Gossip

Kenyan-Born Billionaire Builds Ksh122 Billion Estate in Costa Rica

  • Karim Alibhai, a Kenyan-born property developer, is the founder and principal of the Miami-based development company Gencom that has invested in properties worth billions in form of both shilling and dollar currencies. 

    While the 58-year-old may have over 20 significant residential projects to his name, he has managed to be among the high net worth industry veterans that consistently keep their profiles under the radar.

    Alibhai has ventures that focus on resort settings globally and comprise primarily luxury branded residences.

    Karim Alibhai is the CEO of Gencom

    Karim Alibhai is the CEO of Gencom, a Miami-based company that is pioneering the condo-hotel concept.

    Miami Today News

    According to the developer, his curiosity and vision extend back to Kenya and he is currently considering opportunities with a non-hospitality company owned by his uncle and cousin in Kenya. 

    Among his developments include Ritz-Carlton residences in Philadelphia; Key Biscayne, Florida; and Bachelor Gulch, Colorado; as well as Rosewood Tucker’s Point and Fairmont Southampton in Bermuda.

    “We have two beach clubs, three spas, and several fitness centers with the latest equipment—they all also offer exercise classes,” he revealed to Mansion Global, a media outlet that chronicles the world’s real estate. 

    Over his career, Alibhai has led his company, Gencom, through more than 150 hotel transactions with over Ksh38.28 billion ($3 billion) in funding from large investors.

    He remains passionate about hospitality and real estate development and sees with pride all the achievements of the company. 

    “I just love this business, especially taking something and making something out of it,” he revealed in an interview. 

    His most recent project referred to as the Peninsula Papagayo and sits on a 1,400-acre of land in North Pacific Costa Rica.

    Alibhai’s company, Gencom, acquired the property in 2016 in partnership with the Cyprus-based investor Mohari Hospitality. 

    The development is valued at more than Ksh122.76 billion ($1 billion) and is described as a master-planned community.

    Alibhai indicated that the community will include two hotel brands with residences attached—Four Seasons Hotels and Resorts and Andaz—and is in the middle of a major growth spurt. 

    Karim Alibhai is the CEO of Gencom

    A photo collage of Karim Alibhai and some of the properties that his company owns.

    Mansion Global

Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

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