Nearly 200 buyers of Centum Real Estate’s Cascadia Apartments were handed over the keys to their houses on Saturday last week.
The handover to 175 homeowners marked the first phase of completion of the aesthetically designed and tastefully finished houses.
It marks an important milestone in the delivery of the full 400-unit development, with the remaining houses expected to be handed over progressively through to December this year.
“The completed development has the potential to become a meaningful residential income asset for homeowners and investors. Based on prevailing rental expectations of approximately KES100,000 per unit per month, the estate could support rental value of up to KES40 million per month across all units,” said the Centum Real Estate Managing Director, Kenneth Mbae.
Cascadia Apartments are connected to the 102-acre Two Rivers Development on Limuru Road in the exclusive Rosslyn suburb, bordering Runda, and within walking distance from top hospitals, international schools, and Nairobi’s largest private city.
The one, two and three-bedroom units and duplexes with detached servant quarters are nestled in 2 acres of a lush, landscaped park with a sports district that features a 7-aside football pitch, Olympic-size swimming pool, a kids pool and play area, basketball court and several jogging tracks.
Residents also have an independent power substation, a private solar farm and an independent water and sanitation company to guarantee uninterrupted utilities. Mr Mbae noted that the value of the prime property is estimated at more than Sh5.2 billion.
About 60 percent of the buyers are resident Kenyans, 25 percent are Kenyans living abroad, while 15 percent are foreigners.
The Cascadia apartments are located on Limuru Road, a short distance from the United Nations Complex, which is the hallmark of Nairobi’s diplomatic blue zone, with easy access to world-class retail and leisure facilities.
Buyers of the houses will get funding options from a range of financiers. KCB has extended an 8.9% fixed-rate mortgage offer to Cascadia customers, while other banks have also provided financing solutions.
“The accessible funding options mean many customers are now able to complete payment for their units through mortgage financing rather than solely relying on personal savings or staggered instalments,” noted Mr Mbae.
Centum Re, which is a fully-owned subsidiary of Centum Investment Company PLC, currently has a total of 1,006 housing units under development in Nairobi, Kilifi, and Entebbe in Uganda.
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