Listed investment firm Centum Plc has broken ground for the Sh.100 billion industrial park to be set up in Kilifi County. The new development will bring to size Centum’s real estate portfolio in the East African market which includes Pearl Marina in Uganda and Two Rivers Mall in Kenya.
The Vipingo Industrial Park project will cover an area of 10,254 acres of land in the Vipingo area of Kilifi County where currently large swathes of land roll over in neat rows of sisal plantations.
Centum Plc via its subsidiary, Vipingo Development Limited, intends to convert into a much sought after location. Kenneth Mbae, Vipingo Development Limited’s managing director said that the industrial park would be a mixed-use economic hub, integrating industrial, commercial, residential, hospitality and institutional uses.
The project has set aside 1,150 acres of serviced plots for manufacturing, warehousing, logistics and commercial developments and is offering them to investors at between Sh. 18million and Sh. 20million per acre.
According to Centum, the industrial park was conceived back in 2015 and a market survey completed two years ago. The groundbreaking is part of the projects timeline to begin work in 2018 according to the master plan.
Part of the 10,254 acres will be used to develop a 200-acre Vipingo Lifestyle City which will host a residential development, Vipingo Awali Estate. The development will also include a sea water desalination facility, shopping mall, school, hospital, church and a mosque.
“We are also looking into the affordable housing segment. We will have the Ridge Homes that will see the development of 1,200 units consisting of one-, two-, and three-bedroom apartments going for less than Sh4 million per unit,” Centum said in a statement.
Centum have already acquired an export processing zone status for the development that is located along the Mombasa-Malindi highway, which will enable tax incentives to licensed export processing companies. According to Centum, a number of local and international investors have expressed interest in setting up base in the area.