Cytonn Real Estate, the affiliate of Cytonn Investments has announced plans to sell a 4-acre piece of land in Kilimani.
“Cytonn Real Estate has been retained to dispose prime property in Kilimani; a 4-acre corner plot with access to Argwins Kodhek and Elgeyo Marakwet roads on two sides,” said Cytonn via its official social media amplification.
Cytonn had set aside the piece of land for the construction of a 20-billion mixed- use development project called Cytonn Towers.
However, Nairobi City County (NCC) resolution of 2018 cancelled its construction. The cancellation put to an end one that would have been one of the most enterprising projects in Kenya.
According to Cytonn, the parcel of land in Kilimani remains one of the largest corner plot in Kilimani. Potential buyers are called to purchase it.
Given that land in Nairobi sells like hotcake and buyers hunting for it more than gold, Cytonn might not need to struggle to hype it according to land analysts.
Cytonn Towers was designed to be a 150-meters and 35 stories each, with 30 floors of 174,139 square feet (16,000 square meters) office and commercial space available to lease.
The complex was also planned to include 180 hotel rooms, 160 serviced apartments, three-bedroom duplex apartments, and penthouse suites as well as three basement parking levels that could fit 1,500 cars.
The tower was expected to host one of Kenya’s highest suspended restaurants, as well as a large elevated infinity-edge pool, a massive ballroom, a double horizon fitness club, and an observatory deck.
Its construction was to commence in Q4 of 2018 and whose completion was scheduled for December 2022, was to be funded by local and global investors’ funds, with Finnish asset manager Taaleri Plc as the main investor.
Kilimani area of Nairobi has a high capital appreciation for both commercial and high rise residential.
Cytonn ranked Kilimani second-best performing node with average rental yields of 4.8% compared to the market average of 4.0%.