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Cytonn Breaks Ground for a Kshs.15Bn Development Riverrun Estates

BY Soko Directory Team · April 24, 2018 06:04 am

Cytonn Real Estate broke ground on its latest real estate development, RiverRun Estates, an outstanding 15-billion-shilling master planned development located in Ruiru, Kiambu County.

The master-planned development that sits on 100-acres of land has already made 35 percent presales since its launch in the market in June last year.

Upon completion, RiverRun Estates will comprise of over 500 residential villas and townhouses, and over 600 apartments. It is located approximately 25 kilometers from Nairobi Central Business District.

The development will be complemented by social amenities that will include a commercial center, a school, several playgrounds, Water Theme Park, Riverfront Promenade, cottages and a salient feature; an ultra-modern hotel with a frontage to the dam.

Speaking at the groundbreaking ceremony, the Governor Kiambu County, Hon Ferdinand Waititu said that the development was a welcome investment addition to the County which is one of the fasted growing Counties in Kenya.

“Kiambu County government is committed to partnering on investments opportunities that help boost employment opportunities for the residents, help improve the living standards and bring about infrastructure growth to the County,” said Waititu.

RiverRun Estates is conveniently located 35 minutes from Nairobi CBD and 45 minutes to the Jomo Kenyatta International Airport through the greater Eastern bypass. The project seeks to offer the perfect home for first-time homeowners as it promotes community living, with enhanced security and social amenities.

Clients have the option of choosing between the various house typologies ranging from 3 bedroom+DSQ semi-detached units, 4 bedroom townhouses and 4 bedroom +DSQ villas each with a private garden and at least 2 parking slots.

“Our deal pipeline serves the various segments of the market ranging from the high end, such as the Amara Ridge in Karen, that we handed over to clients in December last year, to the middle income like RiverRun Estates, which will offer a comprehensive lifestyle and a secure community to families,” said Cytonn’s Chief Investments Officer and Head of Real Estate Elizabeth Nkukuu, CFA.

“In addition to creating secure communities, RiverRun Estates will create about 2,200 direct and indirect jobs contributing to the growth of the economy and raising the standards of living in the country,” added Elizabeth.

Elizabeth also noted that RiverRun Estates will be funded through a mix of pre-payments from buyers and debt instruments.

RiverRun Estates is Cytonn Real Estate’s 3rd development in Kiambu County, as they respond to the growing demand for residential units to house the ever-growing middle-class seeking high quality and secure neighborhoods, supported by the high returns to investors as witnessed from their Ruaka developments, The Alma and Taraji Heights.

The development has already seen early investors gain a 45 percent return on the product, with the villas having the highest price appreciation. Kiambu County is home to 6 of the top 10 fastest growing towns in Kenya.

The development will be implemented in three phases with phase one comprising of 119 units with townhouses, semi-detached units, and villas with a starting price of 13.8 million shillings. The main contractor for the master-planned development is China Jiangsu International.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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