60 per cent of units in Centum Re’s Cascadia Apartments development have already been purchased, with the firm confident that remaining units will be snapped up as the economy recovers from the shocks of Covid-19.
This was revealed during an open day at City Lodge, Two Rivers on Wednesday, February 24 attended by, among others, Centum CEO James Mworia and his Heri Homes counterpart Kimotho Kimani. Centum Real Estate partnered with Heri Homes to market the 450 off plan housing units.
Cascadia Apartments sits on 4.5 acres within the sprawling 100-acre Two Rivers development, one of the region’s premier shopping, fashion, dining and lifestyle destinations. It is a twenty-minute drive from Westlands and ten minutes from the United Nations complex in Nairobi.
“(The partnership) has already seen Heri Homes sell 60% of them, with investors paying 10 per cent of the amount on signing the sale agreement, 30 per cent over the construction period and 50 per cent on or before the project completion that should be by end of this year or by mid-2022,” Kimotho disclosed.
The Cascadia development includes one, two, and three bed roomed apartments, duplexes and town houses totaling 450 units, in 17 floors.
Centum Chief Executive Mworia asserted that the firm was keen on complimenting President Uhuru Kenyatta’s affordable housing agenda, one of the pillars of the Big 4 development plan.
A one bedroom apartment will cost you Ksh8.5 million while a two bedroom apartment will set you back Ksh12.3 million. A three-bedroom unit is going for Ksh14.4 million.
Mworia noted several benefits that would be enjoyed by those looking to live at Cascadia, as well as those looking to acquire rental houses. He stated that Cascadia would be a vibrant development with amenities including swimming pools, shopping malls, recreational and fitness facilities.
Power and water outages, a major challenge faced by many city residents, is also not expected to be an issue at Cascadia as Mworia revealed that they had invested heavily in the utilities.
Cascadia Apartments offers attractive returns to home owners, granting them construction period capital gains of at least 15% and rental yields of at least 6%.
“It will also be lucrative for those who will prefer to have rental houses.
“This neighborhood has been hungering for good housing, and at two rivers you are assured of access to power and clean water all year around as we have invested heavily on the same,” Mworia noted.
He further stated that the activity at Cascadia would go a long way in supporting economic recovery in Kenya in 2021 after the pandemic saw many businesses, individuals and households take a hit.