The construction of an exclusive city in Kilifi County at the Kenyan Coast is set to commence; this is according to NSE-listed investment company, Centum which is the company behind the mega project. The city will sit on a 9,500 acre piece of land.
Centum has already begun on preparations for the construction and through this advancement they will have extended their entry into the high-end real estate development.
Regulatory filings illustrate that the project which is dubbed the economic hub will be developed in phases. The first phase will see the construction of an infrastructure on 900 acres of the land and is expected to cost US$ 8m. The 900 acres has been divided and it includes residential, commercial, industrial, institutional, recreational, and public zones.
“The Master Plan development has been phased for over 30 years and it will be gradually implemented at an average rate of 900 acres in the first years and 200 acres per year starting with areas without sisal and later on land with old crop that will not be replaced,” says part of the regulatory filings.
Centum’s subsidiary, Athena Properties Ltd which is a construction firm, will carry out the infrastructure works for the state of the art development in Kilifi.
Centum, which is also behind the Two Rivers Mall is tipped to be Kenya’s biggest on completion, is building the city on land it bought last year from Rea Vipingo Holdings, a plantation firm that sold part of its land as it de-listed from the Nairobi Securities Exchange (NSE). The Two Rivers Mall which sits on 100 acres is set to be completed in the coming months. The NSE listed company is also developing Pearl Marina in Uganda, this is a project that consists of two hotels, office blocks and apartments set on 385 acres.
The investment company is also building a 1,000-megawatt coal-fired power plant in Lamu that will sit on 869 acres.