Centum Real Estate has finished the first phase of its 32 four-bedroom luxury duplexes built with the proceeds of its Sh3 billion bond.
According to Centum‘s previous disclosures, the homes in the Loft Residences at Two Rivers project were priced starting at $439,000 (Sh55 million).
Centum claims that the completion of this first phase raises the total number of new dwellings delivered in the previous two years to 656.
“Our track record assures investors of quality, value for money, timely handover of projects and a return on their investment,” said Kenneth Mbae, Centum Real Estate Managing Director.
Centum Re, a subsidiary of Centum Investment Company, which is listed on the Nairobi Securities Exchange (NSE), financed the project with a Sh3 billion bond issued on December 16, 2020.
The three-year bond, which is backed by the projects, will maturity on December 13 this year, with deposit payments going into a sinking fund.
Centum Re investors would get 12.5 percent on the basic bond and 12 percent on the equity-linked bond worth Sh2.6 billion.
Loft Residences enjoys the atmosphere given by Two Rivers, where 30 percent of the land has been set aside for green spaces.
Amenities such as open spaces, ferris wheel, hotels and business parks add to the selling point of the houses.
Centum Re also recently completed and handed over projects to homeowners in Vipingo and Entebbe, Uganda and is currently constructing over 1,454 housing units.
Its parent company Centum had invested Sh7.5 billion in this business unit by the end of September last year. The subsidiary had paid back Sh5.2 billion using proceeds from the sale of houses.
By September of last year, Centum Re had three projects at Two Rivers underway: Loft, Cascadia, and Mizizi Court.
According to the real estate developer, the projects totaled 811 residential units, 573 of which were previously pre-sold.
Centum Re anticipated that the 811 units will produce Sh7.44 billion in sales. By September of last year, Sh2.34 billion had been collected.
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