Cytonn set to develop mega Kiambu estates

Investment firm Cytonn is set to develop two mega residential estates valued at Sh25 billion.

Cytonn in May plans to launch “The Ridge”, a Sh10 billion project which sits on 9.87 acres on the Northern Bypass in Ridgeways.

It will comprise 782 housing units, a convenience retail store and other social amenities.

The firm also expects to break the ground in August for a mixed-use development on a 100-acre piece of land in Ruiru and on which it will build 1,400 residential units, a commercial centre and a four-star hotel.

“The Kiambu Road project will take three to four years to complete while the one in Ruiru will be done in about five years beginning August,” said Cytonn’s chief investment officer Elizabeth Nkukuu in an interview.

The Ridge, which Ms Nkukuu described as a “compact project” will comprise one, two and three-bedroomed apartments that will sell for between Sh7 million and Sh20 million.

Regulatory filings on the project indicate that it will have “outdoor sitting spaces and recreational facilities including swimming pools, children’s playgrounds, landscaped courtyards and a health club.”

“The development offers serviced apartments for both short stay and long stay residents,” official environmental filings submitted by Cytonn indicate.

The asking price for the Ruiru project, which Cytonn says will be more spacious, will be similar to The Ridge, but the options will only be two and three-bedroomed units.

Finnish private equity fund and financial services group Taaleri Plc in December announced that, in partnership with Cytonn, it plans to invest Sh10.3 billion ($100 million) in East and South African real estate projects.

The two firms have invested approximately Sh4 billion in projects in Nairobi, Kiambu and Meru counties.

“The two upcoming projects are being financed with the help of Taaleri Plc as well as internal resources,” said Ms Nkukuu. “In the event of any shortfalls, we shall seek debt. We are also talking to some investors to invest in the Ruiru project.”

Source: Charles Mwaniki | Business Daily, KenyaMarch 20, 2017

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