Centum Real Estate, a subsidiary of Nairobi Securities Exchange (NSE) listed firm Centum Investment Company, has broken the ground on phase 1 of its Mzizi Court housing project at the Two Rivers development complex, which recorded a more than one-and-a-half times overbooking from customers.
Phase 1 of the project comprises 270 one, two, and three-bedroom apartments that are competitively priced from 4.9 million shillings, with a flexible payment plan.
Centum RE Managing Director Kenneth Mbae said 450 customers have already paid cash deposits committing to buy the apartments, overshooting the phase 1 supply by more than 66 percent.
Pre-bookings by prospective buyers of at least one-third of units on sale is a requirement set by Centum to validate demand before groundbreaking on any project.
“The demand exceeds supply supported by the expected double-digit rental yield which supports us to launch phase 2 soon,” noted Mr. Mbae at the groundbreaking ceremony on Saturday, March 19, in a ceremony witnessed by the prospective homeowners.
The event was presided over by Centum Investment PLC Chief Executive Officer, Dr. James Mworia. Centum RE is a fully-owned subsidiary of the Nairobi Securities Exchange-listed Centum Investment PLC.
The real estate development company has successfully completed the construction of 45 percent of the homes in its portfolio of residential projects in Kenya, while 55% are at various stages of development.
Mr. Mbae termed project groundbreaking as one of Centum RE’s “moments of impact” during which the company activates hundreds of construction jobs that stimulate the local economy while delivering the company’s promise to build homes for investors on time and within budget.
Mzizi Court apartments are within the 102-acre Two Rivers development that is located minutes drive from key diplomatic missions and corporates.
The strategic location has catalyzed a growing and unmet demand for a live, shop, and play lifestyle. Landmark holdings will undertake the construction. The contractor completed the timely construction of 514 high quality houses in Palm Ridge and Awali at our Vipingo Development project in Kilifi.
It is estimated that the construction of Mzizi Court apartments will take 24 months.
The 24-months construction period grants buyers the flexibility to stagger their payments as they monitor the construction progress while taking advantage of the unit value appreciation, estimated at 15-20% over the construction period.
Residents of Mzizi Court will enjoy 30 acres of dedicated green spaces at Two Rivers and outstanding amenities within the development, such as a 1.06-acre sports district ﬁtted with an Olympic size swimming pool, a kids pool, 7-aside football pitch, basketball court, kids play area and 2.7km jogging tracks.
Centum RE is a Pan African investor and developer of mixed-use urban nodes in the region, with large-scale developments in Nairobi, Kilifi, and Entebbe in Uganda. Our track record assures its investors of quality, value for money, timely handover of projects, and a high return on their investment.