Majority of urban dwellers in Nairobi live in very basic dwellings without comprehensive lifestyle amenities, reliable water and power supply. Cytonn Investments seeks to address this problem by building comprehensive lifestyle developments, such as The Alma, that provides amenities such as retail centre, a daycare centre, a fitness club with a gym and an aerobics studio, heated swimming pool, back-up power and water supply, elevated gardens for children to play, rooftop terraces, and laundry facilities; simply put, The Alma is Nairobi’s most comprehensive lifestyle development.
Being among the government’s Big Four Agenda (Affordable Housing), housing is crucial in Kenya’s development goal. Cytonn Investments is on a mission to revolutionize the real estate sector through innovative development of financing structures and comprehensive lifestyle mixed-use projects.
The company will be handing over Phase 2 of The Alma on Thursday 29th October 2020. Located in Ruaka, which is a 30-minute drive from Nairobi’s central business district (CBD), the Alma is a next-generation real estate project encompassing 477 modern apartments as well as other social amenities.
Cytonn Group CEO Edwin H. Dande is most pleased to be handing over the keys of this project which, despite being affected by the pandemic, was still finished on time. As he said in the Phase I handover in July of 2019, the Alma is a special real estate product that the company did a lot of research on.
“A lot of research went into our decision to build The Alma. Ruaka has one of the highest residential occupancies in the country. As the town grows, there is increased demand for housing with superior amenities, great finishes and strategic location. You get all of this at The Alma. The fact that all the Phase 1 homes have been sold is a testament to that,” said Edwin during the phase I handover.
Phase I is now 100% sold and with over 90% occupancy in just a year. The quality of tenancy is better than what the company expected given the growing popularity of the development with the UN, embassies and expatriate community.
Cytonn Real Estate has continuously shown its commitment to improving the state of real estate in Kenya with its magnificent projects, The Alma being just one of many. The company is also responsible for the development of The Amara Ridge in Karen, Applewood, Cysuites in Westlands among others.
In the first phase of The Alma, Cytonn had already completed and sold off 113 units mostly to expatriates working at diplomatic agencies, embassies, and multinational corporations. At the time Cytonn was handing over the first phase of the project, all units were already sold out.
Phase 3 of the project is already in the works and will be handed over at the end of the year, and Phase 4 by mid-2021.
In addition to a world-class development, we are also proud that the Alma is a product of innovative financing; of the Kshs. 5 billion development cost, only Kshs. 650 million came from bank funding, the balance of Kshs. 4.3 billion, roughly 87% of the project, has been financed through the Cytonn High Yield Solutions, which borrows directly from private investors and offers them the same 18% p.a cost of funding that we would have paid if borrowed from a bank. This demonstrates that innovative financing is necessary to deliver world-class developments such as The Alma. To learn more about Cytonn High Yield Solutions, just email us at firstname.lastname@example.org for an information session.
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