Thika Greens Golf City, the pioneer of golf course estate concept in Kenya, last weekend unveiled its 18-hole championship golf course, the first of its kind in Thika and first to be completed within a gated estate in the country.

According to Thika Greens Limited CEO and Co-founder, Mr Charles Kibiru, the new course is set to deliver up to 30 percent appreciation annually in surrounding plots and homes, as demand from both buyers and investors keen on paying an additional premium doubles.

“The growing middle class with an appetite for added value in home ownership and preference for Thika by buyers keen to benefit from reduced commuting time is driving the demand,” said Kibiru during the unveiling of the golf course which also saw various Kenyans tee off on the occasion to test the course.

He further, said, “the completion of the golf course is now set to increase the value of the plots and buyers are already enjoying this value with the organic growth in sales

rising based on the proximity of the homes to the golf course,” Kibiru said.

The project has spent more than Sh500 million in the construction of the course alone and offered jobs to more than 300 people from the locality in developing the championship golf course and will employ more than 100 people when it becomes operational.

“The golf course is built to meet all international standards and investors here will reap even more returns from golf tourism, a concept that is now gaining popularity in Kenya,” Kibiru said. Currently, a quarter of an acre serviced plot from where an owner has a clear view of holes two and three goes for Sh8 million, up from Sh5 million two years ago.

Plots in phase one of the development that fall away from the golf course views have seen similar increase in value and uptake as one going for Sh850,000 three years ago now cost slightly more than Sh2.5 million. “With this growing interest we promise continued annual appreciations of over 30 per cent to the buyers,” Kibiru added.

“Kenya has constantly been featured in the global arena as an ideal golf tourism destination, a fact that now places Kenya at a pole position in attracting more golf tourists,” he explained. Indeed, Kenya and Nigeria have emerged as the fastest growth golf tourism destinations on the continent, with a fifth of the world’s 1.6 million golf tourists coming to Africa every year according to the International Golf Tour Operators Association (IAGTO).

The daily spend of golf tourists while on holiday is more than twice as high as that of general leisure tourists according to IAGTO whilst a second report by saying golfers spend an average of Sh270,000 each on the ground, three times the average of other tourists. Beyond the spending a whole new economy begins to develop around golf.

According to Kibiru, the unique vacation style of golf tourists gives investors in developments near golf courses more leeway in sales. “Phase one is already sold out while phase two and three sales now stand at 60 percent and 75 percent respectively,” said Kibiru.

Most of the home buyers are middle class, specifically senior managers and entrepreneurs who are mostly attracted by the golf environment and lifestyle that a gated golf estate offers. “These are people who want to live in high-income residential estates in Nairobi, but the cost is three times higher than in Thika Greens where they will spend about Sh10m to own a large home,” he said.

The project which has been running ahead of schedule has seen phase one of the development at near completion. Infrastructure at Phase One is complete, with the club house having its finer inner and outer finishes. Once complete the clubhouse will also open to non-residents.

A five and three star hotels, an office park, a world class shopping mall, community centre, retirement village, schools, a hospital and a police station are also in the offing. About 70 houses are already under construction in phase one with 13 families already living here.

In Phase two where the golf course is located, the infrastructure which includes sewer lines, water and roads is 98 percent complete with six investors already building. Phase three has one home buyer living there with only a quarter of infrastructure work remaining.

“Integration of golf course in real estate projects is not only targeted on lifestyle offering but also delivering high yields generated from the course’s success which help maintain the high value of homes, therefore explaining the high interest of non-golf players investing in these projects,” explained Kibiru.

- The People