Cytonn to construct US$125m residential/commercial development
Cytonn Investments is planning to construct a US $125m residential-cum-commercial development in Kimabu County, Kenya. The project will accommodate 6,500 people as well as a five-star hotel. The company intends to transform a 100-acre Kiambu coffee plantation into the mega project and it will be made possible through a special purpose vehicle jointly formed with local and foreign investors.
The five-star waterfront hotel will have 34 luxury rooms, 36 cottages and four water cottages on a 1.97 acre piece of land reserved for the hotel development next to an eight-acre dam. Also, 105 maisonettes, four meeting rooms, a lake pub, two restaurants and two pubs will be available. Additionally, a section has been reserved for a school, a commercial centre housing a mini-mart, retail shops as well as food and beverage outlets. An amusement park and recreational facilities will also be present; this is according to details disclosed to National Environment Management Authority (Nema). Nema has given the public 30 days to submit views on the planned project. Cytonn currently has a number of mixed-use development projects ongoing. These include the recently commissioned 35-floor triplex Cytonn Towers valued at US$193m.
Cytonn Investments is an investments and real estate company, with offices in Nairobi – Kenya and DC Metro area, U.S. primarily focused on offering alternative investment solutions to global institutional investors, individual high net-worth investors, local institutional investors and Diaspora investors interested in the East-African region. They base their alternative investments solutions on four main products: real estate, structured solutions, private equity and advisory.