Riverbank Apartments' prices start at Sh15m for the smallest unit.
Developer trust issues are increasingly stopping people from signing off plan deals.
The Sh4.2bn mall that was completed in 2017 is yet to sign its first anchor tenant.
Mi Vida Homes will have three 13-floor blocks sitting on 4.5-acres at Garden City.
The project comprises 60 one-bedroom units, 100 two-bedroom units and 40 three-bedroom units.
Too few residents have the financial capacity to shop at the facilities regularly.
Companies are increasingly selling their buildings and renting spaces to unlock capital.
Palm Exotica, a 61-floor luxury hotel-cum-residential project, will cost an estimated Sh28 billion.
The building has remained under construction for three decades despite budgetary allocations.
Property developers are increasingly offering huge promotions to entice buyers.