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Centum Investments Plc has announced that it has reorganized its real estate unit into two distinct business units. The company revealed this in its latest published half-year financial results for the year ended September 30.

The reorganization has separated Centum Real Estate Limited which is now a wholly-owned subsidiary and the holding company for all wholly-owned real estate businesses, and Two Rivers Development Limited of which the whole company holds a 58% stake.

The company said Centum Real Estate Limited is pursuing a sales-led development model and is currently constructing 1482 residential units across three sites in Nairobi, Kilifi and Uganda.

Furthermore, <a href="https://centum.co.ke/" style="color: #ff6600;">the company</a> stated that it had achieved a pre-sale level of 73 per cent or 1086 units of the 1482 units under construction as of 30 September 2020.

This represents Ksh. 9.2 billion and the business has collected over Ksh. 2.6 billion for the presold units with a collectable of Ksh. 6.6 billion.

According to the financial statements from Centum Investments, Centum Real Estate has recorded Ksh. 1.7 billion in pre-sales and collected Ksh. 650 million over the Covid-19 period.

Centum also said the real estate company is currently underleveraged with an asset to debt ratio of 7.9X. The company is in the process of issuing a Ksh. 4 billion bond to finance the construction of its projects.

Centum real estate expects to receive Ksh. 3 billion to be reflected in its financial statements for the year ending 31 March 2021, for ongoing land sale transactions.

The National Housing Corporation on Thursday 5th October 2017 handed over Staff Canteen and Administration Block located within the Ruai Police Station to the National Police Service.

The construction of the Staff Canteen and the Administration Block and other auxiliary facilities namely car parking, water reservoir and common cooking area is the second phase of development of Ruai Police Station by the Corporation. The first phase, which consisted of forty four houses for various cadres of officers, was handed over in September 2014.

Speaking at the ceremony, NHC’s Board Chairman Mr. Francis Gitau Mungai noted that the Corporation was able to undertake this project in 43 weeks due to the efficiency of the technology that the Corporation has deployed. “As National Housing Corporation, we are happy to be the pioneers of the EPS technology in Kenya which continues to prove that construction need not be done using brick and mortar. We are happy to partner with the National Police Service in an effort to improve the living conditions of the Police officers”. The Chairman further noted that the Corporation will continue to deploy the technology in all its projects so as to deliver quality yet affordable houses within a short time to Kenyans.

On his part, NHC Managing Director Mr. Andrew Saisi thanked the National Treasury for funding the project and promised to ensure that the Corporation continues to deliver on its mandate. “The Corporation is taking its role of housing Kenyans very seriously and is working with various arms of Government-both National and County to ensure that more Kenyans are decently and affordably housed. Further, we continue to train artisans across the country on the use of EPS panels to enable deployment of the technology”.

The handover ceremony was graced by the PS-state Department of Housing and Urban Development Arch. Aidah Munano, PS – The National Treasury Dr. Kamau Thugge and Inspector General of Police – Mr. Joseph Boinett and a representative from the State Department of Interior.

The Kenya Revenue Authority (<a href="https://www.kra.go.ke/en/" style="color: #ff6600;">KRA</a>) is set to upset building costs as it turns its tax collection efforts on building transporters.

In a new proposal, the taxman wants to regulate the transportation of building materials by pooling building material transporters into groups for more efficient revenue collection.

The impending move has jolted building material transporters, some of whom have claimed the move would ultimately result in cost increases. &ldquo;KRA might think they are going to streamline the revenue collection but the introduction of these regulations will add the cost of transport for our customers,&rdquo; said James Mbuthia, a transporter from Gikomba told the Star.

According to the transporter, the new structure will see cross-county transporters paying every time they move materials out of Nairobi, creating instances of double payments due to the nature of the business.

&ldquo;In a day I might just pay the county KSh. 250 to be able to transport, and if on a certain day I am not transporting materials in Nairobi I don&#39;t have to pay anything,&rdquo; he said. The transporters say they will have no option but to transfer the cost to their clients in effect raising building costs, which results in higher house prices upstream.

Other transporters with activities limited to Nairobi, however, said the move would help them navigate daily trips more efficiently since the payments will be made monthly. The new plan also requires all transporters to register their vehicles under SACCOs or with transportation firms.

Every vehicle will be charged a monthly payable flat rate based on tonnage as defined in the Nairobi City County Finance Act 2013 to cater for all the trips to be undertaken in the month.

KRA&rsquo;s Deputy Commissioner at the County Revenue Division, Annastaciah Githuba, said the taxman has set up a consultative meeting with stakeholders in the industry on February 4th 2021, to determine the implementation of the proposals.

New KRA Proposal Tipped to Raise Building Costs

A block of studio apartments is set to be constructed in Nairobi West by real estate development firm, West of Nairobi Ltd. The company has filed documents with the environmental regulatory body (NEMA) to build the thirteen-floor structure which will consist of a basement and a mezzanine, and is located along Gandhi Road in Nairobi West.

