The company estimates the value of the development at more than Sh5.2 billion. Centum Real Estate managing director and CEO Kenneth Mbae /HANDOUT Centum Real Estate has started handing over units at its high-end Cascadia Apartments project within the Two Rivers development in Nairobi, marking the first phase of completion for the 400-unit residential estate.
The developer said 175 homeowners received keys to their apartments during the initial handover conducted last week, with the remaining units expected to be completed and handed over progressively by December. The project, located within the broader Two Rivers mixed-use development along Limuru Road in Nairobi’s Rosslyn area, comprises one-, two- and three-bedroom apartments as well as duplex units.
The development targets both owner-occupiers and investors seeking rental income in Nairobi’s upmarket residential market. Centum Real Estate Managing Director Kenneth Mbae said the completed project could generate significant rental income for investors, citing prevailing rental rates of about Sh100,000 per month per unit.
“The completed development has the potential to become a meaningful residential income asset for homeowners and investors, the estate could support rental value of up to Sh40 million per month across all units,” said Mbae. The company estimates the value of the development at more than Sh5.2 billion.
The apartments sit within a two-acre landscaped compound and include amenities such as a football pitch, swimming pool, children’s play area, basketball court and jogging tracks. Residents will also have access to dedicated utility infrastructure including a private power substation, solar farm and water and sanitation systems.
According to Centum Real Estate, about 60 per cent of buyers are Kenyans living locally, while 25 percent are Kenyans in the diaspora and 15 percent are foreign buyers.