Cytonn in Sh2.5bn Ruaka housing project
Cytonn Investment has broken ground on a Sh2.5 billion housing project in Ruaka as it seeks to deepen its presence in the real estate market.
Taraji Heights is Cytonn’s second mixed-use housing project in Ruaka.
Cytonn has lined up real estate projects valued at Sh25 billion in Kiambu County as part of its diversified investment strategy.
Cytonn Chief Investment Officer Elizabeth Nkukuu said there has been growing demand from the middle class for residential units.
The investment is anchored on the basis that real estate continues to offer a higher rate of return than equities or fixed income.
“Our deal pipeline serves the various segments of the market ranging from the high end, such as the Amara Ridge whose construction is nearing completion in Karen, to the middle to lower-middle income like Taraji Heights, which will offer a comprehensive lifestyle and a secure community to families,” Ms Nkukuu said.
The investment firm has a real estate deal pipeline valued at Sh77 billion.
The project will consist of 249 units consisting of 2 and 3 bedroomed and 3 bedroom with DSQ units.
Other real estate project Cytonn has lined up include the Newtown city in Athi River sitting on 1,000 acres, The Alma and Amara Ridge, also a gated community in Karen which is 85 percent complete.
Realtors have downplayed the potential negative impact of the elections on the real estate sector with no drop in house prices or rent experienced according to the latest HassConsult property index.
In January, Cytonn acquired a 25 percent stake in Superior Homes for Sh1 billion as part of its expansion in the real estate sector.
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