Centum Real Estate, a subsidiary of Centum Investment Company, is building over 1,400 housing units. The houses range from making ordinary standard houses to high-end units.
They are constructing the houses on their company-owned pieces of land located in the Ruaraka and Kasarani area. The high-end units will be at Two-Rivers.
To finance this massive project, the company has floated a housing bond amounting to Kshs 4 billion. This is a three-year zero-coupon bond. The bond will be available at a discounted rate.
The firm has achieved 75% pre-sale and collected more than Kshs 2.8billion in deposits. Also, the company has obtained the necessary approval from the Capital Market Authority.
Samuel Kariuki, the MD at Centum Real Estate, said the bond would be an excellent opportunity for investors to benefit from Kenya’s real estate investment without directly getting involved in the day-to-day development operations.
The firm’s MD said they would take up to Kshs 6 billion if they experience investors’ oversubscription. They are confident in the investors’ investment value to exceed their targeted Kshs 4 billion. They have an attractive and robust balance sheet that is at Kshs 35 billion.
The company has completed some successful projects under Vipingo Development Limited, Uhuru Heights Limited, and Pearl Marin Estates Limited.