A feasibility study failed to support the viability of a shopping mall and apartments at the site.
Le’mac is currently the tallest residential building in Kenya.
Developers are now shifting their focus to the low cost housing market segment.
The project will involve construction of 560 apartments on 14 blocks at Clay Works.
The New Kisii City seeks to address the region's housing shortage.
Investors are rolling out dozens of projects targeting middle income and lower income earners.
Companies heavily invest in prefab houses for low and middle-income Kenyans.
Investors are trying to recoup some returns to meet their financial obligations.
The resort comprises apartments and beach homes priced at between Sh9.95 million and Sh72 million.
Greenpark Estate 5 will have a total of 148 units, 24 of which have already been booked.
Amsons Group offered Sh23.6bn to acquire 100% of Bamburi shares.
The company has secured financial backing for a 300MW geothermal project.
Yapı Merkezi is expected to complete the 272-kilometre railway in 48 months.