Centum Real Estate managing director Samuel Kariuki. FILE PHOTO | NMG Investment firm Centum #ticker:ICDC says it has broken ground on Riverbank Apartments, a 160-unit housing project at its Two Rivers development in Nairobi.
Centum Real Estate managing director Samuel Kariuki said Monday the development is expected to be completed within 24 months.
He did not provide details on the cost of the project, citing market confidentiality.
“(This) signals the launch of the residential node of Two Rivers,” Mr Kariuki said. “The construction contract was awarded to Seyani Brothers & Co, a leading and well-known contractor.”
He said the handover of the construction site to the contractor was made on July 25 following completion of site clearance and earthworks, adding that 30 percent of the units had been sold off-plan.
“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 percent pre-sale level has been attained and the project is fully funded,” said Mr Kariuki.
Centum’s Sh25.2 billion Two Rivers Mall shopping complex, which sits on eleven acres opened in February 2017, had occupancy of 75 per cent 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.