Cytonn Investments will hand over 113 high end units of its signature Ksh. 4 billion development – The Alma, which is located in Ruaka, to owners next week.
The Alma is Cytonn’s brainchild and it is a comprehensive residential development set on a 4.67-acre parcel of land encompassing 477 modern apartments and other intriguing amenities.
The project is being implemented in three phases and according to a news report by Business Daily, Cytonn’s Chief Executive Edwin Dande reckons that the development will be completed by 2020 with phase one of the project, comprising 16 one-bedroomed, 70 two-bedroomed and 27 three-bedroomed apartments, already sold out.
The Cytonn CEO similarly called on investors interested in acquiring the property to consider the project’s off-plan development programme.
“Buying off-plan, like it happened in our first phase, is cheaper for buyers and gives us the much-needed development cash, complementing investments made by local and foreign investors in the Sh4 billion mixed-use development,” Mr. Dande is quoted as saying by the Business Daily.
Mr. Dande consequently insisted that the project, which presently employs 600 skilled and inexperienced artisans, has enough funds to see it fully completed within the set time frame.
In March, Cytonn received a Kshs. 650 million from the State Bank of Mauritius (SBM Bank Kenya) which according to the investment management firm, will be used to finance the completion of key projects under Cytonn’s real estate offerings.
“Cytonn Real Estate, the development affiliate of Cytonn Investments, will direct the loan facility towards completion of The Alma in Ruaka,” Cytonn said on its company website then.
Speaking during the signing of the loan facility, Mr. Dande, similarly pointed out that the loan facility will go a long way in augmenting President Uhuru Kenyatta’s affordable housing agenda under the country’s Big 4 initiative.