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Investment group Cytonn, founded by diaspora returnee Edwin Dande, plans to set up a triplex complex in Kilimani area in Nairobi, whose tallest tower will have 35 floors.
The structure will be constructed at the junction of Elgeyo Marakwet and Argwings Kodhek Roads and will sit on a four-acre piece of land.
Cytonn said that it estimates the project will cost Sh20 billion, inclusive of Sh1.5 billion price of land and will have 30 floors of 174,139 square feet office and commercial space for rental, 180 hotel rooms, 160 serviced apartments, three-bedroom duplex apartments and penthouse suites, three basement parking floors with a capacity for 1,500 vehicles.
“For mixed use development, Cytonn Towers seeks to meet the luxury housing demand, premier business office space, and hotel and conferencing facilities while at the same time offering target returns of 25 per cent per annum to our investors” said Cytonn’s managing partner and chief executive officer Edwin Dande during Thursday’s launch of the project.
The tower will be among the tallest structure in the area and will also house Kenya’s highest suspended restaurant, Nairobi’s largest ball room, and a double horizon fitness club as per the developers.
Other unique features in the multi-billion structure includes the largest elevated infinity edge pool, an apex sky lounge and an observatory deck.
Its construction is set to commence in November next year and end in December 2022.
“It is primarily targeted at the upper middle class, Non-Governmental Organisations and embassies looking for prime and iconic space,” said Mr Dande.
The developer said the 150-metre high tower will be built using local and international investors’ funds with Taaleri Plc, a private equity fund from Finland, the main investor.
The Plan to set up Cytonn Towers in Kilimani come barely three months after the ground-breaking of Sh20 billion Hilton Nairobi’s upcoming five-star hotel, which is set to become Africa's tallest sky scrapper.
40-year-old Edwin Dande founded Cytonn Investments , an alternative investment management and real estate company in 2014, after returning to Kenya from the US, where he worked for years.
Cytonn has offices in Nairobi and DC Metro area and currently has more than $800 million in assets under management. It 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.
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Ok but everytime I go to Cytonn on these investments, they are all sketches and not lifted the ground. All their gated luxurious homes are still "planned" or am I missing something
Cytonn is too much on hype, so the ground breaking is November next year, what the.., give us a break, you have too many hyped projects which still haven't taken off, i guess its strategy to remain afloat in the market by blindfolding the public with deep pocket investments when the truth is that your struggling
Cytonn is real n I have bought 2 units 2beds with them in the ruaka area where the building is going on n I have visited other areas n their buildings r coming up so guest2 tembea bana n if u need help ask for my assistance.There is a very good surburbs started at ruiru with gated communities high end from 15-80m nice place I will encourage u to buy.Guys kenya inangawanywa buy something keep it especially within 1hr from Nairobi Mombasa rd bin expanded to 4 lanes on in side all the way from Nairobi to coast!Nakuru naivasha have started 3 lanes each with from ABC Westland to Nakuru,guys anywhere u see plots within those areas buy n keep!
I have been in and out of these United States for more years than I care to admit. I have several lakeside friends who have lived here for a while as well. Most, if not all, have confided in me that they have no, nada, zilch, rien, onge investments in Kenya. Kikuyus on the other hand Will toil, work madoubles etc just to get that piece of investment in Kenya.I have seen the same with some Kisiis and Kambas as well. A Luo friend told me recently that over $100,000 he's sent to his dad in the last 10 yrs has been used to get himself another wife...This, my friends, is as tribal as I am usually willing to go...because it has been anecdotally proven.