Centum seeks nod for new complex

Listed firm Centum Investments #ticker:ICDC is seeking regulatory approval to put up 400 residential apartments within the Two Rivers Development in Nairobi.

According to regulatory filings received by National Environmental Management Authority (Nema) from Centum subsidiary, Uhuru Heights Limited, the 400 units comprising one, two and three bedroomed apartments will be hosted on five blocks rising 15 floors.

“Uhuru Heights is proposing to construct 400 apartments hosted on five blocks (A-E) of 15 floors accompanied by 450 parking slots constructed on four basement floors. The development, to be located within a parcel of land striding across Ruiruaka River and linked via a bridge is accessible from Nairobi’s Limuru Road.”

The application for approval comes after Centum and Barclays Bank of Kenya #ticker:BBK announced a financing partnership for residential units, both off plan and established-developed by Centum Real Estate.

The firm, pending approvals, will set up the mid-market duplex units dubbed Cascadia which will sell between Sh8.5 million and Sh23 million.

Uhuru Heights, whose book value is Sh891 million, was incorporated in September 2009, with Centum owning 100 per cent of the firm. It is principally engaged in management, ownership and development of property for rental purposes.

This comes just over a month after Centum broke ground on Riverbank Apartments, a 160-unit housing project at its Two Rivers development in Nairobi.

The Two Rivers Development will encompass additional projects on the 102 acres of land that Centum owns on Limuru Road in Nairobi and near the affluent neighbourhoods of Runda, Nyari, Gigiri and Muthaiga.

Centum, whose shares worth Sh19.3 billion are listed at Nairobi and Uganda securities exchanges has assets worth Sh71.6 billion with vast interests in farming, manufacturing, retail, real estate, banking, private equity, motor vehicle assembly, book publishing, catering solutions, power generation and leasing solutions.

Centum’s real estate portfolio incorporates wholly owned companies, Vipingo, Pearl Marina, Vipingo Estates, Rasimu and Athena Properties as well as stakes in Two Rivers Delimited Limited(58.3 percent) and a 30 percent stake in realtor Broll all valued at Sh35.9 billion.

Real estate remains a lucrative gem for many investors due to Kenya’s housing deficit that increases at 250,000 units a year with the private sector able tp deliver about 30,000 units a year.