Cytonn Real Estate, the development affiliate of Cytonn Investments, has launched a Ksh 20 billion iconic mixed-use development project in Nairobi, Kenya.
Named “Cytonn Towers”, the project 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, entertainment, hospitality and residential address when complete.
The project was launched on Thursday at a function officiated by Nairobi deputy governor Polycarp Igathe.
“I wish to congratulate Cytonn for such a high caliber 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” Igathe said.
“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.
Cytonn Towers, which sits on one hundred and seventy-four thousand square feet (174,000) square feet will premier several key features for Nairobi.
A sky bridge restaurant that will be Kenya’s highest suspended restaurant, Nairobi’s largest ball room, a double horizon fitness club, the largest elevated infinity edge pool in Nairobi and an apex sky lounge and observatory deck that is a celebration of being at the top of the city of Nairobi.
Cytonn Investments board chairman Daniel Mugendi said: “We ensure the management handling our projects conducts business in a very transparent and accountable manner to ensure that investors’ money is well safe guarded.”
“We hold to task the team working on all these projects to ensure that we always deliver to promise because that is who Cytonn as a brand is,” he added.
The 150 meters high, 35 floor triplex towers will consist of an office, hotel and serviced apartments and residential apartments, which rise above a retail podium.
Construction is expected to commence in quarter four 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.
Speaking at the launch, Cytonn managing partner and CEO Edwin Dande said the firm has continued to have the best product in each of its segments.
“For mixed use development, Cytonn Towers seeks to meet the luxury housing demand, premier business office space and hotel and conferencing facilities for our growing Nairobi city while at the same time offering target returns of 25 per cent per annum to our investors,” Dande said.
Cytonn Towers is an addition to Cytonn’ real estate ever growing portfolio with other project such as 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 its mandate.
By Martin Mwita