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Centum project invests Sh5.5bn in Kilifi economy

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Centum Real Estate managing director Samuel Kariuki. PHOTO | SALATON NJAU

Centum’s #ticker:CTUM mixed-use development in Vipingo at the Coast has injected Sh5.5 billion into the Kilifi economy, creating more than 3,000 jobs in the past two years.

An impact survey commissioned by the firm shows that the ongoing construction of a 10,000 square feet shopping mall, food processing factory, warehouses, and a water desalination plant have generated the jobs for an area that was previously not offering locals stable employment. The survey was conducted last month.

The construction work has created 1,500 direct jobs and an equivalent number of indirect jobs, the survey found.

Centum is setting up the mixed-use project known as Vipingo Development on 10,254 acres it acquired for about Sh2 billion in 2015 from plantation firm Rea Vipingo.

“In a relatively short period of time, Vipingo Development has developed a model city on affordable housing and industrialisation in a locality that previously didn’t maximise on its economic potential,” VDL managing director Kenneth Mbae said.

“The most impactful outcome of the two-year development journey is the pace of expansion achieved by local businesses, landlords and increased investments in neighbouring shopping centres.”