The first phase of the Loft Residences project has been completed.
The Loft residences by Centum Real Estate is the second estate at Two Rivers Development after the Riverbank Apartments, which launched in 2022.
Phase one consists of 32 luxurious four-bedroom duplexes, which sit on 3.9 acres in Two Rivers, each measuring 3,014 sq ft. Loft residences bring the total number of houses handed over by the developer in the last two years to 656.
“You’re not just buying a home at Loft Residences, but a lifestyle. You can take a walk at night, watch a movie, do your shopping at Two Rivers and walk back home, “Centum Real Estate (CentumRE) sales project manager Martin Kariuki said.
“If you go to Runda, you can’t even get bare land for Ksh45 million. At Loft Residences, you are just next to Runda and the complete houses are going for Ksh45 million,” Kariuki said.
Loft Residences, launched in November 2020, was funded through proceeds realized from its Kshs 4.0 billion secured Medium Term Note (MTN) program launched in December 2020, raising Kshs 3.0 billion in the first tranche.
The three-year tenor notes set to mature in December 2023 are structured to offer zero coupons during the bond’s life but guarantee investors returns of 12.5% and 12.0% to senior and senior secured equity-linked noteholders, respectively.
The project’s second phase, which will comprise 24 additional units, is expected to be completed in August 2023.
“In terms of performance, the unit prices translate to an average of Kshs 160,714 per SQM, which is 26.8% higher than the upper mid-end residential market average value of Kshs 126,751 per SQM realized in FY’2022,” Notes Cytonn Investments.
Cytonn says this can be attributed to their prime location, which benefits from world-class amenities such as a shopping mall, hotels, and recreation centers.
Secondly, the area is located within the United Nations (UN) diplomatic blue zone, which creates demand for high-quality residential units to service the large population of diplomats and expatriates and ease of accessibility supported by good infrastructure.
Other notable projects by the developer include; Cascadia, Riverbank, Mizizi Court, and Elmer One Apartment.
