Pangoni Resort in the North Coast town of Mombasa in Shanzu looks like the newest entrant in the thriving furnished apartment business which seems to be the in-thing in accommodation facilities nowadays.
With 50 fully furnished three-bedroom apartments that can comfortably accommodate 185 guests already sold out, demands for this kind of accommodation seems to be rising as the developers plan to pump an extra KES 400 million to put up 30 more units in phase two of the project. The first phase cost KES 2 billion.
There is a new trend towards preference for accommodation that can offer similar services to hotels yet still maintain a homely atmosphere – this, apparently, is what is driving the furnished apartment market.
Each apartment was sold for KES 18 million but prices for the second phase are expected to rise due to the weakening shilling. The developers estimate that the impact of the devalued currency will result to a one-bedroom apartment going for as much as KES 23.4 million.
The resort, funded by the East Africa Development Bank (EADB), is a joint project of Oakpark Properties, Liarnard Limited and Guava Limited.