Centum Real Estate, the development arm of investment giant Centum, is seeking partnerships with landowners in prime areas of Nairobi to develop high quality but low-priced housing units. The company is particularly interested in sections of Mombasa Road and Ngong Road in Nairobi.
The projects will feature one to three bedroom houses priced from Sh4 million to Sh7 million.
Under the agreement, the land owner will provide the land upfront as equity and form a special purpose vehicle for profit sharing.
“The land owner will contribute the land as equity while Centum will finance the construction,” Mr Samuel Kariuki, the managing director of Centum Real Estate said.
The company is already implementing this arrangement at Kasarani where it is putting up at least 950 apartments. The development is called 365 Pavilion Place.
