Centum has signed sale agreements with prospective homebuyers for units worth Sh1.2 billion at its Vipingo real estate project in Kilifi, marking an early sales milestone for the Coast development.
In a statement dated Wednesday, November 21, 2018, the Nairobi Securities Exchange-listed investment firm said 156 units had already been taken up. The homes include maisonettes, bungalows and apartments within the 10,254-acre Vipingo Development.
The company said the signed deals are part of the first phase of a mixed-use plan that will eventually combine residential, commercial, industrial and retail space. Vipingo is one of Centum’s three major property projects, alongside Two Rivers Development and Pearl Marina in Uganda.
Centum also said it controls a 58.3 per cent stake in the 102-acre Two Rivers Development Ltd in Nairobi. The firm’s latest financial results had already been affected by a 35.18 per cent drop in unrealised gains on real estate investments to Sh4.18 billion, as well as a delay in completing the Sh2.32 billion sale of GenAfrica Asset Managers, which pushed full-year net profit down to Sh2.79 billion from Sh8.31 billion a year earlier.
The company was due to release its half-year results on Monday.
On the issue of buyer identities, Centum said: “Unfortunately, we are not in a position to disclose the parties who have signed on the respective parcels due to a confidentiality agreement,” Centum said in a statement.
Separately, the listed firm said it had sold 46 units at the proposed Awali Estate at Vipingo before the ground-breaking scheduled for early next month.
