NAIROBI, KENYA, APRIL 11, 2016 – Cytonn Real Estate, a leading real estate developer in the region, with over Kshs. 57 billion in real estate projects, today held the groundbreaking for The Alma, a comprehensive lifestyle development project in Ruaka. Kiambu County Governor His Excellency Hon. William Kabogo officiated the groundbreaking ceremony as the Chief Guest.
Strategically located in the heart of the fast growing Ruaka neighborhood, The Alma is a comprehensive lifestyle development encompassing 408 modern apartments with impeccable finishing, a commercial facility to provide basic necessities to the residents, a lifestyle clubhouse for residents, high levels of security, a borehole, an elevated playground for children and ample parking.
Real estate continues to be one of the best returning asset class in the country and this particular development, The Alma, targets a capital appreciation of over 23% per annum during development period, which is estimated to be two and a half years.
The development comprises of 1, 2 and 3-bedroom apartment sitting on 4.2-acre parcel of land. The Alma is located on the main Limuru Road, 100 meters from the junction of the northern bypass, and enjoys close proximity to major retail and commercial facilities such as Two Rivers Mall, Village Market, and the Rosslyn Mall.
“Our deal pipeline serves the various segments of the market ranging from the high end, such as the Amara Ridge whose construction is ongoing in Karen, to the middle to lower-middle income like The Alma, which will offer a comprehensive lifestyle and a secure community to future families,” said Cytonn’s Chief Investment Officer Elizabeth Nkukuu, at the groundbreaking ceremony.
“In addition to creating safe neighbourhoods, these developments are also creating jobs, growing the economy and raising the standards of living in the country. At its peak, the development will have created over 1,000 jobs mainly for Kiambu County residents and we thank Governor Kabogo for supporting such initiatives,” added Elizabeth Nkukuu.
Speaking at the launch Kiambu Governor H.E William Kabogo said, “I am glad to mention that Cytonn’s decision to bring “The Alma” on this site is well-grounded in many respects. This project serves as a benchmark to other developers who are eyeing Kiambu County. The landscape of Ruaka will have a new prime development in whose wake more opportunities for employment and decent housing will be created.”
“Given the current demographic trends, Kiambu County is the fastest growing urban center in Kenya. My government is alive to the fact that 63% of the county population lives in urban centers. The manifestation of Kiambu urbanisation is in its 10 major towns, 5 of which have populations ranging from 300,000 to 100,000 people,” added Governor Wiliam Kabogo as he lauded Cytonn’s partnership in helping meet the demand of quality homes for the growing population.
Cytonn Real Estate has partnered with an international contractor from China, China National Aero Technology International Engineering Corporation (CATIC) on this Kshs 3 Billion development project. CATIC are popularly known for constructing developments in Nairobi such as the upcoming Two Rivers Mall, Old Mutual- UAP Towers, Jomo Kenyatta International Airport Terminal, Karen Bogani Villas among others.
