT AREAS ARE WE DOING WELL INSOFAR AS THE BUILDING CODE IS CONCERNED AND IN WHAT AREAS SHOULD WE IMPROVE ON AS A COUNTRY?

We are seeing a greater awareness from leading developers around sustainability for both commercial and residential projects for material selection, water heating, harvesting and lighting. Green building practices are gaining interest, which is important. However, it’s always a balance with cost and end value.

The introduction and enforcement of health and safety standards is one area that has seen some improvement. But more can be done with regards to training workers and ongoing site supervision.

We take this very seriously and work with our building contractors and independent safety consultants to set high site standards, training and evaluation to promote safer construction sites.

Garden City also works closely with organisations like ArcSkills, offering skills training programmes for underserved trades such as carpentry, masonry, plastering, and plumbing.

WHAT DO YOU THINK ABOUT THE PUSH FOR ADOPTION OF GREEN BUILDING STANDARDS IN KENYA?

We’re one of the founding members of Kenya’s Green Building Society, and Garden City is the first mixed-use development in East Africa to gain LEEDTM Building Design and Construction certification, so we are committed and fully support the adoption of green developments in Kenya. There has in the past been the perception that green building would be more expensive, but this is not always the case.

There are more and more materials and techniques that can be incorporated into a project if it’s part of the plan from the start. And during the design stages, it’s important this is an integral driver. If you optimise natural daylight and ventilation within your design — for example, introduce solar shading — then you are able to eliminate air-conditioning for open plan areas, which is a saving you pass onto your tenant through lower running costs and is also better for the environment.

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Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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