Cytonn Real Estate plans to launch a Ksh 20 Billion mixed-use development within the Nairobi Metropolitan Area adding to growing real estate portfolio of exciting lifestyle developments.
The development will be located at the junction between Elegeyo Marakwet road and Argwings Road which will consist of a mall, hotel, apartments and office towers dubbed ‘Cytonn Towers’ a fusion of creativity and innovation.
The 150 meters high, 35-floor triplex towers will consist of an Office, Hotel and Serviced apartments and Residential Apartments, that rise above a Retail podium.
Construction is expected to commence in Q4 of 2018 and it will be built in phases with the structure expected to be complete by December of 2022.
It is primarily targeted at the upper middle class, NGOs and embassies personnel looking for prime and iconic space.
The triple tower will consist of three-bedroom duplex apartments and penthouse suites, 180 hotel rooms, 160 serviced apartments and 30 typical office floors.
Today, we launch our Ksh 20 bn iconic mixed-use development in Kilimani, #CytonnTowers, a fusion of creativity & innovation. pic.twitter.com/MjnOwSdC3m
— Cytonn Investments (@CytonnInvest) September 28, 2017
The project was launched at a function officiated by Nairobi City County Deputy Governor Polycarp Igathe on Thursday and will be situated on a 4-acre parcel in Nairobi’s Kilimani area.
It will be built to embody class standards in destination real estate and is expected to be Nairobi’s premier Business, Retail and entertainment, Hospitality and Residential address when complete.
“I wish to congratulate Cytonn for such a high calibre development being done by Kenyans. As Nairobi County government we will support you in building a productive city which is what we are about; productive people and productive living,” said the Deputy Governor, Nairobi County, at the launch. “A project of this magnitude is a welcome development to the city as we anticipate job creation of over 4,000 people and not to mention the economic development potential it represents,” he added.
Read: Cytonn Receives a Maiden Rating By GCR For Good Corporate Governance
Cytonn currently has 10 investment-ready projects, offering attractive development and buyer targeted returns of around 23.0 percent to 25.0 percent p.a.
Other projects include Amara Ridge which will be completed in the last quarter of this year, The Alma, Taraji Heights, Situ Village, The Ridge, River Run Estates and Newtown; all together adding up to over Kshs. 82 billion of projects under mandate.
According to the Real Estate firm, Kilimani has best investment opportunities for apartments due to their proximity to the CBD according to its Nairobi Residential Report.
