Property &Investments

CONTENTS The hidden Diamond 44 Building from the ground up 46 Setting itself a-part 48

The year when Diamond Plaza first started as a single building. Today it includes four buildings, a food court and a square.

1990

SHOPPING HAVEN

The hidden Diamond

The 15 oor building that the Chatur Group is developing on Masari Road in Parklands.

| Nairobi Business Monthly May

BY AAMERA JIWAJI

he commercial and residential outlets dotted around the Highridge crossroads in Parklands - with their colourful clothing stores, spicy restaurant fare and bootleg copies of Bollywood DVDs - are often stereotyped for catering exclusively to Kenyas Asian community. As such they are greatly underestimated by Kenyas greater business community, and notwithstanding the large Nakumatt Highridge outlet located on the corner, the opportunities in this commercial hive have fallen into the laps of select entrepreneurs. The Chatur Group is one of the enterprising Asian owned property development and rental companies which has capitalised on the opportunities available. Diamond Plaza started as a single building in 1990 and oered rental space to commercial outlets. Its food court, fresh fruit and vegetable shops, clothing outlets and stores stocking entertainment items grew in popularity and today the initial building has transformed into four interconnected buildings and an open food court and square: Diamond Plaza (DP) Annexe, DP Mini, DP Main Building, and DP Tower. While the retail shops occupy the bottom three levels of the Diamond Plaza complex, the fourth oor has recently seen the entry of Climb Blue Sky and Africa Yoga Centre. On the sixth and seventh oors of this towering building which has an unrivalled view of the Nairobi skyline in this suburb, the management developed a property oering. In 2007, Leo Investments - a sub company under Chatur Group - diversified its offerings from retail space to accommodation and set up 19 executive studio apartments and three penthouse apartments on the sixth and seventh oors. Rented out from between Sh60,000 (single studio apartment per month) to Sh125,000 (two bedroom penthouse per month), according to Nasim Rajan, the manager, the apartments have recently undergone a two year long renovation and now oer a range of services including communication, laundry, kitchen facilities and guaranteed water and electricity more suited to the international clientele that it is receiving. The refurbished rooms have attracted the patronage of expatriate visitors, including medical tourists that frequent the Aga Khan hospital, and one of the penthouses has been

Nasim Rajan, Manager of Diamond Plaza apartments

Rahim Jiwani, Marketing Manager at Leo Investments

Opposite the original Diamond Plaza building, across Masari road, construction is ongoing on a multi level shopping mall that is set to rival those of Westgate and Sarit Centre in the neighbouring suburb.
advance booked for five years, said Rahim Jiwani, Marketing Manager at Leo Investments. The savvy property development group has ambitious plans on how to ll the fth to eight oors of the Diamond Floor annexe with their 16,000 square feet expanse. On the rooftop, a swimming pool was recently constructed, which sits next to an open area that is earmarked for a gym and massage parlour. A restaurant is also soon to open on the rooftop. But it doesnt end there. Opposite the original Diamond Plaza building, across Masari road, construction is ongoing on a multi level shopping mall that is set to rival those of Westgate and Sarit Centre in the neighbouring suburb. The new building is our Creme de la Creme and our Dream Project. It is currently called,Diamond Plaza Parking Silo and has 15 oors, explained Mr Jiwani.

The project boasts an unrivalled retail space with 60,000 square feet on the basement - ideal for a hypermarket, and 50,000 square feet available on the lower ground and ground floor levels. The Chatur Group intends to develop the tenth oor as a food court and leisure centre, possibly one which includes a cinema, while the 13th oor has been earmarked for a revolving restaurant with a seating capacity of 200 people. The project includes a 1,000 space car park silo which spreads from the 1st to the 9th oor. Several large commercial banks, retail outlets and fast food chains are expected to formalise their leases. The construction company of this mega project, 45 year old Parbat Siyani Construction, has handled some of the larger projects around the country including the refurbishment of Jubilee House and Jubilee Place in the city centre, and it plans to have the rst four oors of this 15 oor building ready by August, and for the full building to be complete by December. The Chatur Groups business strategy has consistently been to develop and rent property oerings rather than sell it. A similar concept has been applied to this gargantuan project in Parklands, and similarly to its other property developments including the ve oor Ngara Shopping Complex and Thigiri Ridge Shopping Centre, and its residential property such as Langata Paradise Apartments and Nyari Estate Guest House.
May Nairobi Business Monthly |