Work is underway to build an upper-middle income development of residential units and commercial facilities in the Bahari Beach area 22 km north of the city centre.
The project, known as Bahari Beach Town, is backed by United Kingdom-based real estate company Integrated Property Investment (IPI), which has already secured a $5 million loan from Shelter Afrique and the African Development Bank to cover the first stage of construction. The total cost of the project is estimated at $500 million, which IPI plans to raise through a combination of bank loans and the flotation of a Real Estate Investment Trust on the Nairobi and Dar es Salaam stock markets. The first housing units are scheduled for completion in May 2010 and the entire project should be finished in four years.
The project contemplates the construction of over 1,000 housing units