Two Rivers estate underway in Runda

Artist's impression of the Two Rivers homes. Photo/Courtesy

Artist’s impression of the Two Rivers homes. Photo/Courtesy

Centum Group, a Nairobi Securities Exchange-listed investment firm, has launched a Sh17 billion mixed-use real estate development in the upmarket Runda/Gigiri area along Limuru Road in Nairobi.

Designed by Boogertman & Partners, Two Rivers will consist of medium density homes, a three-star hotel, office blocks and a 62,000 sq m shopping mall that is tipped to be the largest in East and Central Africa.

The development sits on a 100-acre piece of prime land that was acquired from the Koinange family in a transaction estimated at more than Sh1 billion.

The investment firm had earlier said the piece of land would not be competitive as a purely residential development because the area has plenty of supply of low density homes.

“The property is in an area that has matured as a residential area and is now primed for commercial developments such as offices in much the same way as places such as Upper Hill and Kilimani have experienced,” Centum said in a past annual report.

READ: Centum to build East Africa’s largest mall in Nairobi

The Two Rivers development will be carried out in phases and will have a total floor area of about 830,000 sq m when completed. The initial phase of the project will consist of about 100,000 sq m and is scheduled for completion in October 2015.

“We are in the process of converting Two Rivers into a Development Real Estate Investment Trust (D-REIT) and we have so far secured interest for funding of over Sh14.45 billion in equity and long-term debt from local and institutional investors,” said Centum in its half-year results ended September 30.

The Two Rivers project, which is managed by Athena Properties Ltd., will be compliant with international green standards, featuring luxurious residential apartments and low-rise office blocks.

The project will be undertaken by the China National Aero-Technology International Engineering Corporation (CATIC) and local sub-contractors.

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