Published on : Monday, December 3, 2018
He explained that investing in superlative hospitality shouldn’t be considered as a preserve for foreign investors.
Mr. Manduku spoke when he officiated the introduction of the Mount Kenya University-owned Nyali Golf View Residence, a multimillion-shilling mixed-use facility in Mombasa.
“There is a myth that investors come in light shades and that they should come from other nationalities. But today MKU has debunked that myth and showed that an investor is someone who is willing to take risk and put money where there is the most opportunity to get good returns,” Mr Manduku said.
The 13-floor building, which is based in the upmarket Nyali area has premium class serviced apartments along with a fitness centre, a restaurant, swimming pool and a penthouse. Also, it boasts of a presidential suite.
‘HARD TIMES’
MKU, the largest private university by student population of Kenya, ventured into the real estate and hospitality after tough economic situations, hit institutions of higher learning.
Mr Simon Gicharu, the MKU founder, said Nyali Golf View Residence was set up at a cost of Sh600 million.
“We took a commercial loan to develop the investment. It is part of our efforts to diversify our income streams and ultimately establish an endowment fund that will help finance the university’s activities in the long term,” said Mr Gicharu.