The Alma project is nearing completion. PHOTO | COURTESY
Cytonn Investments is to complete its 477-unit development, The Alma, in Kiambu’s Ruaka area this April, paving the way for the Sh12 billion 800-unit development dubbed The Ridge.
Speaking when he handed over 120 units to buyers at Ruaka, Cytonn board chairman Daniel Mugendi who is also the University of Embu Vice-Chancellor said the investment firm was on course to fulfil its pledge to investors as well as buyers.
“Seeing the efforts that have been made to see this project grow to its third phase delivery, I can say that Cytonn is committed to making a change in the sector. I’m proud to be privileged to witness the progress of this project today,” Prof Mugendi said.
The Ruaka property was largely bought by expatriates working at diplomatic agencies, embassies and multinational corporations and was built by China National Aero-Technology International Engineering Corporation.
Chief executive Edwin Dande said they would embark on their next project, The Ridge, comprising 800 apartments on a 9.9 acre plot near Windsor Hotels on the Northern Bypass.
“We are finishing the Sh5 billion The Alma project and shall focus on The Ridge project along the Northern bypass which is set for dualling,” he said.
He said Covid-19 pandemic had disrupted their business, with some clients defaulting on payments for units leading to restructuring of payments. Cytonn, however, resolved to defer payments of matured principle amounts and interest money in their Cytonn High Yield Solutions for up to one year.
“Real estate and hospitality was hit hard. Imagine someone working in the tour business who bought a unit before the lockdown. They cannot pay and it is up to us to accommodate them until the situation normalises,” Dande said.
Construction of the Alma suffered delays following imposition of strict Covid-19 protocols to deter new infections and only resumed last June after construction guidelines were put in place.
The Ridge, a mixed use development will comprise one, two and three bedroomed apartments as well as recreation facilities next to a minimart, grocery shops and other essential products and services facilities.
It will also host premium three bedroomed units along with a domestic servant quarter, both standard and premium while its top-most floors are preserved for development of penthouses.
