- Over 70 businesses including dormans and copia have commenced operations in Tatu city, which is arguably the countries first operational Special Economic Zone (SEZ).
- The major development scheme is expected to not only provide reduced corporate taxes, but also zero-rated VAT and import duty exemptions, among a long range of other benefits to investors.
- The breakthrough which is the most recent, was fueled by the completion of a Kshs 1 billion mega roads, power and sewerage development infrastructure.
More than 70 companies have opened businesses at Tatu City, a mixed-use development economic zone in Kiambu County, significantly bolstering the rate of economic growth in the fast-growing metropolis.
Tatu City Country Head Preston Mendenhall confirmed that the first consignment of companies that flagged off operations in the area were top range and of renowned amd extensive brands, including Kenyan Champion brands, E-commerce brands, Extreme large scale and Real Disruptive brands.
Domani, Cooper, Kopier, Twiga feeds, were among the companies.
Mendhall who spoke during a press conference, insisted that more developments were being worked on, in a bid to woo in more leading companies, that would invest in the area, either through foreign or direct investments.
“We have laid the groundwork of setting up the necessary infrastructure. We have dozens of companies set to come into Tatu in the coming months. It’s now for investors and those wishing to own homes to make a move,” he said.
Mendenhall also disclosed that Sh20 billion has been used into developing infrastructure in the area as a tactic of glistening the special economic zone for the purpose of high-end investors. The funds, he confirmed were utilized in many ways including through putting up several kilometers of tarmac, sewerage, water, underground power lines and ICT cabling among other s.
Tatu City is Kenya’s first operational Special Economic Zone, and is expected to not only provide reduced corporate taxes, but also zero-rated VAT and import duty exemptions, among a long range of other benefits.
Mendenhall confirmed that Kijani Ridge, a major residential section in the area had used approximately 1 billion Kenya shillings in development project.
“We have completed 6km of tarmacked roads, 12 km of footpaths, 5 km of underground piped storm water network, 5 km of water supply pipeline, 2.7 km of sewer lines, 12km of fiber optic cabling, and 9.5km of 11kV medium voltage underground power lines,” he said.
Mendenhall who greatly applauded the government for the infrastructural development and investor linkages, facelift it had aided the initiative with, said they anticipated more progress in the coming months, that would significantly bolster the country’s economic headway.
He added that they were not limited to working with county governments, as their primal goal was scaling up the level of investments and not to choose on which investors to partner with.
“We have been partnering with Konza City to enhance investments. We shall also partner with other economic zones that will come up,” he said.
Tatu City Head of Sales David Karimi who also spoke to the press said that over 3000 investors signed under the real estate specialty, had already built homes and had registered immense profits as over half of the houses built had already been leased out. Of the 650 units built, a whole 550 had been sold and some other 200 units were I their final stages of development.
He noted that given the much standard, that the Tatu infrastructures had bestowed on the once sleepy area, the value of land has since then skyrocket up to a whole 128 per cent providing a substantial facelift to the locals and the owners.
“The property which was going for Sh12.8 million last year, is now selling at Sh 28 million, almost 128 per cent increase. It is set to rise further if more investments come up,” said Karimi.
Tatu City is a flagship Vision 2030 private sector development and a Special Planning area designated as a Strategic National Importance project pursuant to The Physical and Land Use Planning (Classification of Strategic and Inter-County projects) Regulations, 2019.
