Centum Investment will invest 7.0 billion shillings to develop a new affordable housing project in Kasarani, Nairobi to construct 268 units, comprising studio apartments, 1 bedroom, 1 bedroom loft, and 2 bedrooms apartments of 20 sqm, 40 sqm, 40 sqm, and 60 sqm, respectively.
The announcement by Centum Investment comes at a time the sector is facing numerous challenges including a massive drop in rent yields according to a report released by Cytonn Investments last month.
Upon the completion of the units, Centum says that the selling prices of the units will begin at 1.9 million shillings.
“The tastefully designed houses are ideal and affordable for first time home buyers as well as those who want to invest in real estate without necessarily going through the hassle of getting involved in land buying and construction,” said the Centum Real Estate Managing Director Samuel Kariuki.
Recently, Centum Real Estate launched a 365-unit affordable mid-market housing scheme in the Ruaraka area.
The “365 Pavilion Place”, comprising of 50 sqm and 56 sqm- 1 bedroom units at Kshs 4.8 million and Kshs 6.2 million, respectively, 75 sqm and 91 sqm- 2 bedrooms at Kshs 7.1 million and Kshs 9.9 million, respectively, 105 sqm- 3 bedroom at Kshs 10.0 mn and 135 sqm-3 bedrooms with DSQ at Kshs 13.3 million.
“All our real estate developments are delivered to the highest standards, on schedule, and on budget; that is why many investors are choosing to put their cash in our projects,” said Mr. Kariuki.
“The developer’s focus on the Kasarani area is supported by the relatively good infrastructure providing access to the area, proximity to amenities such as Thika Road Mall (TRM) Mall and Garden City Mall, and positive demographics with Kasarani hosting a growing middle class,” Cytonn Real Estate notes.
The Kenya Population and Housing Census 2019 Report, Embakasi and Kasarani were ranked as the highest populated areas within Nairobi, with approximately 988,808 and 780,656 residents, respectively, indicating the high demand for residential housing units mainly by the growing middle-income population.