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Cytonn to build Sh2.5bn housing estate in Nairobi

Tuesday April 12 2016

Cytonn Investments Management Limited CEO Elizabeth Nkukuu (left) and Real Estate Services Manager Johnson Denge at a past event in Serena Hotel, Nairobi, on February 1, 2016. Cytonn has begun construction of Sh2.5 billion lifestyle community in Ruaka on the outskirts of Nairobi. PHOTO | DIANA NGILA | NATION MEDIA GROUP

Cytonn Investments Management Limited CEO Elizabeth Nkukuu (left) and Real Estate Services Manager Johnson Denge at a past event in Serena Hotel, Nairobi, on February 1, 2016. Cytonn has begun construction of Sh2.5 billion lifestyle community in Ruaka on the outskirts of Nairobi. PHOTO | DIANA NGILA | NATION MEDIA GROUP 

OTIATO GUGUYU
By OTIATO GUGUYU
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Real estate and investment firm Cytonn has begun construction of its Sh2.5 billion lifestyle community in Ruaka on the outskirts of Nairobi.

The Alma, which is to be completed within three years, is targeting the middle to lower-middle income class with discerning tastes for modern day apartments.

Cytonn is offering the 1, 2 and 3 bedroom apartment options for potential buyers.

“Our deal pipeline serves the various segments of the market ranging from the high end, such as the Amara Ridge whose construction is ongoing in Karen, to the middle to lower-middle income like The Alma, which will offer a comprehensive lifestyle and a secure community to the future families,” said Cytonn Chief Investment Officer Elizabeth Nkukuu.

MODERN APARTMENTS

The mixed-use complex with 408 modern apartments, a commercial facility, a lifestyle clubhouse and an elevated playground for children, is strategically located at the heart of the fast-growing Ruaka neighbourhood.

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The development targets a capital appreciation of 23 per cent per annum during the development period of 130 weeks.

Head of Africa for Finland-based Taaleri Private Equity firm Antti-Jussi who are financing the project through Cytonn, said investors are not worried about oversupply in the real estate sector.

“When you talk about glut or a bubble it’s usually a problem when the sector is financed with banks credit but in our case, Kenya’s real estate segment is getting a significant amount of private equity financing which supports it,” he said.