http://lemac.co.ke

Mark Properties unveils Nairobi’s tallest homes
September 10, 2012 | By Patrick Ndebu

An elevated swimming pool and a club will be established at the top floor

A private developer Mark Properties has launched a 22-storey luxury apartments project along Waiyaki Way in Nairobi’s Westlands neighbourhoods aimed at wealthy home buyers and tenants.

Construction work for the Sh3.5 billion project, which is to be known as Le Mac, is currently on going with completion scheduled for 2015.

On completion Le Mac will become the tallest residential building in Kenya – taller than the proposed Kasarani Hills Apartments along Thika Road that were anticipated to be the tallest homes in the country.

The building will provide office and retail space on the lower floors and one-bedroom and two-bedroom residential apartments in the sixteen upper floors. An elevated swimming pool and a club for residents will be established at the top floor.

According to Ravi Vasta, a director of Mark Properties, the Dubai-styled project is targeting high-income home buyers and tenants seeking accommodation in exclusive areas.

“One bedroom apartments are selling at between Sh14.4 million and Sh15.5 million depending on the floor, where the higher you go the costlier it becomes,” he said.

A one-bedroom unit is projected to fetch over Sh150,000 in monthly rental income – double the income from a comparable furnished apartment in the neighbourhood.

“We will keep about half of the 170 apartments while the remaining units will be available for sale,” said Vasta.

The developer will provide the bulk of the financing for the project with any shortfalls being financed through bank loans and proceeds from pre-sales.

Le Mac has been unveiled shortly after City Hall announced it was reviewing building restrictions in Nairobi’s upmarket estates to pave way for the construction of high-rise apartments.

Property developers have welcomed this move saying that high-rise apartments are the most efficient way of maximum land use in a densely populated city such as Nairobi.

I can only this project making good returns for investor..2.5-3yrs..construction period plenty of time to repay and its new concept..

Its location is perfect,excellent design and fantastic facilities for residents..

Me thinks this will definitely set a new tone..to already vibrant real estate market.

Kenya is experiencing a transformation, you can participate in it or watch it and complain later

Enjoy Investing Fellas

This is a con buying a one bedroom on 14th floor at ksh.15million.
Better off using that money to buy a three bedroom at 2nd floor in kileleshwa.
This is kenya where power outages occur and lifts fail to work.
Stuck at 16th floor and with no power what do u then do.

At such a level, one cannot afford to expect the hustles of Eastlands on Lemac...

Service Charge is Kes 20-25 per Sqf..so that translate to about 21k per month..

My worry is service charge of above 20k per month that will hurt the ROI of prospect investors..

http://www.arabianbusine...square-foot-444434.html

The current price is 2100 AED per Sq Foot.

1 AED=24Kes..L'e Mac 2bdr Appartment size 904..

=2100*24*904= 45.5Million, Lemac price for same place= 16M...

Thats no where close..

I wouldn't be surprised if they are all taken up ...masonko swimming in cash will be forced by their mpango wa kandos to shack them up at these prestigious places ....
The Norfolk Apartments,..I know two ladies who live there courtesy of some rich dudes

Kenya has all sort of people from all classes...the first Range Rover to be bought in Africa was by a Kenyan..

It's one of most unequal societies but with a growing number of middle class..more and more of Kenyans are getting into work force..and their needs are evolving..class and taste coming into play...

I expect more complicated and elegant projects..to target Nairobi..

14 Million? Never. That buys you 400 acres of virgin land in Kajiando county, where Nairobi is moving anyway.

I don't think the Lemac is competing with anything in Dubai....The price is competing... personally i wouldnt live in DXB and transact business in NBO daily i dont think anyone would.....
Why cant prices be equal or similar? cost of construction, compare the cost of building on sand and on hard surface... I beg to differ on ROI btw NBO and DXB but then if you mean for the company constructing of course the returns will be better based on rip-off as the case is for L'e Mac

How much would a 3 bedroom apartment cost within the vicinity of Le' Mac site?