Companies

Buyers snap up Centum’s Two Rivers apartments

2-rivers

Two rivers Mall along Limuru road on 13th February 2017. PHOTO | MARTIN MUKANGU | NMG

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Summary

  • Centum chief executive James Mworia told the Business Daily that the affordable housing Mizizi project has presold 240 of its 274 units, equivalent to 88 percent.
  • The project is being developed jointly by the company’s subsidiaries Centum Re and Two Rivers Development Limited (TDRL).

Centum’s #ticker:CTUM real estate arm has sold between 62 and 88 percent of the housing units it is putting up at the Two Rivers site in Nairobi.

The listed firm’s real estate arm is setting up four housing projects targeting affordable, middle income and high-net-worth buyers at the 102-acre site, which also contains the Two Rivers mall and office complex.

Centum chief executive James Mworia told the Business Daily that the affordable housing Mizizi project has presold 240 of its 274 units, equivalent to 88 percent. Houses at the property have been priced at between Sh4.9 million and Sh9.6 million depending on size.

The project is being developed jointly by the company’s subsidiaries Centum Re and Two Rivers Development Limited (TDRL).

TRDL is also selling land rights to commercial and residential real estate developers.

The mid-market, 84 unit Riverbank property has sold 60 units ahead of its launch next month, Mr Mworia said, while the higher-end Loft where house prices range between Sh37 million and Sh40 million has recorded 70 percent sales after amounting to 38 out of 54 units.

The Cascadia property, which has a mix of affordable and higher-end houses, has recorded the lowest pre-opening sales at 62.5 percent, selling 250 out of the 400 units that the firm is putting up.

“The existing services and infrastructure being in place have helped the positive traction. It has also helped make the affordable housing units cheaper compared to others in the same location,” said Mr Mworia.

He added that the company is hoping to ride on its own developments to attract takers for the latest phase of its bulk land rights sale, which opened last June.

The company has been struggling to make sales at property developments that are situated away from the Two Rivers site —such as Embakasi— due to the lack of supporting infrastructure such as sewer and water services, roads, and parking spaces.

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