Cytonn opens new office in expansion driveSunday September 23 2018
A leading real estate management company has announced plans to invest millions of shilling in Nakuru.
Cytonn chief executive Edwin Dande said the company will put up houses in the county, however, he did not reveal how much they will spend.
“In the coming days Nakuru will also start enjoying the project pie that has transformed Nairobi’s real estate market,” said Mr Dande.
He spoke during a question-and-answer session with stakeholders at the opening of the Nakuru office in the central business district.
Mr Dande noted Nakuru Town was a critical investment centre that cannot be ignored.
“Cytonn wants to tap into the vast investment opportunities that Central Rift offers by bringing development expertise and real estate backed investment closer to the target market and also develop relationships in the region,” said Mr Dande.
He said the entry of the company into the region was part of Cytonn’s commitment to offer alternative investments solutions to the cosmopolitan county.
“We spent the first phase of our growth focusing on Nairobi metropolitan area, where we now have over Sh82 billion worth of real estate projects.
“We are now focused on tapping into the promising markets in the Central Rift region,” added Mr Dande.
The investment company has launched an ambitious programme to spread its wings to devolved units and tap into billions of shillings that are trickling down to the citizens through infrastructure and housing projects.
With the opening of Nakuru branch, Cytonn has now eight offices spread in Nairobi, Nyeri, Kisumu and a diaspora office in Washington DC Metro in the US.
The opening of Nakuru office puts pressure on the Governor Lee Kinyanjui’s administration to improve its plan of developing 4,000 housing unit to meet the rising demand.
Nakuru Deputy Governor, Dr Erick Korir, welcomed the entrance of Cytonn into the lucrative property and investment market in the region.
“Nakuru County is ready to partner with investors looking for opportunities to put their money and get good returns,” said Dr Korir.
Dr Korir observed that Nakuru’s growing economy needs improved real estate infrastructure to accommodate the increasing number of middle income earners and other low income earners making the town their investment destination.
“Recently we released a market survey for Nakuru property sector and from our analysis, Nakuru is a prime investment market which cannot be ignored. That is why we want to share our Sh82 billion real estate pie with the local investors,” said Dande.
Mr Dande said the real estate investment portfolio is increasingly becoming competitive by the day as Kenyans in the diaspora were also eyeing the lucrative market.
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