Cytonn Investments will put up Sh12 billion luxurious apartments on a 10-acre plot in Ridgeways, Nairobi.
The mixed-use development, called The Ridge, will have over 700 units comprising one, two and three-bedroom apartments.
The development, whose ground breaking ceremony was held on Monday, is located 300 metres from the junction of Kiambu Road and the Northern Bypass.
A one-bedroom apartment will cost Sh7.8 million, two bedroom Sh12.7 million and a three bedroom unit Sh15.9 million.
A three bedroom unit with a servant quarters will cost Sh17.7 million.
Cytonn chief investment officer Elizabeth Nkukuu said The Ridge is part of the Cytonn Real Estate strategy of responding to rising demand for residential units to house the ever growing middle class seeking high quality and secure neighbourhoods.
“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,” said Ms Nkukuu.
The project will be build using investors’ funds with Taaleri Plc, a private equity firm from Finland, the investor.
Taareli’s head of Africa Antti-Jussi Ahveninen said they were looking for a healthy diversified global economy and real-estate market that has good prices, which Nairob offers.
“As a financier we take away the financial risks for this project and we don’t compromise anything on the quality or delays,” said Mr Ahveninen.
Other projects by Cytonn include Amara Ridge, a 10-unit development in Karen, Alma in Ruaka, Taraji Height and Situ village in Karen.