Centum awaiting NEMA approval to establish new homes

Centum CEO James Mworia
Centum CEO James Mworia at a past event. PHOTO/COURTESY

Centum Investments’ subsidiary, Uhuru Heights Limited, is seeking approval from the National Environmental Management Authority (NEMA) to establish 400 residential homes, comprising one, two and three bedroomed apartments, within Nairobi’s Two Rivers Development.

The mid-market duplex apartments, dubbed Cascadia, will be hosted on five blocks rising 15 floors and if approved by the environmental watchdog; will sell for between Ksh. 8.5 million and Ksh. 23 million.

“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.” regulatory filings received by Nema from the Centum subsidiary read in part.

The request for authorization by Uhuru Heights comes just one week after Centum Real Estate inked a home financing deal with Barclays Bank of Kenya that will see the lender finance buyers interested in acquiring Centum’s real estate properties in Kilifi and Nairobi. The home financing agreement will cover both completed and off-plan units in Centum’s real estate developments – the Palm Ridge Estate in Kilifi County and Nairobi’s Riverbank Apartments and Cascadia Apartments.

The loans will be priced at a discount rate of between 11.5 percent and 11.9 percent which is lower than the existing maximum lending rate of 13 percent used by commercial lenders. The bank will also provide 90 percent financing for units priced above Ksh.10 million and 100 percent funding for units that go for less than Ksh. 10 million.

“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 (MD) Samuel Kariuki said then.

The application for approval also comes one month after Centum broke ground on its Riverbank Apartments, a 160-unit housing project at its Two Rivers Development in Nairobi.

ALSO READ: NEMA approvals reason behind delay of projects, Cytonn says


Please enter your comment!
Please enter your name here