Cytonn Real Estate is planning to construct an iconic mixed-use development project. Construction will be in Nairobi’s Kilimani area and will house a 35 floors tower.
The mega development- ‘Cytonn Towers’ will sit on a four-acre piece of land at the junction of Elgeyo Marakwet and Argwings Kodhek Roads. It will cost US$ 194m to complete the project inclusive of the price of land which costs US$ 15m.
Cytonn Tower features
Cytonn’s Managing Partner and CEO, Mr. Edwin Dande confirmed the news and said that the project will have 30 floors. The floors will have 174,139 square feet office and commercial space for rental.
Additionally, the 35 floors tower will comprise of 180 hotel rooms, 160 serviced apartments, three-bedroom duplex apartments and penthouse suites, three basement parking floors with a capacity for 1,500 vehicles.
The tower will also feature Kenya’s highest suspended restaurant, Nairobi’s largest ball room, and a double horizon fitness club as per the developers. It will be among the tallest buildings in the area.
“For mixed use development, Cytonn Towers seeks to meet the luxury housing demand, premier business office space, and hotel and conferencing facilities. Also, we want to offer target returns of 25 per cent per annum to our investors” said Mr. Dande.
Commencement of construction will be in Q4 of 2018 and completion for December 2022. It will however be done in phases.
Funds to set up the building
The main target of the development is upper middle class, Non-Governmental Organizations and embassies looking for prime and iconic space. Funds to set up the building will come from local and international investors, including Taaleri Plc, a private equity fund from Finland which is also the main investor.
This mega initiative comes barely a few months after the ground-breaking of Hass Towers; Africa’s tallest tower in Upper Hill, Nairobi.
Cytonn Towers is an addition to Cytonn’s Real Estate ever growing Portfolio. Other projects are Amara Ridge which is in the final stages, The Alma, Taraji Heights, Situ Village, The Ridge, River Run Estates and Newtown; all together adding up to approximately US$ 800m of projects under mandate.