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.
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.