[Kenya] Early bird incentive offered to investors at Konza Technopolis
Konza Technopolis Development Authority (KoTDA) has announced an early bird incentive to investors taking up land for development at Konza Technopolis (KT).
KoTDA, the agency managing the development of Kenya’s first smart city leases land to investors who are charged a lease fee. As a master planned smart city, the Authority has attributed lease fees to each parcel which include stand premium, a one-off payment and an annual ground rent.
Stand premium has now been discounted to early off takers committing to paying the stand premium on or before 31st December 2021 and ready to start the construction before December 2022.
Making the announcement during an investor conference hosted by the Authority, the Principal Secretary Ministry of ICT& Innovation, Mr. Jerome Ochieng noted that the offer is applicable to investors who complete the stand premium payment on or before 31st December 2021.
The PS reiterated governments committed to support investors to take up space at Konza Technopolis. “Our commitment, as a government is reinforced by our actions and in the recent budget allocation for the year 2021/2022, we as the parent ministry have set aside over 70 percent of the budget for the development of this project.”
During the conference investors who have made payments for their parcel of land were given access to the property.
Among the investors issued with access include, Kenya Electricity Transmission Company Limited (KETRACO), National Construction Authority (NCA), Sosian Energy Ltd, Bigen Global Ltd, Vijay Sandhu, Geonet Technologies, GS1 Kenya Limited, Makueni Housing Cooperative and Parklands Baptist Church.
The 400 acres of Phase One of the project has attracted more than 40 percent uptake by investors. The government has allocated about Ksh 18 billion for the project in 2021/2022 Financial Year’s budget that will majorly go towards the development of horizontal infrastructure and key utilities at the Technopolis.
The investors, Kenya Electricity Transmission Company Limited (KETRACO), National Construction Authority (NCA), Sosian Energy Ltd, Bigen Global Ltd, Vijay Sandhu, Gionet Technologies, GS1 Kenya Limited, Makueni Housing Cooperative and Parklands Baptist Church received their symbolic keys during the Partners Forum and Investors Conferences held at Konza Complex. These are some of the investors who have made a commitment by paying the stand premium.
During the event, Konza Technopolis Development Authority (KoTDA) unveiled its investors' handbook which highlights the opportunities available for investors.
Commenting on the progress of the Technopolis, KoTDA Chairman Arch. Dr. Reuben Mutiso said that other than the development of the National Data Centre and the horizontal infrastructure, the development of Konza Conferencing facility, the Modern Security Command Centre, and Konza Apartments is ongoing. These, Arch. Dr. Mutiso said, will provide key services to the residents and investors.
The Chairman urged investors from both the private and the public to consider taking up the investment opportunities early enough, adding that it’s only through partnerships with investors that they will be able to realize the dream of Konza.
Already, the project’s anchor investor Kenya Advanced Institute of Science and Technology (KAIST) is on-site. The graduate school will focus on Science, Technology, Engineering and Mathematics (STEM) and will admit its first lot of students in 2023.
Upon its completion in 2030, Konza Technopolis is expected to position Kenya as a knowledge-based economy and a preferred Science, Technology & Innovation (ST&I) destination. The city is expected to generate 17,000 direct jobs at the end of Phase 1 and have 200,000 residents at the end of 2030.