CYTONN CEO-Edwin Dande
Cytonn Investments plans to transform a 100-acre Kiambu coffee plantation into a Sh13 billion residential-cum-commercial development hosting 6,500 people and a five-star hotel.
Through a special purpose vehicle jointly formed with local and foreign investors, Cytonn Investment Partners Five LLP will also build a five-star waterfront hotel comprising 34 luxury rooms, 36 cottages and four water cottages on 1.97 acres reserved for the hotel development next to an eight-acre dam.
Details disclosed to the National Environment Management Authority (Nema) says high-class Zone A section will comprise 105 maisonettes, a luxury hotel with a spa, four meeting rooms, a lake pub, two restaurants and two pubs.
Zone B has been reserved for a school, a commercial centre housing a mini-mart, retail shops as well as food and beverage outlets.
Some sections have also been reserved for an amusement park and recreational facilities.
Zone C, set aside for the middle class, will see two- and three-bedroom apartments in 20 apartment blocks rising four, five and eight floors. A separate section Zone C will have 105 five-bedroom maisonettes.
Last Friday, the Nema gave Kenyans 30 days to submit views on the planned project.
The property sits between two other mega mixed-use projects — Migaa by Home Afrika and Tatu City by Rendezvous Group.
The Environmental Impact Assessment audit said the project would greatly benefit locals in terms of jobs as well as housing.
“The development is timely and is supported by the local and wider community. The developers have shown they can develop quality developments with reduced environmental impacts,” says the report.
Cytonn has several mixed-use development projects underway including the recently commissioned 35-floor triplex Cytonn Towers valued at Sh20 billion that will house 160 serviced apartments, offices on its 30 floors, three-bedroom duplex apartments and penthouse suites as well as a hotel boasting of 180 hotel rooms.
The firm has in the past been boosted by partners especially Finland-based private equity firm, Taaleri.
PROPERTY LOCATION VALUE(KSHS)
Cyton Towers Kilimani 20bn
RiverRun Estates Ruiru,Kiambu County 13bn
Taraji Heights Ruaka 2.7 bn
The Alma Kiambu 3 bn
Amara Ridge Karen 824 mn
The Ridge Kiambu 12 bn