Centum RE has generated KES 4.5Bn in cash return potential on completed projects and those under development.
According to these statistics, Centum Real Estate has now successfully achieved a 2X value on
the value of the land.
The residential developments business has achieved cash breakeven and is on course to generate a total return of KES 4.5 billion over the next 24 to 36 months.
“Of the 2,107 units, we have sold 83% and collected more than 53% of the sales value. The collections have been utilized to fund construction and have now surpassed the level of contractor payments,” Centum RE published.
“The land sold to the project is sold at an incremental value uplift. The residential projects are currently being undertaken on their own land banks. The residential developments have activated and opened up the sites, making them attractive and enabling the sale of Kes 8.6bn in development rights to 3rd party developers,” Centum re says.
About Centum Re
Centum Re is the region’s leading real estate developer, with a focus on large urban master-planned mixed-use developments.
Its current development portfolio includes Vipingo Development (an 8,000 acre development in Vipingo, Kilifi County of Kenya), Pearl Marina Estates (a 389 acre development in Entebbe, Uganda) and infill developments in Two Rivers (a 102 acre development in Nairobi, Kenya).
Centum Re is a 100% owned subsidiary of Centum Investment Co. PLC. Centum Re adheres to the highest standards of corporate governance and is led by a board of directors comprising a majority of independent non-executive directors, who are sector experts in their various fields.
Its management team has over 40 years of combined experience in the real estate sector in the region in both real estate development and in project finance. The team has a long track record in successfully identifying, developing and delivering on real estate projects.
