The building will be taller than the recently completed 163-metres-high UAP Tower.
Investors are trying to recoup some returns to meet their financial obligations.
This is the second mega shopping facility to come up in Machakos after Crystal Rivers Mall.
Land prices in the Kenyan capital have more than quadrupled over the last eight years.
The mall offers a mix of local and global retail outlets including Carrefour.
A step-by-step guide outlining the process of acquiring land in Kenya.
The resort comprises apartments and beach homes priced at between Sh9.95 million and Sh72 million.
Treasury has been releasing funds meant for the project periodically.
Greenpark Estate 5 will have a total of 148 units, 24 of which have already been booked.
Riverine Estate, which sits on 30 acres of land, comprises 211 maisonettes and apartments.