Cytonn Investment has unveiled a Ksh50 billion real estate deal that will see it develop a five-acre aspirational gated community in Karen.
Speaking on Thursday in a press briefing, a day that also saw the company launch its property development affiliate, Cytonn Real Estate, firm’s Chief Executive Officer Edwin Dande, noted that 85% of the project would be low and medium housing.
The remaining 15% would be prime residential housing, which will also include the five-acre Amara Ridge gated community in Karen. Besides Karen, other developments in the deal pipeline are in Lukenya, Mavoko, Athi River, Kiambu and Ruaka. Mr Dande said it would take on average five years to complete the projects.
He said the project will be financed through a mixture of debt and equity. Of the eight projects, he said the most advanced is the prime residential part of the deal pipeline, part of the Amara Ridge. Scheduled to break-ground in August 2015, Amara Ridge is a 5-acre aspirational gated community in Karen.
The development is located opposite the upcoming Bomas International Conference Center and when fully operational, the investor hopes it will complement the on-going efforts to address Kenya’s position as a conference destination.
