NAIROBI : Cytonn Investments plans to break ground for two other projects in Nairobi in January, after commissioning the Sh625 million Amara Ridge in Karen last week.
The company said plans were at an advanced stage to commission the Sh3.05 billion gated Situ Village at Ololua Ridge in Karen and the Sh1.6 billion Ruaka project for middle-income home buyers.
“We are finalising the processes of approval and designs as we prepare to hit the ground in January,” Cytonn said yesterday.
Cytonn real estate has partnered with Finland’s Taaleritehdas in a Sh49 billion property development project.
Planned developments range from low- to middle-income and high density mixed-use properties in Nairobi, Mombasa, Juja, Mount Kenya and Athi River.
The company announced this week that Amara Ridge, its first project, has sold 60 per cent of the units off-plan.
The project on five acres in Karen features two architectural styles – a classical and a contemporary design “to cater for diverse tastes”.
According to the developer, there has been an increasing investor demand for middle-class property which has seen a quick uptake on Amara Ridge and an early inquiry on Alma.
“Alma has already sold 20 per cent off plan. These aspirational and world-class developments are set to upgrade the respective neighbourhoods,” Cytonn’s chief investment officer and head of real estate, Elizabeth Nkukuu said in a statement on Monday.
“We target to serve various segments of the market, ranging from the high end, such as the Amara Ridge, to the middle to lower-middle income, which constitutes 85 per cent of our projects,” she added.
Cytton said it has raised an additional Sh600 million after recently reopening its Real Estate Private Placement whose issue raised Sh1.4 billion.
Taaleritehdas of Finland was the anchor investor. The company attributed the reopening to “investor demand”.
“The average price of the notes was 16.5 per cent over the life of the notes, plus equity participation. We continue to see very strong global investor interest in Kenya real estate,” the statement read.