Cytonn launches off-plan sale of Sh120m-a-unit homes

Real estate investor Cytonn has launched off-plan sale of the Sh120 million townhouses at its Applewood gated community on Miotoni Road in Nairobi.

Chief executive officer Edwin Dande said Sh2.5 billion will be spent on development of the 18 units (its newest acquisition) that will stand on half an acre on a 10-acre plot.

“Applewood was inspired by the success of our flagship development Amara Ridge in Karen where we put up 20 units priced at Sh100 million apiece.

Mr Dande said the new development follows wide consultations with affluent clients seeking to buy properties located in upmarket locations.

“Applewood location boasts easy accessibility to a large concentration of international schools, several leisure and recreational sites as well as The Hub shopping mall and The Water Front Park in Karen,” said Mr Dande.

In its latest report, Wealth-X, the firm that publishes the annual World Utra-Wealth Report, says the number of Kenya’s ultra-rich—defined as people worth $30 million (Sh3 billion) or more, grew by 11.7 percent in 2017, ahead of India, Hong Kong and the United States.

In a separate report realtor Knight Frank said businesses in Kenya created 180 new dollar millionaires in 2017, increasing the number of persons with net-worth of more than Sh500 million to 1,290.

Kenya is expected to mint more multibillionaires over the next five years owing to newly found natural resources such as oil, private investments in energy production, real estate, manufacturing, logistics and e-commerce. Other developments by Cytonn Real Estate include Amara Ridge in Karen, The Alma in Ruaka, Situ Village in Karen, River Run in Kiambu, Taraji Heights in Ruaka.