Luxury apartments worth $7.7 million handed over by firm linked to Kenyan billionaire heiress Mary-Ann Musangi

Timilehin Adejumobi -
Key Points
  • Centum Real Estate delivered luxury apartments worth $7.7 million, reinforcing its position in Nairobi's premium property market with strong buyer interest.
  • Kenneth Mbae reported the Loft Residences phase sold out before completion, highlighting robust demand for high-end housing amid global investor interest.
  • Centum’s luxury units attract buyers across six continents, with rental yields exceeding 10% and capital appreciation at 25%, reflecting strong investment potential.

Centum Real Estate (Centum Re), a property developer linked to Mary-Ann Musangi and Robert Kirubi — heirs to the late Kenyan tycoon Chris Kirubi’s empire — has handed over luxury apartments valued at $7.7 million as part of the second phase of Loft Residences within the Two Rivers development.

Investment opportunities flourish in luxury housing sector

The company, known for its extensive portfolio of completed homes in Nairobi, Kilifi, and Entebbe, Uganda, emphasizes the robust demand for high-end housing in the region.

Kenneth Mbae, Managing Director of Centum Re, noted that the second phase of Loft Residences sold out prior to completion, underscoring the market's appetite for luxury living.

“We are proud to have fulfilled our commitments and delivered on the expectations of our investors,” Mbae stated. He highlighted that a growing waiting list for potential tenants at Two Rivers illustrates numerous wealth creation opportunities for investors.

Global interest drives demand for high-end living spaces

The luxury units are priced between Ksh36 million ($280,000) and Ksh52 million ($404,000), reflecting a significant increase in value.

Centum Re noted strong buyer interest from six continents, with nearly 90 percent being investors, including business leaders, Kenyans in the diaspora, and expatriates.

The investment outlook is promising, with rental yields above 10 percent and capital appreciation at 25 percent.

Notably, 79 percent of buyers chose cash payments through milestone plans, while 21 percent used mortgage financing. Additionally, four out of five units are listed for rent, drawing interest from diplomatic missions and multinational corporations.

Legacy of leadership and strategic growth

Centum Re, the flagship division of Centum Investment Company Plc, is recognized as one of East Africa's premier mixed-use urban developers. Since its establishment in 2009, the firm has developed over 11,000 acres, boasting an asset base exceeding $300 million.

Following the death of Chris Kirubi in 2021, his children, Robert Kirubi and Mary-Ann Musangi, inherited a 31 percent stake in Centum and 80 percent of their father's substantial wealth, which includes investments in KCB Group, Haco Industries, and Bendor Estate Limited.

Centum in 2023 secured a $20 million loan from the International Finance Corporation (IFC) to enhance its affordable housing projects.

In the same year, it also settled a tax charge of Ksh341.8 million ($2.41 million) for the fiscal year ending Mar. 2022, following a Ugandan tax law change that reversed a prior credit.

At the end of its 2023 fiscal year, Centum reported a profit of Ksh174 million ($1.23 million), underscoring its resilience and strategic growth.