The site measures 0.1666 of an acre. The Nairobi West and South B areas have gained favour with investors for studio apartments in recent years following growth in the area&rsquo;s population and its proximity to Nairobi&rsquo;s CBD.

Nairobi County government approved the project plan according to the Environment Impact Assessment report. The plan shows a one block apartment with thirteen floors all of single rooms, with washrooms

. Each of the building&rsquo;s floor will host fifteen units, a total of 195 studio units for the 13 floors. The project will also have a basement floor for parking and a mezzanine floor. Associated facilities include solar panels, water tanks, modern elevators, a CCTV system and garden.

The developer said the project will contribute to the availability of decent and affordable housing in the <a href="https://www.wantedinafrica.com/area/nairobi-west" rel="noopener noreferrer" target="_blank">Nairobi West</a> area with units set to be sold at a price of Ksh. 2.5m per unit.

The Government has partnered with strategic partners, both private and public, to realize the affordable housing goal.

Incentives have been created in form of tax and fee waivers to facilitate the growth of the Housing sector.&nbsp;

Developer to build new 195 studio apartments in Nairobi West

NHC Hands Over Facility to the National Police Service

The ministry of lands has re-engineered the land registration processes into 3 simplified steps, bringing down the amount of time it will take to register land to just 12 days compared to the previous 49 days and 9 procedures reported by the World Bank doing business ranking.

In the latest notice published by the ministry and signed by CS Faridah Karoney, the process now begins by an application for land rent clearance certificate, consent to transfer/lease/charge and valuation for stamp duty assessment in one step. This is followed by a site visit and report writing for valuation purposes as the second step. The final in the process is the registration of title to land and other instruments.

Furthermore, the application for land rent clearance, consent and valuation can now be assessed and done online through <a href="https://accounts.ecitizen.go.ke/login">e-Citizen</a> government portal. The ministry has also encouraged citizens to avail all documents in one batch for each required service in order to facilitate faster delivery of services.

The move will further ensure that Kenya, improves it ease of doing business standing in global terms. Last year, reforms at the ministry were credited for Kenya’s improvement in the World Bank’s ease of doing business ranking.

Kenya ranked 61 in the latest <a href="https://estatecloud.co.ke/kenya-still-ranks-122-in-property-registration-despite-improving-to-position-61/">ease of doing business report</a>, and 122 in property registration. The country still has a lot do if it is to match up to some of the leading countries where it takes a day or less to register property, at little or no cost.

The ministry of lands has also embraced a one-stop shop model for processing most of the requirements with regards to property registration, by moving all the operations to the 9th floor of Ardhi House in move to consolidate the procedures and reduce processing time.

22nd Buildexpo Africa 2019 is the only show with the widest range of the latest technology in building material, mining machines, construction machinery and heavy equipment. At the 22nd edition of Buildexpo, East Africa's largest building and construction fair will feature exhibitors from over 40 countries who are the finest in infrastructure development.

The three-day event, will have over 10,000 products, equipment and machinery on display across an expanse of more than 10,000 square meters. Last year's event witnessed international pavilion participation from India, Turkey, China, Italy, Malaysia and Germany.

BuildExpo Africa 2019

Uganda is building the first submarine cable in Lake Victoria. The electricity transmission cable will help to carry power from the mainland Masaka District to Bugala Island through Bukakata.

The project will see the contractor lay a 33-kilovolt seven-kilometre submarine cable on the floor of Lake Victoria, two 33 kilovolt switching sub-stations in Bukakata and Bugoma, and 27 distribution transformers Commissioned by the country&rsquo;s Ministry of Energy and Minerals Development, the Lake Victoria power submarine cable project will be implemented by CCC Engineering LTD, a subsidiary of the Engineering Department of China National Electric Wire &amp; Cable Imp./Exp. Corporation.

The project has been financed by the<a href="https://www.afdb.org/en">&nbsp;African Development Bank</a> under the Uganda Rural Electricity Access Project which aims to expand grid medium voltage and low voltage distribution networks across the country.

The scope of work in the lake will include surveying, structural spotting, line route profiling, and pegging, procurement, delivery to site.

The company will also undertake the construction of a medium voltage and low voltage network, installation of distribution transformers and protection equipment, and installation of last-mile connections, including the supply of service cable, installation of prepaid meters and distribution ready boards to some 1,651 potential consumers.

The submarine cable will supplement a local 1.6 megawatts (per hour) solar power plant operated under a Public-Private Partnership between government and private infrastructure development venture,

Estate Cloud

Estate Cloud

Centum Investments Announces Reorganization of its Real Estate Business

By Estate Cloud - over 2 years ago - Kenya

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