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Hi guys,am new here and still cant post a link till i reach 10 posts...can someone work on this,it was in the business daily two days ago
Centum’s Rea Vipingo coastal city deepens foray into real estate
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Centum’s Rea Vipingo coastal city deepens foray into real estate
Business Daily

NSE-listed investment company Centum has started preparations for the construction of an exclusive 9,500-acre coastal city in Kilifi County, deepening its foray into high-end real estate development.

Centum, which is also behind the Two Rivers Mall, tipped to be Kenya’s biggest on completion, is building the city on land that it purchased last year from Rea Vipingo Holdings-- a plantations firm that sold part of its land as it de-listed from the Nairobi Securities Exchange (NSE).

Regulatory filings show that the project will be developed in phases. The first phase of the project will see Centum put up infrastructure on 900 acres of land at a cost of Sh794.3 million.

Centum has divided the 900 acres-dubbed the economic hub- to include residential, commercial, industrial, institutional, recreational, and public zones.

The infrastructure development points to a likelihood that Centum will be inviting investors to set up or settle in the area under lease in the same way as similar developments like the planned Northland City by the Kenyatta family and Tatu City.

“The Master Plan development has been phased for over 30 years and it will be gradually implemented at an average rate of 900 acres in the first years and 200 acres per year starting with areas without sisal and later on land with old crop that will not be replaced,” says part of the regulatory filings.

This is the latest in a string of recent high profile investments that have accelerated the NSE-traded firm’s diversification away from just having a portfolio of listed and non-listed equities.

READ: Kenyatta family seeks approval for its dream city outside Nairobi

The Two Rivers Mall set on 100 acres is set to be completed in the coming months. Centum is also developing Pearl Marina in Uganda— a project that consists of two hotels, office blocks and apartments set on 385 acres.

The investment company is also building a 1,000-megawatt coal-fired power plant in Lamu that will sit on 869 acres.

Centum typically employs a partnership model in these projects, which helps to bring in the capital needed and also spread the risk. Its subsidiary, Athena Properties Ltd, a construction firm, will undertake the infrastructure works for the project.

The Nema report indicates that the city will have a sports stadium and different residential zones. There will be a high-end residential area, higher income residential on the ridges and lower-cost residential housing closer to the industrial park.

The investment firm is also counting on the proximity of the area to the Mombasa Port and the Moi International Airport (about 30km) to attract industrial and other commercial investors.

“The site is strategically located between growing Mtwapa and Kilifi towns interconnected to the port of Mombasa, Mombasa Airport and the LAPSSET project,” the report adds.

“The proposed infrastructure development for Phase I of Vipingo Mixed Use development is anchored on providing the most cost effective place to do business.”

The development will include solar and wind farms to generate up to 30 per cent of its power needs.

It will border the extensive Vipingo Ridge that hosts swanky coast homes for politicians and wealthy businessmen.

Centum snapped up the extensive sisal farm from Rea Vipingo last year at a cost of Sh2 billion.

Although originally estimated to be 11,794 acres, the Nema report says that a fresh survey conducted early this year confirmed that the land measures 9,574 acres. This shaves off 2,220 acres from the original estimate.


Centum’s profits have been on ascendancy, buoyed by several investments across different investment sectors.

The company’s half-year net profit for the period to June last year rose by 55 per cent to Sh1.9 billion boosted by its investments in Almasi Beverages and K-Rep Bank.Besides the multi-billion deals, the company has also been investing in several smaller projects and firms.

 

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Centum gets goodwill to build city in Vipingo

Resident of Kadzinuni village in Vipingo yesterday said they were happy that Centum Investment would build a multibillion-shilling Vipingo Mega City.

They only said that locals should be given consideration for jobs during construction.

Speaking in the village during a meeting with company officials, the residents said they gave the nod to the project since it will be valuable to them once completed.

Centum plans to build a 10,500-acre industrial hub in the area. Once completed, it is expected to turn the county into an economical business hub and a leading industrial city. It will also be one of the biggest in Africa.

Bambani/Mjuma Community-Based Organisation spokesman Wycliff Mwangome said the locals were apprehensive at first because they had been given scant information.

“Bambani and Mjuma have been at the forefront in objecting to the city because we have had very bad experiences with investors in this area,” said Mr Mwangome. “When Centum first came up with the idea, the locals were apprehensive.

“Centum has been very clear on the objectives and the value to the locals and the region,” he said.

Mjuma/Bambani joint secretary Twaha Juma allayed fears that Centum is buying public land that previously belonged to Rea Vipingo, whose lease has since expired.

He said the land involved was not disputed and no resident will be adversely affected.

“Centum bought the land from Rea Vipingo and it’s only in areas where the lease has not expired,” said Mr Twaha. “Some of the parcels have leases of up to 50 years.

“We have sat with Centum and verified that all the land whose lease expired will not be touched. We have written to the Lands CS so that the land which was under REA Vipingo and its lease has expired can be sub-divided among the locals, and the CS is working on it.”

Centum Capital Partner director Fred Murimi said the company was working on the information gap so that every stakeholder can be brought on board, adding that it had conducted a number of sensitisation meetings.

http://www.nation.co.ke/counties/Kilifi/Centum-wins-goodwill-to-set-up-city-in-Vipingo/-/1183282/3220776/-/14xkg5i/-/index.html
 
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