Centum Real Estate (Centum Re) has completed the handover of 24 four-bedroom luxury apartments worth Sh1billion to buyers who snapped up the units before completion.
The units were part of phase two of Centum’s Loft residences project located at the Two Rivers commercial and residential complex.
The apartments were sold at prices ranging from Sh36 million to Sh52 million—marking a boost for the real estate firm that has so far completed housing projects in Nairobi, Kilifi and Entebbe in Uganda. The first phase of the project was completed in February last year with a total of 32 units sold at prices from Sh55 million.
The project was funded through a Sh3 billion bond issued by Centum Re, a subsidiary of Centum Investment Company, which is listed on the Nairobi Securities Exchange (NSE).
“We are proud to have actualised our sales pitch and met the aspirations of our investors. The rapidly growing waiting list of prospective tenants at our Two Rivers model development avails a basket load of wealth creation opportunities to investors,” Centum Re Managing Director Kenneth Mbae said.
“The introductory price was Sh36 million only 24 months ago. They are all sold out and purchasers are enjoying these prices from the secondary market.”
According to the company, about 90 percent of the buyers are investors, including businessmen, Kenyans living abroad, and expatriates from various continents including Africa, Asia, Europe, Australia, North America, and South America. In addition, 21 percent of buyers used mortgage financing, while 79 percent made milestone cash payments.
Centum Re said that the units have attracted strong rental income, with rental yields of over 10 percent per annum and capital appreciation.
“Given our proximity to the diplomatic blue zone of Gigiri and certification of Two Rivers, a number of diplomatic missions and multi-nationals are taking up long-term leases on the property,” said Mr Mbae.
