Last Updated on: 13th January 2025, 05:17 am
The construction of Shivo Towers, a luxury apartment complex in Zanzibar, has officially begun. Located on a 9,740 sqm plot in Paje, the development features two towers with 162 premium apartments and four exclusive penthouses, offering residents access to a communal pool, spa, gym, restaurant/bar, and tropical gardens.
This ambitious project, designed in collaboration with Muchmore Architectural Design and architect Christian Bonu, aims to pioneer sustainable property development in Zanzibar. Shivo Towers will include diverse property options, from studio suites to penthouses with private infinity pools, priced between $116,000 and $1.4 million.
Expected to be completed by 2027, the project has achieved its first milestone with completed ground investigations and environmental assessments. Shivo Towers also received an investment certificate from the Zanzibar Investment Promotion Authority (ZIPA), highlighting its alignment with the island’s economic development goals.
Richard Ashby, the entrepreneur behind Shivo Towers, said, “Zanzibar is really elevating itself as a luxury travel destination, and we have received plenty of interest in these apartments from people living overseas such as the US and Dubai.”
Ashby added, “Zanzibar has become a true gem for international investors. The improved infrastructure and growing flight connections have made it incredibly accessible, but it’s the unique blend of natural beauty and rich culture that really seals the deal. We’re seeing buyers from all over the world who recognise this isn’t just another beach destination – it’s a rare investment opportunity in a truly special place and emerging market.”
The island’s growing tourism industry has significantly boosted interest in real estate investments. Ashby noted, “If you consider the cost of building and purchasing a similar type of property in resorts like Barbados or the Maldives, Zanzibar is a very attractive proposition for investors.”
He continued, “There has been a lot of investment in air and road infrastructure on the island, and it is a rapidly surging market in terms of luxury tourism, so the demand is there for these properties making them an ideal investment. Returns on investments from rentals and reselling through value appreciation on property are massively expanding on the island, meaning there has never been a better time to consider investing in property here.”
For more information, visit Shivo’s website at www.byshivo.com and follow their journey on Instagram @shivo_tanzania.
