Centum Real Estate has announced that it will it will sell its affordable houses from Sh. 1.9 million.
The Centum houses will include studio apartments which be sold at Sh. 1.9 million and three-bedroom units which will be sold Sh. 10 million. These houses will be built at the Mzizi project at the Two Rivers complex.
I started my business in Nairobi with Sh. 5 million capital, broke even after 5yrs
According to Centum Re’s managing director Kenneth Mbae, the Centum houses project will be funded through a Sh. 3 billion ($20 million) loan from the International Finance Corporation.
“The financing from the IFC will allow Centum Re to take a long-term view and develop housing communities of scale in the region,” said Mbae.
The project will see the construction of a total of 2,000 housing units.
“The 2,000 homes are expected to be constructed in phases. The first phase of 300 homes is already significantly advanced,” Mbae added.
According to disclosures from the IFC, funding for the project was approved in November this year.
“The proposed IFC investment is an up to US$20 million loan to support Centum Real Estate Limited, a wholly owned subsidiary of Centum Investment Company, to finance its development of 1,940 affordable housing units in Two Rivers Development, a prime mixed use urban node located within Kenya’s Diplomatic Blue Zone in northern Nairobi,” said IFC in its disclosures.
“The Project will address the obvious and increasing affordable housing market gap in Kenya.”
