The Sh5.5 billion marina which was under construction since October 2009 started its operations in June, 2015. The initial completion date was 2010 but there were delays due to difficulties experienced building on the sea front.
The marina sits on a four-and-a-half acre beach front and is strategically situated to overlook spectacular views of Mombasa old town, Fort Jesus and Old Mombasa harbour. It has 96 three-bedroom apartments going for between Sh42.5 million and Sh82 million and eight five-bedroom penthouses with a price tag of $2 million each.
The apartments are either sold when fully furnished or the client can request to buy his own furniture. The marina has a capacity to accommodate six yachts up to 30m out of a total of 88 berths. There is supply of fresh water, electricity, satellite TV, fuel, Internet and a slipway.
According to one of the developers, Alnoor Kanji, marinas are more attractive all over the world due to their proximity view of seafronts which is appealing, especially when one can view floating vessels from the comfort of their apartments.
The facility has a 24 Hour security including CCTV, guards and security lighting and open to the public for 24 hours, however, the design provides privacy for apartment owners.
Apart from the marina, the facility has a 26-room hotel, 3 suites, a breakfast restaurant and a meeting room on the rooftop and conference facility. It has a water sports centre that offers deep-sea fishing, scuba diving, wind and kite surfing, snorkelling, sailing, sea safaris and creek excursions. It also has a spa, gym, restaurants and a safe and secure underground parking for about 200 vehicles.
Daily charges for apartments range between Sh18,000 to Sh30,000 per day, while hotel charges range between Sh15,000 and Sh25,000 per day.
The marina is the third in Africa with two others located in South Africa and Egypt. Currently, the Kenyan coast, which is popular around the globe with international tourists, does not have any facility to accommodate yachts when tourists visit by sea and the yachts remain in high seas.
Mombasa is Kenya’s second largest city and one of Africa’s major tourist destinations; it has spectacular beaches, beautiful coral reefs and sea life, and offers a diverse cultural history.
English Point Marina is owned by Amin Kanji, his wife Leila, brother Alnoor, sister-in-law Nafisa and Nazir Jinnah. The luxury property is located by the harbour, and consists of 96 apartments, eight penthouses and a 26-room hotel.
It is one of the few private projects granted the Vision 2030 Private Sector Flagship status.
The owners say they had the vision to use the unique location and untapped potential to have a modern international development that offers the best in lifestyle and luxury and the first serviced marina in East Africa.
KCB agreed to grant the firm loans between 2011 and 2018 and charged the English Point Marina.
The firm has been servicing the loan and enjoyed a moratorium that lapsed in June 2020. So far, the firm has paid Sh3.3 billion.
KCB took over English Point Marina after the bank tried several times to restructure the loan but the owners were still unable to meet the payments.
They placed it under receiver-manager, Kamal Bhatt, with expectations to sell part or all of the property with an aim of raising enough funds to settle the amounts owed to KCB. Other creditors would also get something once the bank’s claims are paid.
The owners however rushed to court to block KCB Group claiming there was no justification for the appointment of Mr Bhatt, because the parties have been engaged in negotiations.
The Real etstate lawyer Mr Nick Ndeda also pleaded with the court to allow the firm’s directors unfettered access to the Penthouses named D1 and D2, where they permanently reside.
The firm also sought to bar KCB from selling or subdividing any of the property or any part of the building or development and its assets, pending the determination of the application.
English Point Marina joins the high-value properties that have fallen in the hands of lenders after their developers defaulted.
They include Nairobi’s DusitD2, which is currently claimed by I&M Bank, with other creditors seeking to take ownership of the property complex.
Banks have been compelled to place companies under receivership to deal with mounting bad loans. The ratio of gross non-performing loans (NPLs) to gross loans stood at 14.2 percent in August 2022 compared to 14 percent in February.
The Central Bank of Kenya (CBK) said increases in NPLs were noted in the building and construction, manufacturing, trade and transport and communication sectors. These increases were attributable to specific challenges in the respective businesses, and banks have continued to make provisions for the NPLs.
It has emerged that a few major customers, such as the developers of English Point Marina, are the main cause of the rise in defaults. The large clients borrow billions of shillings, meaning that default by a few of them can result in a major rise in the NPLs.
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