Cytonn announces Sh15bn mixed development project in Ruiru
Cytonn Investments has embarked on a Sh15 billion housing project in Ruiru town.
The mixed development project will sit on a 100 acre site and will feature residential townhouses, maisonettes, low rise apartments and recreational facilities.
Cytonn Real Estate, a subsidiary of Cytonn Investments has signed a partnership agreement with two architectural firms, Aspera Designs from Kenya and AUD Architects, a Finish architectural firm a global footprint to develop the project.
Project Manager Peter Karenju said on Monday that the real estate sector continues to offer high returns hence the group’s decision to commit the funds for the project.
“This project will accommodate lower middle income to high end properties with prices for the different class houses expected to be between Sh10 million and Sh49 million. It is expected to be complete in five years from groundbreaking,” Mr Karenju said.
The project will also have a school and hotel.
Cytonn’s investments in real estate rose to Sh10 billion in 2016 up from Sh5 billion in 2105.
The continued investment in real estate, saw the firm’s full year profit dip to Sh116 million.
The firm’s strategy has been to tap capital from global and institutional investors, such as Taaleri of Finland, who are Cytonn’s development financing partners.
“It is for this reason that we have partnered with AUD architects and Aspera designs to deliver this world class project that will incorporate a variety of designs thus giving the clients many options with an East African and European touch in order to create a unique look and feel for the development,” Cytonn Investments chief executive officer Edwin Dande said.
AUD Architects are a Finland based firm with offices in USA and China with vast experience in master planned developments in various countries.
Report by Brenda Nyamichaba
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