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Centum Subsidiary Sells Out Sh1.5bn Kilifi Homes

Aug 13, 2021
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More than 300 home buyers have received keys to their houses from Vipingo Development Limited following the completion of Phase 1 of the Palm Ridge Estate in Kilifi County.

The Sh1.5 billion housing estate comprises 330 units of one, two, and three-bedroom four-story apartments priced at Sh2.5 million, Sh3.5 million, and Sh4.6 million respectively.

It marks the second major residential estate development by VDL, a fully-owned subsidiary of the Nairobi Securities Exchange Listed Centum Investment Company PLC, and increases to about 400 the number of homeowners within the 10,000-acre master-planned development that has residential, commercial, school, and industrial districts.

The tastefully done Awali Estate maisonettes priced at Sh13 million each was the first VDL housing project to be completed and handed over to owners last year.

“We’re consolidating our reputation as a developer that completes projects on time, on budget and to the highest quality standards and that is why investors are increasingly trusting us with their money,” said the VDL managing director, Ken Mbae.

1255 Palm Ridge estate is a unique housing development designed to meet modern lifestyle demands.

The gated community is nested on 10 acres of land dotted with expansive open spaces supported by amenities such as water, power, state-of-the-art security installations, sewer connection, parking, children’s play area and a swimming pool.

It is suitable for residence or holiday home and is also an excellent investment for rental and short-stay vacation homes (Airbnb).Buyers enjoy a flexible payment plan of 20% on the letter of offer and the balance before completion date.

Besides the residential estates, industrial and commercial nodes are under development on the sprawling land that was previously a sisal plantation.  

Phase 2 of the Palm Ridge estate comprising of 110 apartment units is nearing completion in time for handover to home buyers.

The tastefully done units comprise of a spacious lounges, kitchen, bathrooms, en-suite master bedrooms and a laundry area.There is also reliable water and power supply.

All VDL projects undergo a validation that requires at least 30% pre-sales before commencement of construction.

“We have seen overwhelming demand for our houses and customers are already committing to many of our upcoming projects even before their official launch,” said Mbae.

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