Hass Consult, a leading Kenya-based real estate agency, has officially unveiled a niche development dubbed ‘Riverside Square’ in the capital city of Nairobi.
Spanning 250 apartments, offices, boutique stores, infinity pools, gyms and open-air leisure facilities, the development will be located on Riverside Drive, which it selected as the emerging hub of Nairobi’s wealthy Bohemian class, the BOHOs.
“As development managers, we have led the way in financial models and market positioning in Kenya for over two decades. During that time, the real estate market has become more sophisticated, to the position, by 2019, where only carefully thought through investments with clear and under-served target markets now sell rapidly,” said Sakina Hassanali, Head of Development Consulting and Research at Hass Consult.
“In this, Riverside, which has long enjoyed a luxury status set more centrally than any other high-end district, has emerged progressively as a Bohemian hub, attracting creatives, producers, entrepreneurs and a community that works irregular hours, appreciating the importance of leisure and a connection with nature, while loving city life,” she added.
The design and concept for Riverside Square, was driven by bohemian culture, which focuses on creative, non-conformist ideals. As such, it will feature a cocoon of apartments and Grade A office space, all enveloped with meeting cafes, restaurants, several pools, including two infinity pools, a roof-top open-air cinema, open-air bars, and a stylish selection of built-in stores.
It has also been designed to appeal to its young, and often single, wealthy target market with interior designs, fixtures and fittings that are of a far higher quality than the norm, and which reflect the latest in world-class design.
“Wealthy Bohemians are essentially artistic, and they want art in their living environments. Many apartments in Nairobi are produced without reference to fashion, style or artistic composition. But Riverside Square has been designed for style,” said Sakina.
“We knew that to deliver a residential and mixed-use complex that captured the Riverside ‘vibe’,we needed to bring together art, views, style and lifestyle,” she continued.
In light of this, Hass Consult has developed an edge through its constant exposure to effective market research, in that it also runs and manages one of Kenya’s larger real estate agencies, generating continuous foot traffic of potential buyers and tenants who describe the properties and facilities they want.
“With multiple embassies on Riverside Drive, the area has developed as an intensively up-market, residential area, yet it has few community meeting points, shops, restaurants, or high-end smaller residences for singles and professional couples. With all of this in mind, Riverside Square has been designed to fill this distinct market gap,” said Sakina.
She added that throughout the currently subdued period in the country’s real estate industry, 95% of the developments that Hass Consult manages are sold out before they are completed. Because they are built to meet unmet market demand.
The development, which is already under construction, is expected to join all of the Hass-managed properties in being sold out prior to completion, which will be within two years.