Britam is set to build 117 two bedroomed and 46 one-bedroomed fully serviced apartments for rent in Kilimani, Nairobi. The development will cost the company Sh. 3.3 billion and is expected to be complete by the year 2020.
The company is targeting business travelers, consultants, and business executives. The apartments will be built on a 1.6-acre piece of land along Nyangumi Road in Kilimani, Nairobi.
According to Britam, similar apartments in the area rent at an average of Sh.12,000-20,000 for a two bedroom and Sh 8,000-12,000 for a one-bedroom per night.
According to the Group’s managing director Mr. Benson Wairegi, the company is trying to diversify its portfolio so as to reduce risks in the volatile stock market.
“The market will need at least 1,000 serviced apartments in the next three years and Britam Properties will help in bridging this gap,” said Mr. Wairegi during the groundbreaking ceremony.
Upon completion of the project, real estate will account for 10 to 15% of Britam’s assets. Britam Properties will develop the property.