NAIROBI, Kenya, Aug 24 – Centum Real Estate has announced the launch of a new 268-unit affordable housing development in the Kasarani area at a cost of Sh7 billion.
In a statement, the company says the development, branded 265 Elmer One Apartment, seeks to provide quality affordable apartments that offer competitive rental rates and capital returns to residential real estate investors, that are also ideal for owner-occupier buyers.
265 Elmer One Apartments will offer first in market design product concepts comprising a mix of studio, 1 bedroom,1-bedroom loft and 2 bedrooms priced from Sh1.9 million.
“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.
265 Elmer One Apartments are an architectural pioneer, with the first 1-bedroom loft design in the region and will provide the perfect blend of affordability and luxury, paving the way for accommodating modern architecture in affordable housing. The apartments will also be fitted with communal lounges, a mini tennis court and a mini soccer pitch at the apartment complex rooftop.
According to the housing census carried out by the Kenya National Bureau of Statistics (KNBS) last year, Kasarani is the second most populated constituency in Nairobi with approximately 708,000 residents.
The high population density denotes a high demand for rental units, which assures investors of a recurring rental income with yields averaging 7.5% per annum. The development is therefore an excellent opportunity for investors looking to diversify their investment portfolio or venture into real estate.
Centum has made significant considerations to ensure 265 Elmer One meets green building standards, including 20 percent savings on energy and 40 percent savings on water and energy embodied in materials by installing low flow water tap and shower fixtures that reduce up to 3x water usage, dual flash toilet systems that save up to 67 percent of water; 100 percent recycling and re-use of water generated on-site; and 15 percent of the site is set aside for landscaping.
265 Elmer One Apartments is the newest addition to Centum Real Estate’s portfolio of developments and is the Group’s most affordable development in Nairobi. Recently, Centum Real Estate launched a 365-unit affordable mid-market housing scheme in the Ruaraka area.
“All our real estate developments are delivered to highest standards, on schedule and on budget; that is why many investors are choosing to put their cash in our projects,” said Mr Kariuki.
Centum Real Estate is the region’s leading developer of mixed-use urban nodes in the region, with large mixed-use developments in Nairobi, Kilifi and Entebbe in Uganda. Centum’s track record assures its investors of quality, value for money, timely handover of projects and a return on their investment.