Centum Apartments: Barclays Bank of Kenya is funding aspiring home owners in a bid to help them acquire apartments that are being set up by Centum Investments.
The apartments are being set up in Nairobi and Kilifi. The loans will be priced at between 11.5 per cent and 11.9 per cent.
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The bank will fully fund houses sold at below Sh. 10 million and provide 90 percent financing for units priced above that level.
“The signing of this (agreement) with Barclays signals our commitment to ensuring that Kenyans have an opportunity to own a home in a master-planned city that integrates world class infrastructure and recreational amenities which seamlessly blend a live, work and play lifestyle,” Centum Real Estate’s managing director Samuel Kariuki told the Business Daily.
According to the Business Daily, Centum is currently constructing 2,822 residential units, with plans to put up a total of 10,000 houses in East Africa targeting middle class buyers over the next five years.
“The agreement will see Barclays finance purchases of both completed and off-plan units in the agreement that currently covers Palm Ridge Estate and Awali Estate in Kilifi County, The Riverbank Apartments and Cascadia Apartments (Nairobi). The company is building 1,255 one, two and three-bedroomed houses at Palm Ridge retailing at between Sh. 2.5 million and Sh. 4.6 million. The Riverbank Apartments comprises 168 units of one, two and three-bedroomed units whose prices range from Sh. 16 million to Sh. 30 million. Cascadia Apartments also feature 400 units of one, two and three-bedroomed houses retailing from Sh. 8.5 million to Sh. 23 million,” said the BD report on the Centum Apartments.