Hotel chain Hemingways Collection will officially open the sale of Watamu Residences, a new private development of 21 luxury apartments at the Coast, on Friday with the prices ranging between Sh45 million and Sh140 million.
The beginning of the sale will coincide with the re-opening of Hemingways Watamu Hotel after its refurbishment, which started in April last year.
The refurbishment and construction of the new luxury apartments on the expansive 24-acres property has cost the hospitality firm Sh1.3 billion.
The luxury development features three, 16 and two units of one-, two- and four-bedroom apartments, respectively.
Hemingways Collections is selling the one-bedroom units at Sh45 million each while a four-bedroom unit is priced at Sh140 million.
The two-bedroom apartments range between Sh60 million to Sh85 million, where value varies depending on its square feet size.
The hotel chain is targeting the Kenyan upper middle class and high networth international individuals.
The firm has set the completion date of the luxury apartments for April next year.
“We see Watamu Residences as a worthy investment, it shows the confidence we have for the local tourism market. Tourism has been on an impressive recovery path and these apartments target individuals who want a little paradise for themselves that is also as a source of income,” said Hemingways Collection chief executive officer Alastair Addison.
Hemingways has also opted to sell the property privately instead of doing it through agencies to “avoid complications that arise due to third party involvement.”
“We feel that we are the best to sell the property because we understand what we have created. Bringing in a third party we think it will only complicate the process and may lead to additional costs,” said Addison.
“We are looking to continue to manage the property on behalf of the owners through a rental programme. This will ensure standards are maintained and that there is a consistent price structure for the apartments,” he said.
Hemingways Watamu hotel first opened in 1988. Its overhaul has seen the property reduce its number of rooms from 74 to 39 and open an additional seafood restaurant on the premises.