Crystal Rivers: Inside Multibillion Mall Owned By Safaricom Pension Scheme

• Construction of malls in Kenya has been increasing in recent years, with the Nairobi Metropolitan area emerging as a modern shopping destination on the continent
• The malls provide convenience and variety, which appeal to the growing middle class, noted for their high-end lifestyle trends
• Crystal Rivers Mall is one of the commercial real estate developments that was funded by the Safaricom Pension Scheme at KSh 4.4 billion

TUKO.co.ke journalist Japhet Ruto brings over eight years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

To meet the growing demand for retail space, investors in Kenya are building visually stunning malls in Nairobi and other major cities and towns.

Due to their "everything under one roof" approach, these shopping centres draw local and foreign brands.

The malls provide convenience and variety, which appeal to the growing middle class, noted for their high-end lifestyle trends.

Why there's a surge in the commercial real estate sector

The 2024 Wealth Report by Knight Frank provided insights into wealth investment trends among high-net-worth individuals (HNWIs) in Kenya.

Boniface Abudho, Africa Research analyst at Knight Frank, told TUKO.co.ke there was an upturn in Kenya's real estate industry, particularly in the commercial sector.

"The average office occupancy rates have seen a notable uptick, with a year-on-year increase of 5%, climbing from 72% at the beginning of 2023 to approximately 77%. Despite fluctuations, the commercial sector emerges as the frontrunner in performance. Commercial real estate continues to demonstrate robustness and attractiveness to investors. Factors such as the city's status as a regional economic hub, the influx of multinational corporations, and the expansion of local businesses contribute to sustained interest and activity in the commercial property segment," said Abutho.

How much did Crystal Rivers Mall cost?

Crystal Rivers Mall is one of the commercial real estate developments.

It was funded by the Safaricom Pension Scheme to the tune of KSh 4.4 billion and is located off Mombasa Road in Athi River, Machakos county.

Joseph Ogutu is the scheme's chairman, Monicah Wairimu is the administration and operations manager, and Richard Gitahi is the secretary.

It comprises a shopping space measuring 200,000 square feet.

Inside the extensive compound hosting the mall are maisonettes, apartments and a school sitting on 17 acres of prime land.

Who built Crystal Rivers Mall?

The mall was constructed by the South African company Paragon Group.

The project includes a commercial retail centre with more than 20,000 square meters of space. There are three levels of upscale shopping space in the retail centre.

Chandarana Supermarket signed an agreement to become the mall's anchor store.

The mall has plenty of parking for up to 700 cars, as well as meeting rooms, dining establishments, offices, and entertainment spaces.

Crystal Rivers Mall hosts over 100 stores, ranging from culinary to en-vogue fashions and chic home décor.

Crystal Rivers apartments and townhouses

According to its website, the mixed-use real estate development features 398 units.

The units were recently hit by floods, which have destroyed property nationwide.

The developers sold stylish three-bedroom apartments for KSh 6.5 million, three-bedroom townhouses for KSh 11 million, and prestige four-bedroom townhouses for KSh 12 million.

The three-bed, two-bath luxury apartments span 13 blocks, with four floors and four units per floor located in an estate with a double pool area, ultra-modern mall, school, kids playground, and 24/7 security.

They boast a solar-powered water heating system, a standby generator and elevators throughout the residential buildings.

Crystal Rivers’ sales lead, Judy Muiruri, noted investors and homeowners acquired the townhouses, while the apartments attracted both locals and Kenyans living abroad.

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.