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The Nairobian

Centum Re hands over sold-out Sh1bn luxury apartments

Real Estate

By Brian Ngugi | Sep 30, 2024

Centum Re board chair James Ruitha (centre) and Group CEO James Mworia join homeowners to officially hand over phase two of the Loft Residences luxury apartments, located at the Two Rivers commercial and residential complex. [Courtesy]

Centum Real Estate has officially handed over luxury apartments from phase 2 of the Loft Residences at the Two Rivers commercial and residential complex.

Centum Re has successfully completed thousands of homes across Nairobi, Kilifi, and Entebbe in Uganda.

Managing Director Kenneth Mbae noted the rapid sales of phase 2, which were fully booked before completion. "We are proud to have actualized our sales pitch and met the aspirations of our investors. The growing waiting list at our Two Rivers development presents numerous wealth creation opportunities," he stated.

The high-end apartments were priced between Sh36 million and Sh52 million. "The introductory price was Sh36 million just 24 months ago. All units are now sold out, with purchasers benefiting from secondary market prices," Mr Mbae added.

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Buyers span six continents, including Africa, Asia, Europe, Australia, North America, and South America, with approximately 90 per cent being investors—primarily businesspeople, Kenyans in the diaspora, and expatriates. The units have demonstrated high rental yields exceeding 10 per cent and substantial capital appreciation of 25 per cent.

A satisfied homeowner shared, "My family is delighted. As off-plan investors, the developer has surpassed our expectations, creating real wealth for us. We've been linked to a dollar rental market and provided access to long-term fixed-rate mortgages in a world-class neighbourhood."

Among buyers, 21 per cent are mortgage borrowers, while 79 per cent opted for milestone-based cash payments. Notably, four out of five units have been listed for rent.

Mr Mbae highlighted the strategic location near the diplomatic blue zone of Gigiri, noting that several diplomatic missions and multinationals are securing long-term leases.

The newest units incorporate customer feedback from phase 1, featuring energy and water-efficient technologies that significantly reduce utility costs. The prime location and enhanced connectivity to major routes, including the airport, are key attractions for corporate and diplomatic clients.

"Our strong customer support and proven track record of delivering high-quality homes have been our greatest assets," concluded Mr Mbae.