Cytonn Real Estate, the development affiliate of Cytonn Investments, has handed over the second phase of its Ksh. 5 billion Ruaka based residential development project dubbed the Alma to buyers.
In the ceremony graced by Kiambu County Governor Dr. James Njoro, Cytonn handed over 68 units comprising of one, two, and three-bedroom apartments.
According to Cytonn Group Chief Executive Edwin Dande, the comprehensive lifestyle development will address housing deficiencies faced by Kenya’s urban dwellers.
“A lot of research went into our decision to build The Alma. Ruaka has one of the highest residential occupancies in the country. As the town grows, there is increased demand for housing with superior amenities, great finishes, and strategic location,” Mr. Dande said in his address.
Mr. Dande similarly revealed that once the third phase of the Alma is completed and handed over to buyers in February next year, the firm will focus on unveiling an affordable housing project on the same premises dubbed the Annex at the Alma.
“This project will focus mainly on affordable housing. The most affordable unit at the Alma is around Ksh. 7 billion but the cheapest Annex unit will go for as low as Ksh. 3 million. We are committed to the affordable housing agenda but affordable housing will not work unless we resolve financing challenges. Our capital markets infrastructure is outdated. We need to upgrade it so we can raise lots of money and give Kenyans respectable places to live,” Mr. Dande concluded.
On his part, Governor James Nyoro lauded Cytonn for its role in upscaling the growth and development of Kiambu County.
“We have grown as a county and we are always appreciative of developers like Cytonn Real Estate for coming in and helping in the development of the county. Kiambu has so much potential and its development has been steady especially Ruaka town which has developed to become a residential haven,” Governor Njoro explained.
Phase Two of the Alma is Cytonn’s most recent project to be handed over to buyers following the unveiling of Phase one of the project in July 2019. In 2018, the real estate development firm similarly handed over the Amara Ridge residential project in Karen to buyers.