Britam has broken ground for its proposed Sh3.3 billion serviced-apartment project in the up-market Kilimani suburb of Nairobi.
Sitting on a 1.6 acres, the project will comprise 46 one-bedroom and 117 two-bedroom fully furnished and serviced apartments targeting business travellers and business executives visiting or living in the country for an extended period of time.
“The property market in Kenya is growing fast and as apart of our business strategy, luxury serviced apartments are now in high demand. The market will need at least 1,000 serviced apartments in the next three years and Britam Properties will help in bridging this gap,” Britam Holdings group managing director Benson Wairegi said.
Britam’s venture into property and real estate development is part of the groups diversification strategy aimed at reducing portfolio risk and exposure to the volatile stock exchange market.
The property, developed by Britam Properties, a fully owned subsidiary of Britam Holdings Limited is set to be complete by 2019.
