Centum Investment Company subsidiary Vipingo Development Limited (VDL) has handed over keys to more than 300 home buyers to their houses, following the completion of Phase 1 of the Palm Ridge Estate in Kilifi County, in the Kenyan coast.

In a statement, Vipingo Development Limited says the Sh1.5 billion housing estate comprises 330 units of one, two and three-bedroom four-storey apartments priced at Sh2.5 million, Sh3.5 million and Sh4.6 million respectively.

It marks the second major residential estate development by the company, and increases to about 400, the number of home owners within the 10,000-acre master-planned development that has a residential, commercial, school and industrial districts.

“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 increasingly trust us with their money,” said the VDL managing director, Ken Mbae.

The project, dubbed 1255 Palm Ridge …

A new report by Knight Frank shows that whilst still declining, prime residential rents declined at a slower rate of 6.02 percent over the past 12 months to June, compared to a 7.62 percent decline in a comparable period in 2020.

The company’s First Half 2021 Kenya Market Update says the change was mainly attributed to the reopening of the economy, roll out of vaccinations and landlords adjusting rental terms to accept lower rental prices.

The report adds that the continued oversupply of residential developments in certain locations such as Kilimani coupled with the current economic state still makes the prime residential rents sector a buyers’ and tenants’ market.

Prime residential sale prices in Nairobi marginally improved by 0.1 percent over the past 12 months to June 2021, compared to a 5.1 percent decline in a comparable period in 2020 providing signs the market is stabilizing.

This is mainly attributed …

Kenya’s economic activity increased marginally in July from the previous month, a new survey has revealed.

The survey also found that domestic demand improved by the second slowest pace since the lifting of public health restrictions after the first wave of pandemic, with some firms reporting a drop in customer numbers.

The survey was commissioned by and compiled by IHS Markit from responses to questionnaires sent to purchasing managers in a panel of around 400 private sector companies in the country.

It also reveals that growth momentum in the private sector slowed again at the start of the third quarter of the year, as surveyed businesses reported weaker expansions in output, new orders, employment and purchasing.

At the same time, cost inflationary pressures rose to a 16-month high as tax changes resulted in a sharp uptick in purchase prices.

This led to a decline of the headline Purchasing Manager’ Index …

The Board of Governors of the International Monetary Fund has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion), to boost global liquidity.

In a statement, IMF Managing Director Kristalina Georgieva termed the move as historic, adding that it is the largest SDR allocation in the history of the IMF.

The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

The IMF adds that SDR is not a currency, but has a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity.

“Special Drawing Rights (SDRs) are an asset, though not money in the classic sense because they cannot be used to buy things. The value of an SDR is based on a basket of the world’s five leading currencies – the US …

Ride-hailing firm Bolt has raised $713 million in fresh funding.

In a statement, the European firm says it will use the funds to accelerate the expansion of its existing mobility and delivery products across its markets.

“The funds will go into expanding the company’s network of ride-hailing services, food delivery and micro mobility in Africa and Europe,” the company said.

According to the firm, these include investments towards enhancing safety features on the platform for drivers and riders, deepening vehicle ownership initiatives, driver and courier empowerment and sustainability projects.

Bolt will also use the funds to boost its new under 15-minute grocery delivery service, Bolt Market recently launched in Europe.

The new investment round now values Bolt at about $4.75 billion, which is more than double its last private valuation of $2 billion.

The funds were backed by new investors who include Sequoia, Tekne and Ghisallo, as well as Bolt’s …

The EAC bloc should urgently work to attract international investors and embark on joint regional investments in the vaccine manufacturing industry for quick economic recovery.

This is according to East African Business Council Chairman Nicholas Nesbitt who is calling for a coordinated approach on COVID-19 measures to spur EAC economic recovery and growth.

Nesbitt noted that joint EAC investment offers a larger pool of capital resources, expertise and market.

At the same time, EAC’s board has directed the EABC Secretariat to champion advocacy on the adoption of open skies and one network area to reduce the cost of doing business in the region.

The board said that open skies attract regional tourism and improve consolidation of EAC exports to overseas markets such as horticulture.

According to the board, open skies are also critical in supporting the resilience and recovery of tourism, hospitality and transport sectors, which were highly impacted by …