Centum Real Estate, a fully-owned subsidiary of Centum Investment Company Plc, plans to complete the construction of its Two Rivers based luxury apartments in December.
The ‘Cascadia’ housing complex comprising 400 units is located within the high-end Two Rivers development.
With the completion, the investment firm will be looking to increase its revenue sources after it recorded reduced profitability in the real estate subsidiary.
The Cascadia will become the first mid-market high rise residential development within the 102-acre Two Rivers Social City.
“Cascadia is strategically positioned to earn a projected minimum return of 7 percent per annum through its competitive, mid-market pricing in a high-end master planned area,” said the Centum Re Managing Director, Kenneth Mbae.
As land becomes scarce and expensive, there has been a shift to the modern apartment lifestyle.
The traffic problem in the city has been key drivers that have led to the growth of mixed-use developments as more residents looked to avoid the lengthy daily work commute.
A report by real estate consultants Knight Frank said property developers are no longer keen on building standalone malls or housing estates.
The developers are putting up mixed-use developments that incorporate offices, residential areas and other key facilities such as schools, dispensaries, and recreation parks.
According to Centum the one-bedroom units will be selling at a discounted price of Sh9.2 million, while the three-bedroom duplex with a detached servant quarters are priced at Sh28 million.
