Investment firm Centum has announced the ground breaking of Riverbank Apartments, a 160-unit housing project at its Two Rivers development in Nairobi. Centum’s Real Estate managing director Samuel Kariuki confirmed that the development is expected to be completed within 24 months.
The construction contract was awarded to Seyani Brothers & Co, a leading and well-known contractor, and the handover of the construction site was made on July 25th following completion of site clearance and earthworks, adding that 30% of the units had been sold off-plan already.
According to the MD, the Riverbank Apartments are the first lot out of a project pipeline of 1,560 residential units planned at Two Rivers over a five-year period. “Centum Real Estate policy is to break ground when a 30% pre-sale level has been attained and the project is fully funded,” said Mr Kariuki.
Centum’s US $244m Two Rivers Mall shopping complex, which sits on eleven acres opened in February 2017, had occupancy of 75% as of last year according to Centum.
The Two Rivers Development will encompass additional projects on the 102 acres of land that Centum owns on Limuru Road in Nairobi, near the affluent neighbourhoods of Runda, Nyari, Gigiri and Muthaiga.
Centum is a publicly owned investment company with headquarters in Nairobi, Kenya. Its shares are listed on the Nairobi Securities Exchange (NSE), where they trade under the symbol: ICDC. The company shares are also cross-listed on the Uganda Securities Exchange (USE), where they trade under the symbol: CENT.
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