CIC acquired the land in 2010 for Sh560 million with the aim of putting up a mixed-use development comprising high-end residential units, educational institutions and office blocks.
CIC Group #ticker:CIC has started the process of developing a 200-acre mixed use project on Kamiti Road that will see it invest Sh2.8 billion in upmarket residential units.
The environmental watchdog has already invited comments on the Kiambu County development by the regional non-banking financial services firm.
In a notice published Wednesday, National Environment Management Authority (Nema) said the listed firm had provided copies of the intended development for public scrutiny at its Nairobi offices within the next 30 days.
“Nema invites members of the public to submit oral or written comments within 30 days to assist us in the decision making process for this project,” said the notice.
CIC acquired the land in 2010 for Sh560 million with the aim of putting up a mixed-use development comprising high-end residential units, educational institutions and office blocks.
In an investor briefing late last year, CIC Group chief executive Tom Gitogo intimated that Sh2.8 billion had been set aside for the project, mainly from internal sources.
Mr Gitogo said the project was a new income avenue for the co-operative movement-owned firm that mainly relies on life and general insurance that account for more than 80 per cent of its income.
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