Centum Investments real estate subsidiary Two Rivers Development, plans to oversee a residential development that will realize the construction of 10,000 residences in the second phase of the project which is already the single biggest retail development in East and Central Africa.
Two Rivers has hired a Zambian national, Ms Inutu Zaloumis-Kalumba, to be its first mayor to drive the next phase of the project. Inutu, who has 18 years’ experience in real estate, said her primary role is to bring on board new partners to actualise the vision of the project.
According to Inutu, the company has made available to third-party developers, 1.3 million square metres priced at Sh. 20,000 per square meter which represents 95 per cent of the total land available for development. The plan is targeting gross plot sales of KES 2 billion in the 2019 financial year.
A developer who buys into the plan can start construction within three months depending on their technical capacity.
The development has already secured two key deals with third parties including City Lodge, a three star hotel that is now working and Victoria Commercial Bank that should be completed by the end of the year.
The Two Rivers development sits at the heart of the diplomatic neighbourhoods of affluent Runda, Gigiri, Muthaiga and Nyali neighbourhoods on a 106-acre piece of land. With the Two Rivers Mall vacancy falling to less than 25% (now at 76%) and Two Rivers Office Towers at 9% with 72% under negotiation, the group is now training its guns on the residential development.
“Our focus for the next two years is building the residential population. We expect a lot of activity in the first quarter of next year,” said Inutu. “Actualising this vision. Getting people to buy into the vision. This is what keeps me awake. You can’t walk a journey like this alone,” she added.
The vision is to develop the biggest privately funded urban node that is a mini-city combining the live, work and play concepts. Two Rivers has invested heavily in infrastructure delivery and security to make the vision a reality.