Centum RE has broken ground on phase 1 of its Mzizi Court housing project at the Two Rivers development complex, which recorded a more than one-and-a-half times overbooking from customers.
Phase 1 of the project comprises of 270 one, two and three-bedroom apartments that are competitively priced from KES 4.9M, with a flexible payment plan.
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.
“The demand exceeds supply supported by the expected double-digit rental yield which supports us to launch phase 2 soon,” noted Mbae at the groundbreaking ceremony on Saturday, March 19, in a ceremony witnessed by the prospective home owners.
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 event was presided over by Centum Investment PLC Chief Executive Officer, Dr James Mworia.
Centum RE is a fully-owned subsidiary of the Nairobi Securities Exchange listed Centum Investment PLC.
The real estate development company has successfully completed construction of 45% of the homes in its portfolio of residential projects in Kenya, while 55% 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.
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.