Monday, May 15th 2017
tag: Progress Update
Cytonn Real Estate, the development affiliate of Cytonn Investments, on Monday 15th May 2017 broke ground on its latest project, The Ridge. The Ridge is a comprehensive and luxurious mixed-use development, comprising of approximately 700 units of one, two and three bedroom apartments. The development, comprising of both residential and commercial spaces, is valued at Kshs.12 Billion and sits on a 10 -acre piece of land located in Ridgeways, Nairobi.
The Ridge increases the projects under mandate for Cytonn Real Estate. Cytonn Real Estate seeks to capitalize on a growing middle-class seeking high quality and secure neighborhoods. The real estate sector offers high returns of up to 25 percent per annum to investors as witnessed from other projects under Cytonn Real Estate mandate, currently valued at Kshs. 77 Billion.
The Ridge will serve the rising demand for residential units for the fast-growing middle class seeking quality and secured neighborhoods.
“Our deal pipeline serves the various segments of the market ranging from the high end, such as the Amara Ridge whose construction is nearing completion in Karen, to the middle to lower middle income like The Ridge, which will offer a comprehensive lifestyle and a secure community to families,” said Ms Nkukuu.
Nairobi County Governor, Dr. Evans Kidero who graced the ground-breaking ceremony said that the County is ready to work with Cytonn with the goal of bringing change to the face of the capital city of Kenya.
“As the County of Nairobi, we will undertake to work with you to help us change the face of the city,” said Dr.Kidero.
The Governor also commended Cytonn Investments for the efforts that they have put into improving the livelihoods and the economy of Kenya. He asserted that development will contribute to housing in Nairobi and create 1000 jobs.
Cytonn Real Estate has over 12 developments and investment ready projects, which include Situ Village in Ololua, Karen, The Alma in Ruaka, which is 55% sold, The Ridge in Ridgeways, Amara Ridge in Karen, which is 100% sold, as well as, RiverRun Estates, a 100-acre master-planned development in Ruiru, and Newtown, a master-planned city in Athi River spread over a 1,000-acre parcel of land.