Cytonn Real Estate announces 100% sale of Amara Ridge with capital returned to investors
Cytonn Real Estate’s project, the Amara Ridge, which is located in Karen opposite Bomas of Kenya, is 100% sold, 5 months before its targeted completion date. The Amara Ridge, which sits on 5 acres, is an exclusive and luxurious private gated community consists of 10 villas with impeccable finishing and a club house that offers the perfect recreational setting.
Amara Ridge has delivered to its three main stakeholders:
- For our institutional global financing partner, Taaleri from Finland have not only recouped their initial capital they invested in the Amara ridge, but have also achieved returns of 30%.
- For our end user clients, they have not only secured a home in an exclusive and distinct signature development, but they have booked a capital appreciation from launch to date of 25%, and we expect further appreciation by completion time
- For the community, this project has delivered over 300 well-paying of jobs to Kenyans
Antti-Jussi Ahveninen, Director of International Real estate funds at Taaleri notes ‘In Cytonn, we have found a partner that is aligned to our international institutional approach. Cytonn will not only deliver great returns to our investors, but in doing so, will also create jobs, improve the local economy and standards of living.’
Commenting on the project, Robert Mwebi, the Project Manager, said “we are proud to be at the finishing stages of delivering this development, which at once, creates wealth for our investment partners, delivers aspirational homes to our end users at value prices, and creates jobs for Kenyans. For Cytonn Real Estate, it is not just about real estate, it’s about the impact we can achieve with our superior real estate capabilities.”
The Amara Ridge, a Kshs. 1 billion development, begun in September 2015 and is set for completion in February 2017. Cytonn Real Estate is already looking for another 5 acres in Karen to offer a similar development given the demand experienced so far.
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