Nairobi, Kenya. Two Rivers Development Limited has put on sale bulk development rights embedded within its 102-acre estate to commercial and residential real estate developers.
Investors will be buying development bulk within the approved Two Rivers master plan, which is designed and serviced to support high density developments.
“We already have multi-billion shilling residential and commercial developments at Two Rivers, and we have been engaging other investors to come and be part of this urban node” said Theodoros Pantis, the Two Rivers General Manager.
Mr Pantis was speaking during a handover ceremony of title deeds to Centum Real Estate Limited, which has recently completed acquisition of development rights for its Loft Duplexes and Riverbank Apartments high end homes.
“Centum Real Estate acquisitions validate the Two Rivers business model which gives developers a comparatively lower cost per square meter of built-up space, given the attainable ground coverage and shared infrastructure,” added Mr Pantis. He also noted that the residential projects will have a positive impact on the development by adding permanent residents within the Two Rivers precinct.
Two Rivers Development has previously sold development rights to City Lodge and Victoria Commercial Bank.
The development is home to the largest shopping complex in the region with over 200 shops, three office blocks, a Go Karting track and theme park and the 3-star City Lodge Hotel.
Centum Real Estate Limited is anchoring the residential node of the development through its development rights acquisitions. Mr Samuel Kariuki, the Managing Director of Centum Real Estate Limited noted that, “Developing residential products at Two Rivers has helped us to fast-track sales, given the premium nature of the location and the utilities available.”
“Our high-end Loft Duplexes, for example, were launched in March 2020 at the height of Covid and 50% of all units have been sold to date. The development rights are competitively priced as they include not just the land but also key infrastructure such as power, water, sewer, ICT and sports and social amenities,” he added.
Two Rivers Development is also developing affordable apartments through a project dubbed Mzizi Homes which are selling form KES 4.9 million. Phase 1 of the project, comprising of 256 units has pre-sold by more than 53% in the last five months
Two Rivers Development is a joint venture between AVIC-JWHC of China, ICDC and Centum Investment Company Plc. Centum Real Estate Limited is a separately owned subsidiary of Centum Investment and is the holding company for Vipingo Development, Pearl Marina Estates in Uganda, Centum Development Kenya Limited and Uhuru Heights Limited.