Cytonn Real Estate held the ground breaking of one of its mixed-use developments called The Ridge valued at Kshs 12 billion that sits on a 10 acre piece of land in Ridgeways, Nairobi County.
The Ridge will have over 700 units comprising of 1, 2 and 3 bedroom apartments. The 3 bedrooms consists of a domestic servants quarter and penthouse that occupies the topmost floors. The Ridge that consists of plenty of green spaces, outdoor sitting spaces and recreational facilities including swimming pools, children playgrounds, landscaped courtyards and a gym is situated at ridgeways on kiambu road.
The Ridge offers convenience with over 2,000 square meters of retail and office space consisting of a mini-mart, convenience stores, salon and laundry among others. The retail center also houses 1 and 2 bedroom serviced apartments for comfortable long and short stay visitors. The Ridge is a secure gated community with 24-hour CCTV surveillance and ample parking spaces for the residents.
The development will be located 300m from the junction of Kiambu Rd and the Northern Bypass.The Ridge is part of a Cytonn Real Estate strategy of responding to the growing demand for residential units to house the ever growing middle-class population. Other projects initiated by Cytonn Real Estate include Amara Ridge in Karen, Alma apartments in Ruaka, Taraji Heights in Karen and Situ village in Karen.
Cytonn’s Chief Investment Officer Elizabeth Nkukuu said, “Real Estate continues to offer the very best returns for both the investors and end users. At Cytonn, we seek to focus in provision of housing across the entire spectrum from the high end to the low middle income. Our deal pipeline serves the various segments of the market ranging from the high end, such as the Amara Ridge whose construction is nearing completion in Karen, to the middle to lower-middle income like The Ridge, which will offer a comprehensive lifestyle and a secure community to families.”
Ms Nkukuu added,“In addition to creating secure gated communities, these developments are also creating jobs, contributing to the growth of the economy and raising the standards of living in the country. Hopefully the development intends to create over 1,000 jobs on a daily basis majority of which shall come from the local community.
Speaking at the event Nairobi County Governor H.E Dr, Evans Kidero said, “I am glad to mention that Cytonn’s decision to put up this development in Ridgeways proves that the rapid urbanization offers an opportunity for investors to offer housing products in the county. The Ridge will change the landscape of Ridgeways and the larger Nairobi County when it comes to residential housing.Kenya continues to grapple with a high housing deficit of over 200,000 housing units yearly due to rapid population growth and urbanization. Nairobi County is the most affected by this and Cytonn decided to put up this development to curb this issue.
Cytonn Investment is an independent investment management firm worth 77 billion. It is based in Nairobi and Washington D.C. Metro in America. The firm is primarily focused on offering alternative investment solutions to individual, high net-worth investors, global and institutional investors and Kenyans in the diaspora interested in the high-growth East-African region. The firm currently has over Kshs. 74 billion of investments and projects mainly in real estate.