Cytonn to construct US$ 25m apartments in Kenya
Cytonn Chief Investment Officer Elizabeth Nkukuu confirmed the news and said that the apartments which will be built in Ruaka on the outskirts of Nairobi will target the middle to lower-middle income class with a discerning preference for modern day apartments.
Our deal pipeline is to serve different sectors of the real estate market ranging from the high end, such as the Amara Ridge whose construction is still going on in Karen, the middle to lower-middle income such as The Alma, which will offer a very comprehensive lifestyle and secure community to the future families, said Nkukuu.
The multi-million lifestyle community will constitute 408 modern apartments with 1, 2 and 3 bedrooms, a commercial facility, a lifestyle clubhouse and an elevated playground for children.
The project is strategically located at the heart of the fast-growing Ruaka neighbourhood and targets a capital appreciation of 23 per cent annually during the development period of 130 weeks.
Head of Africa for Finland-based Taaleri Private Equity firm Antti-Jussi which is the company financing the project through Cytonn, said that investors are not worried about oversupply in the real estate sector.
When you talk about surplus it's usually a problem when the sector is financed with banks credit but in this case, Kenya's real estate sector is getting a considerable amount of private equity financing which supports it, he said.
Cytonn is an investments and real estate company which is majorly focused on offering alternative investment solutions to global institutional investors, individual high net-worth investors, local institutional investors and the diaspora investors interested in the East-African region. They have alternative investments solutions based on four main products: real estate, structured solutions, private equity and advisory.