Companies

Centum launches Sh7bn apartments in Kasarani

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Centum Investment CEO James Mworia. FILE PHOTO | NMG

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Summary

  • The firm said Monday that the project involves 268 units dubbed ‘265 Elmer One Apartments’ as it eyes to attract house seekers in the area that is witnessing population growth.
  • Centum says the apartments will be priced at competitive rental rates to attract takers while also giving capital returns to residential real estate investors.
  • Centum Real Estate managing director Sam Kariuki said the apartments will be a mix of studio, one bedroom, one-bedroom loft and two bedrooms priced from Sh1.9 million.

Centum Investment #ticker:CNTM real estate arm has launched a Sh7 billion real estate project to construct apartments in Kasarani, Nairobi.

The firm said Monday that the project involves 268 units dubbed ‘265 Elmer One Apartments’ as it eyes to attract house seekers in the area that is witnessing population growth.

Centum says the apartments will be priced at competitive rental rates to attract takers while also giving capital returns to residential real estate investors.

Centum Real Estate managing director Sam Kariuki said the apartments will be a mix of studio, one bedroom, one-bedroom loft and two bedrooms priced from Sh1.9 million.

“The tastefully designed houses are ideal and affordable for first time home buyers as well as those who want to invest in real estate without necessarily going through the hassle of getting involved in land buying and construction,” said Mr Kariuki.

He said that one of selling points will be the architectural design as well as green landscape that blend affordability and luxury to have an edge over the current apartments in the market.

Centum plans to put communal lounges, a mini tennis court and a mini soccer pitch at the apartment complex rooftop.

The Kenya National Bureau of Statistics (KNBS) census data for last year ranked Kasarani as the second most populated constituency in Nairobi with about 708,000 residents.

Centum wants to tap into this high population density, which most of the time denotes a high demand for rental units.

The apartments become the newest addition to Centum Real Estate’s portfolio of developments and will be the group’s most affordable development in Nairobi.

Centum Real Estate recently launched a 365-unit affordable mid market housing scheme in Ruaraka area as it seeks to deepen its mixed use real estate projects.

Centum is pursuing a sales-led development model under its real estate portfolio where it is currently constructing 1,442 residential units.

Other mixed-use developments are located in Kilifi and Entebbe in Uganda, with eyes set on other areas where demand is growing.

The firm said 999 units with a revenue potential of Sh7.8 billion had been sold at the end of March.

Centum Investment shareholders were paid Sh798.5 million dividends after the group’s net profit rose by 12 percent to Sh4.63 billion driven by growth in investment income.

The growth in financial year ended March 2020 was from Sh4.12 billion booked in previous year, helping the firm retain Sh1.20 per share dividend payout for the third year running.