Residential Projects
Work set to begin on phase two of Sh25bn Two Rivers project
This follows the completion of phase one of the project – Two Rivers Mall – the largest mall in East Africa.
A total of 108 apartments with an estimated construction cost of Sh3.8 billion are set to come up in Nairobi as phase two of the Sh25.1 billion Two Rivers project gets underway.
According to the developer, Two Rivers Lifestyle Company Ltd., construction of the apartments is scheduled to begin by June, with the mixed-use development set to be completed by December 2018.
This follows the completion of phase one of the project – Two Rivers Mall – the largest shopping mall in East Africa, which opened its doors to the public on February 14.
The mega shopping mall that is situated at the heart of the affluent Runda, Gigiri, Muthaiga and Nyali neighbourhoods spans 62,000 square metres – unseating the 50,000 square metre Garden City Mall on Thika Road as the biggest mall in the region.
French retailer Carrefour is the mall’s anchor tenant with other brands being LC Wakiki — a Turkish luxury clothing line — and Virgin Active, a platinum health club founded by Richard Branson.
The total construction cost of the mall is estimated at Sh15.5 billion, while the apartments and infrastructure development will take in Sh3.8 billion and Sh5.8 billion respectively.
The Two Rivers project, which is fully-owned by Two Rivers Lifestyle Company Ltd., is being undertaken by the China National Aero-Technology International Engineering Corporation (CATIC) in conjunction with several local sub-contractors.
The project’s owner, Two Rivers Lifestyle Company Ltd., comprises a coalition of several cash-rich investment firms including Centum Group.
The company’s shareholding is split into two equal parts; with Two Rivers Development Limited holding a 50 per cent stake and the balance being held by OMP Africa Investment Company.
On its part, Two Rivers Development Limited is owned by three investors: Centum Group, which is majority owned by billionaire Chris Kirubi (58 per cent); Avic (39 per cent) and ICDC (3 per cent).
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