Centum Real Estate Limited has broken ground on phase 1 of its Mzizi Court housing project at the Two Rivers development complex.
Mzizi, is the 4th residential project at Two Rivers, after the Riverbank Apartments, Loft Residences, and Cascadia apartments.
The project comprises 270 one, two, and three-bedroom apartments that are competitively priced from Ksh4.9M, with a flexible payment plan.
Mzizi Court apartments are within the 102-acre Two Rivers development that is located minutes drive from key diplomatic missions and corporates.
The strategic location has catalyzed a growing and unmet demand for live, shop, and play lifestyle.
Landmark holdings will undertake the construction. The contractor completed the timely construction of 514 high-quality houses in Palm Ridge and Awali at our Vipingo Development project in Kilifi.
It is estimated that the construction of Mzizi Court apartments will take 24 months.
Finally, the shovel hits the ground, to pave way for the shell and core construction for 26 Mzizi court. Congratulations to the newly appointed Centumre MD, Kenneth Mbae on this auspicious milestone achieved barely 2 days since taking up the role. pic.twitter.com/HSxlY2uthf
— Centum Real Estate (@CentumRE) March 19, 2022
The 24-months construction period grants buyers the flexibility to stagger their payments as they monitor the construction progress while taking advantage of the unit value appreciation, estimated at 15-20% over the construction period.
Residents of Mzizi Court will enjoy 30 acres of dedicated green spaces at Two Rivers and outstanding amenities within the development.
Centum RE Managing Director Kenneth Mbae said 450 customers have already paid cash deposits committing to buy the apartments, overshooting the phase 1 supply by more than 66 percent.
Pre-bookings by prospective buyers of at least one-third of units on sale is a requirement set by Centum to validate demand before groundbreaking on any project.
“The demand exceeds supply supported by the expected double-digit rental yield which supports us to launch phase 2 soon,” noted Mr. Mbae at the groundbreaking ceremony on Saturday, March 19.
Centum RE is a fully-owned subsidiary of the Nairobi Securities Exchange-listed Centum Investment PLC.
The real estate development company has successfully completed the construction of 45 percent of the homes in its portfolio of residential projects in Kenya, while 55 percent are at various stages of development.
Mr. Mbae termed project groundbreaking as one of Centum RE’s “moments of impact” during which the company activates hundreds of construction jobs that stimulate the local economy while delivering the company’s promise to build homes for investors on time and within budget.
Khusoko is now on Telegram. Click here to join our channel and stay updated with the latest East African business news and updates.